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

February 13, BPN. Higher gold prices and domestic purchases of foreign currency by the National Bank of Belarus contributed to the January increase of Belarus’ gold and foreign exchange reserves, the Eurasian Development Bank (EDB) said in its recent weekly macroeconomic report.

Global gold prices rose by 6 percent in January, it noted.

Belarusians were net buyers of foreign currency in January, selling $711.4 million and buying $771.8 million worth of foreign cash at exchange offices, the National Bank reported.

Belarus’ gold and foreign exchange reserves grew by $213.3 million to $8.1 billion on February 1, according to the National Bank. The reserves fell by $495.5 million in 2022 and by $1.5 billion or 15.59 percent over the last three years.

Since August 2022, the National Bank has been publishing information on foreign exchange reserves on its official website without a breakdown and analysis of fluctuations.

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 adopted in November 2022.