In December 2016 Belarus’ gold and foreign currency reserves rose by $88.9 million if calculated in accordance with methods of the International Monetary Fund. According to preliminary data, the reserves totaled $4.927 billion as of January 1, 2017, the Information and PR Department of the National Bank of the Republic of Belarus reported.
In national terms the volume of the gold and foreign currency reserves was down by $128.5 million to $5.185 billion as of January 1. Belarus’ gold and foreign exchange reserves were bolstered thanks to the revenues from selling government bonds nominated in foreign currency by the Finance Ministry and the central bank, and also revenues from export duties on oil and oil products. 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.
Belarus’ gold and foreign currency reserves increased by $751.4 million by the end of 2016. In national terms the volume of the gold and foreign currency reserves was up by $717.3 million. The main factors for the growth of gold and forex reserves were foreign currency purchases by the National Bank via the Belarusian Currency and Stock Exchange; revenues from selling government bonds nominated in foreign currency by the Finance Ministry and the central bank; two tranches of the financial loan from the Eurasian Fund for Stabilization and Development; revenues from export duties on oil and oil products; and also an increase in the cost of gold on the international precious metals market. (BelTA/Business World Magazine)