EDB links Belarus’ reserves rise to gold prices, foreign currency purchases

December 12, BPN. Higher gold prices and domestic purchases of foreign currency by the National Bank of Belarus contributed to the November increase of Belarus’ gold and foreign exchange reserves, the Eurasian Development Bank (EDB) said in its recent weekly macroeconomic report.

Experts linked net supply on the domestic foreign exchange market to increased foreign currency sales by foreigners in 2022. It supported the exchange rate of the Belarusian rubel and may continue to do so in the next few months, they added.

Belarus’ gold and foreign exchange reserves rose by $207.9 million in November, or 2.74 percent, to $7.8 billion.

Belarus has also settled some of its foreign currency obligations with Belarusian rubels, citing international sanctions.

Since August, the National Bank has been publishing information on foreign exchange reserves on its official website without a breakdown and comments on fluctuations.

Under the bank’s monetary and credit policy guidelines for 2022, Belarus’ international reserves should amount to at least $7 billion on January 1, 2023.

Gold and foreign exchange reserves are projected to amount to at least $6 billion by the end of 2023, according to the new monetary and credit policy guidelines adopted in November.