National Bank of Republic of Belarus : On January 1, gold and foreign exchange reserves of the Republic of Belarus totaled USD7.3 billion

PRESS RELEASE

On January 1, gold and foreign exchange reserves of the Republic of Belarus totaled USD7.3 billion

As of January 1, 2018, the volume of gold and foreign exchange reserves of the Republic of Belarus according to the preliminary data accounted for USD7,315.3 million in the equivalent.

In December 2017, gold and foreign exchange reserves decreased by USD98.4 million (by 1.3%) following the growth in November 2017 by USD18.4 million (by 0.2%).

The scheduled fulfillment of external and internal foreign exchange obligations worth about USD501 million by the Government and the National Bank had a restraining effect on the dynamics of gold and foreign reserves in December.

Proceeds from the sale of bonds denominated in foreign exchange by the National Bank and the Ministry of Finance and receipt of funds in foreign exchange to the budget, including export duties on oil and oil products were the main factors of maintaining the level of gold and foreign exchange reserves in December. An increase in the value of monetary gold had a positive impact on the level of reserves as well.

Monetary Policy Guidelines for 2017 stipulated the growth of gold and foreign exchange reserves on the IMF's SDDS definition by not less than USD500 million.

In general, in 2017 the increase in reserves amounted to USD2,388 million (48.5%).

Proceeds from the sale of bonds denominated in foreign exchange by the National Bank and the Ministry of Finance of the Republic of Belarus and receipt of funds in foreign exchange to the budget, including export duties on oil and oil products, a purchase of foreign exchange by the National Bank at the JSC 'Belarusian Currency and Stock Exchange', receipt of tranches of the financial credit of Eurasian Stabilization and Development Fund and the credit granted by the Government of the Russian Federation, as well as the increase in the value of monetary gold were the main factors of growth in the level of gold and foreign exchange reserves in 2017.

At that, the Government and the National Bank of the Republic of Belarus performed external and internal foreign exchange obligations to the full extent.

According to Monetary Policy Guidelines for 2018, the volume of gold and foreign exchange reserves as of January 1, 2019, taking into account the repayment of foreign exchange internal and external obligations by the Government of the Republic of Belarus and the National Bank, should be at least USD6 billion.