EDB links Belarus’ reserves rise to gold prices

April 10, BPN. Higher gold prices and a decrease in net demand for foreign currency in Belarus contributed to the March 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 7.7 percent in March, it noted.

Belarus’ gold and foreign exchange reserves grew by $329 million to $8.1 billion on April 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.

Belarusians were net sellers of foreign currency in the first three months of 2023, with net foreign currency sales exceeding purchases by $33.3 million.