Belarus’ foreign exchange reserves drop by $500 million in 2022

January 6, BPN. Belarus’ gold and foreign exchange reserves dropped by $495.5 million in 2022 to $7.9 billion on January 1, the National Bank’s press office reported.

The reserves fell by $1.5 billion or 15.59 percent over the last three years, with a 5.9-percent drop in 2022 after growing 12.8 percent in 2021 and plunging 20.5 percent in 2020.

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

Authorities do not disclose statistical data related to foreign exchange reserves in order “not to be caught cheating and falsifying,” economist Jarasłaŭ Ramančuk told BPN. Easily accessible statistics would expose poor governance and circumvention of sanctions, he added.

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.