Belarus’ gold and foreign exchange reserves increased by $98.8 million in January

February 7, BPN. In January, the international reserve assets of Belarus increased by $98.8 million (+1.2%) and according to preliminary data, amounted to $8 billion 523.8 million (equivalent) as of February 1.

According to the National Bank, the increase in the level of foreign currency reserves was facilitated by the inflow of foreign currency into the budget, including from the collection of export duties, as well as from the purchase of foreign currency by the National Bank at the Belarusian Currency and Stock Exchange.

The National Bank notes that in January the government fulfilled external and internal obligations in foreign currency in the amount of about $360 million.

According to the Monetary Policy Guidelines for 2022, international reserve assets should amount to at least $7 billion by January 1, 2023.

By the end of 2021, gold and foreign exchange reserves increased by $956.5 million (+12.8%) to $8 billion 425 million.

In August last year, gold and foreign exchange reserves increased by more than $1 billion after the allocation of SDR to the country by the International Monetary Fund. SDR represents a special tool for IMF payment settlement. Its exchange rate is determined based on the exchange rates of a basket of currencies: the US dollar, the euro, the Japanese yen, the British pound, and the Chinese yuan. Funds were allocated to all IMF members to support the economy during the COVID-19 pandemic. Belarusian democratic forces called on the IMF to block the Belarusian authorities from converting the SDR into a freely convertible currency.