Belarus foreign reserves increased by 3% m/m in August

Belarus foreign reserves increased by 3% m/m in August
The foreign exchange reserves of Belarus increased by $263mn, or 3% month-on-month, to $8.89bn in August
By bne IntelliNews September 9, 2019

The foreign exchange reserves of Belarus increased by $263mn, or 3% month-on-month, to $8.89bn in August following a 4.1% m/m growth in July, according to the National Bank of Belarus (NBB).

The result was mainly attributed to the purchase of foreign exchange by the NBB at the Belarusian Currency and Stock Exchange; proceeds from the sale of bonds denominated in foreign exchange by the Ministry of Finance and the NBB; the increased cost of monetary gold; as well as the receipt of funds in foreign exchange to the budget, including export duties on oil and oil products.

In August, the government and the NBB fulfilled external and internal foreign exchange obligations worth about $550mn.

According to the regulator’s monetary policy guidelines for 2019, the volume of international reserve assets as of January 1, 2020 should be at least $7.1bn.

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