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English
Belarus' gold and foreign exchange reserves expected to total $6.1 billion to $7 billion at end of 2012
Belarus’ gold and foreign exchange reserves are expected to total $6.1 billion to $7 billion at the end of 2012, the National Bank of Belarus (NBB) told BelaPAN with reference to next year’s monetary policy guidelines approved by Alyaksandr Lukashenka’s edict on December 23.
The reserves currently amount to $7.35 billion.
The monetary policy guidelines are aimed at limiting inflation, while the Belarusian rubel’s exchange rate is to be set by market forces “with minimal intervention from the National Bank.” The NBB promised that it would carry out only limited interventions for curbing drastic fluctuations of the rubel’s exchange rate.
The NBB said that its base refinance rate would be reduced to 20 to 23 percent toward the end of 2012. //BelaPAN
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