National Bank of Republic of Belarus : On the state of gold and foreign exchange reserves of the Republic of Belarus

PRESS RELEASE

On the state of gold and foreign exchange reserves of the Republic of Belarus

As at the end of December 2016, the volume of gold and foreign exchange reserves of the Republic of Belarus on the IMF's SDDS definition increased by USD88.9 million and amounted, according to the preliminary data, to USD4,927.2 million in the equivalent as of January 1, 2017.

The volume of gold and foreign exchange reserves on the national definition decreased by USD128.5 million, totaling USD5,185.0 million in the equivalent as of the same date.

The receipt of funds from the sale of bonds of the Ministry of Finance and the National Bank of the Republic of Belarus denominated in foreign exchange and revenues from collection of export duties on oil and oil products were conducive to growth in the level of gold and foreign exchange reserves.

The scheduled repayment of external and internal foreign exchange obligations of the Government and the National Bank of the Republic of Belarus had a restraining influence on the dynamics of reserves.

Over 2016, gold and foreign exchange reserves of the Republic of Belarus on the IMF's SDDS definition grew by USD751.4 million; on the national definition - by USD717.3 million.

A net purchase of foreign exchange by the National Bank at the JSC 'Belarusian Currency and Stock Exchange', which was formed as a result of the excess of supply over the demand for foreign exchange in the domestic foreign exchange market, attraction of funds from the sale of bonds of the Ministry of Finance and the National Bank of the Republic of Belarus denominated in foreign exchange, receipt of two tranches of the financial credit of Eurasian Stabilization and Development Fund, revenues from collection of export duties on oil and oil products, as well as increasing price for gold in the international precious metals market were the main factors of growth in the level of gold and foreign exchange reserves.

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