Belarus’ gold and foreign exchange reserves up 44.9% in January-October
MINSK, 11 November (BelTA) - In January-October 2009 Belarus’ gold and foreign exchange reserves calculated using IMF methods increased by 44.9% ($1373.4 million) to a total of $4434.5 million. The reserves were up 14.3% or by $555.7 million in October, BelTA learnt from the Information Office of the National Bank of the Republic of Belarus (NBRB).
In line with the methods used by the International Monetary Fund, Belarus’ international reserves are defined as marketable foreign assets, which consist of monetary gold, the country’s special drawing rights in the IMF, the country’s reserve position in the IMF and foreign currency reserves. The reserve assets can be promptly used for money market interventions in order to stabilize the exchange rate of the national currency, to finance the import of goods and services by the government, for paying and servicing the foreign national debt and for other purposes.
In January-October 2009 Belarus’ international reserve assets calculated using national methods increased by $1079.4 million (29.5%) to $4741.6 million. In October the reserves were up by 12.6%, or $531.9 million.
As of 1 November hard currency accounted for the larger part of the international reserve assets of Belarus ($3006.9 million, or 63.4%) along with precious metals and gems ($1067.8 million, or 22.5%). In January-October the hard currency assets went up by 8.2%, while the volume of precious metals and gems increased by 33.2%. Other assets amounted to $666.9 million, or 14.1%. In January-October they increased eight times.
BelTA reported earlier that the NBRB expects the country’s gold and foreign currency reserves to reach $4.8 billion as of early 2010. In 2010 the gold and currency reserves can increase by $2 billion. This is envisaged in the draft monetary policy guidelines of Belarus.
