In July Belarus’ gold and foreign exchange reserves rose by $315.4 million if calculated in accordance with methods of the International Monetary Fund. According to preliminary data, the reserves totaled $4,629.6 million as of August 1, according to the Information and PR Department of the National Bank of the Republic of Belarus.
In national terms the volume of the gold and foreign exchange reserves grew by $394.5 million to $5,186.0 million.
Belarus’ gold and foreign exchange reserves were bolstered thanks to the second tranche of the loan from the Eurasian Fund for Stabilization and Development, revenues from selling government bonds nominated in foreign currency by the Finance Ministry and the central bank, foreign currency purchases by the regulator via the Belarusian Currency and Stock Exchange, revenues from export duties on oil and oil products, and also the increased cost of gold at the international market of precious metals.
The Belarusian government and the National Bank of Belarus honored domestic and foreign commitments in foreign currency in full, which was the main reason affecting the volume of gold and foreign currency reserves, the central bank added. (BelTA/Business World Magazine)