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Opinions & Interviews

18 Oct 2017

Confidence in Belarus’ ability to handsomely increase gold, forex reserves every year

Confidence in Belarus’ ability to handsomely increase gold, forex reserves every year

MINSK, 18 October (BelTA) – Belarus is capable of increasing its gold and foreign exchange reserves by $1-1.5 billion per annum by healthy means. Chairman of the Board of the National Bank of the Republic of Belarus (NBRB) Pavel Kallaur made the statement during the 14th international forum on information technologies in banking BankIT’2017 on 18 October, BelTA has learned.

Asked whether Belarus will be able to increase the gold and foreign exchange reserves to $10 billion in the current five-year term, the official refused to make any projections. “I wouldn’t like to say we will be able to reach $10 billion in the current five-year term but I’d like to note that we can increase the reserves by $1-1.5 billion per annum on a healthy footing,” said Pavel Kallaur.

The head of Belarus’ central bank explained that the economy has to constantly demonstrate export growth in order to increase the gold and foreign exchange reserves on a healthy footing. “This year we’ve gained $1.2 billion in net terms from the market. Mainly because Belarusians still keep selling more foreign currency than buying. It allowed us to increase the gold and foreign exchange reserves on a healthy footing. I will put aside the matter of borrowing and refinancing debt commitments because if we want to simply reach the nominal value of $10 billion, it can be done by borrowing money. But let me repeat once again that we should increase the reserves by healthy means,” he concluded.

At present Belarus’ gold and foreign exchange reserves total the equivalent of $7.266 billion. The central bank intends to increase the reserves up to $8-8.5 billion by 2020.

The 14th international forum on information technologies in banking BankIT’2017 is scheduled to take place in Minsk on 18-20 October. The forum gathered over 1,500 executives and experts working in finance, information technology, and administration from over ten countries. As many as 14 panel sessions will be held, including discussions. Over 60 speakers will deliver their reports. The topics will primarily include modern requirements for IT platforms in banking, data management, digital interaction with clients, and using the blockchain technology as part of the banking system.

The BankIT forum is Eastern Europe’s only specialized event that brings together top managers of banks, IT companies, and other spheres of business as well as representatives of government agencies concerned and information technology development experts. Since 2004 participants of the forum have fruitfully worked together to handle topical tasks and effectively use the opportunities the forum organizers provide. The number of participants grows every year. In 2011 the event attracted over 820 executives and experts in the sphere of finance, information technologies, and administration. In 2016 the number went beyond 1,400 people.

 

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