In January 2016 Belarus’ gold and foreign exchange reserves lost $149 million if calculated in accordance with methods of the International Monetary Fund, the National Bank says.
According to provisional data, Belarus’ gold and forex reserves stood at $4,026.8 million as of 1 February. In national terms the volume of the gold and foreign exchange reserves shrank by $192 million to $4,275.7 million as of 1 February.
Belarus’ gold and foreign exchange reserves were decreased primarily due to the government and the National Bank having to honor domestic and foreign commitments in foreign currency in full. Belarus’ gold and foreign exchange reserves were bolstered with revenues from selling government bonds, which were denominated in foreign currency and sold by the National Bank. Rising gold prices on the international market of precious metals were also a factor. Besides, the reserves were fueled by export duties on oil products.