Belarus’ gold, forex reserves at record high

MINSK, 6 January (BelTA) – According to preliminary data Belarus’ gold and foreign exchange reserves reached a record high of $7,915.9 million in IMF terms on 1 January 2012. The figure in national terms amounted to $9,387.2 million, BelTA learned from the Information Office of the National Bank of the Republic of Belarus. In 2011 Belarus’ reserves in international terms gained $2,885.2 million, more than 75% up. The figure considerably exceeded the target set by the 2011 Major Monetary Management Guidelines - $6,320.7 million. BelTA has been told that in December the increase in the gold and foreign exchange reserves was facilitated by the second tranche of the EurAsEC Anticrisis Fund loan to the tune of $440 million and the transfer of part of the syndicated loan provided to OAO Belaruskali by Sberbank of Russia and the Eurasian Development Bank. “Meanwhile, the government and the National Bank executed its domestic and foreign obligations in foreign currency in full,” stressed the source. At present Belarus’ gold and foreign exchange reserves are sufficient for nearly two months’ worth of imports. “Keeping the reserves at a level sufficient for economic security of Belarus and ensuring timely settlement of foreign and domestic obligations in foreign currency in full are priority tasks of the government and the National Bank,” said the representatives of the country’s central bank.

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