Minsk managed to boost its reserves with a $1.4bn bond issue in 2017 that was well received by investors and helped cover all its refinancing needs of $3.4bn in 2018.
The rise in reserves slows down after a 1.8% m/m growth in October and a 3.9% m/m growth in September.
The revival of the Russian economy has spilled over to carry Belarus’s economy forward this year faster than expectations at the start of the year.
The first mass-produced Belarusian cars rolled off the assembly line at the new Chinese-based BelGee car plant on November 17.
Inflation in Belarus stood at 1.2% month-on-month (5.3% year-on-year) in October, following a 0.3% m/m growth (4.9% y/y) in September, the national statistics agency Belstat reported on November 9.