As of April 1, the forex reserves of Belarus amounted to $ 7.787 billion, the National Bank reported.
In March, the gold and foreign exchange reserves decreased by $1.018 billion, or 11.6%. In just three months, forex reserves of Belarus decreased by $1.607 billion.
The planned volume of international reserve assets should amount to at least $7.3 billion as of January 1, 2021.
Reduction of forex reserves may continue
In a comment to belsat.eu senior analyst of Alpari Vadzim Iosub said that plans regarding the level of forex reserves in Belarus were made before the oil and gas crisis in relations with Russia, as well as before the world recession caused by the coronavirus pandemic. Further dynamics of Belarus’ reserves, he said, will depend on the development of the pandemic situation in the world, as well as the main trading partners of Belarus and in the country itself.
According to the economist, the decline in reserves may continue in the coming months, “but not at the same pace as in March”.
“The devaluation of the Belarusian ruble, the rise in import prices and the fact that personal income has automatically declined in hard currency terms will lead to a strong decline in demand for imports,” he said.
As a result, the forex market should reduce the demand for foreign currency from importers. Therefore, added Vadzim Iosub, if the dynamics of reserves remains negative, “it will not be as fast and not as sad as in March”.
