Central bank’s net foreign-currency assets down 2.4 percent in Q1

May 2, BPN. The National Bank of Belarus has reported a decrease in its net foreign-currency assets by $168 million to about $7 billion in January-March 2023.

Rubel assets grew by two percent or 382 million to 20 billion.

The rubel depreciated by 4.4 percent against the dollar in the first quarter of 2023, the regulator said.

The central bank’s claims against government agencies fell by one percent to 4.4 billion rubels ($1.5 billion at the market rate on April 1), while liabilities to government agencies decreased by 17.6 percent to 10.9 billion rubels ($3.8 billion).

Cash in circulation increased by 9.1 percent to 7.5 billion rubels ($2.6 billion).

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.