In 2017 Belarus gold and currency reserves increased by 50%. Where did money come from?

According to preliminary data, as of November 1, 2017, international reserve assets of Belarus amounted to 7,395 mln US Dollars (in the equivalent). This was reported on the website of the National Bank.

In October 2017, gold and foreign currency reserves increased by 128.6 million USD (1.8%) after rising to 273.1 million USD (3.9%) in September 2017. In the period from January to October, the increase was 2,468 mln US Dollars (50%).

“The October increase in international reserves contributed to the inflow of foreign currency to the budget, including the next tranche from the the Eurasian Fund for Stabilization and Development, export duties on oil and oil products. A flow of funds from the National Bank’s sale of foreign currency bonds and the purchase of foreign currency at the auction of JSC “Belarusian Currency and Stock Exchange” also had a positive impact on the growth of the reserves,” the National Bank reported.

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