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Belarus' gold and foreign exchange reserves said to have decreased by $214.9 million in August

 

Belarus' gold and foreign exchange reserves (international reserves calculated in accordance with the International Monetary Fund’s standards) decreased by $214.9 million in August to $7,712 million as of September 1, reported the press office of the National Bank of Belarus (NBB).

The decrease in the reserves was due to the NBB’s and the government’s payments on internal and external foreign currency liabilities, the press office explained.

The level of the gold and foreign exchange reserves was maintained thanks to a rise in gold prices in the international market of precious metals in August and the finance ministry's foreign currency bonds placed in the domestic market, the press office said.

In June, NBB head Nadzeya Yermakova expressed confidence that the nation’s gold and foreign exchange reserves would amount to between $8 billion and $8.3 billion at the end of the year.

She noted that the NBB had reserves in Russian rubles, which she said were kept in Russian banks because their rates were higher. "Under international standards, these reserves are not counted, but if we need them, we can convert them into dollars at any time," she said.

While meeting with Alyaksandr Lukashenka in July, Ms. Yermakova said that authorities were negotiating to receive an untied Chinese loan for replenishing Belarus' foreign exchange reserves. She expressed hope that the matter would be finalized at a meeting between the prime ministers of Belarus and China. // BelaPAN