Government expects foreign exchange reserves to drop to $6 billion in 2023

November 30, BPN. Belarus’ gold and foreign exchange reserves are projected to amount to at least $6 billion by the end of 2023, according to the monetary and credit policy guidelines published on the National Legal Internet Portal.

In October, the reserves rose by $86.5 million, or 1.15 percent, to $7.6 billion.

The National Bank of Belarus is working to counteract systemic threats to financial stability and improve banks’ capacity to support the economy as it undergoes a structural transformation.

The central bank plans to cut its base refinance rate from 12 percent to 10 or 11 percent.

The Belarusian government projects a rise in GDP of 3.8 percent in 2023; real disposable income, 4.1 percent; investments in fixed assets, 22.3 percent; and exports of goods and services, 5.5 percent. It seeks to reduce inflation to 7-8 percent.