National Bank of Belarus reported on April 6 that the net purchase of foreign currency (cash and noncash) by population amounted to $768.1 million in March. This was the main reason for the sharp decline in foreign reserves, which in the determination of the IMF SDDS amounted to the equivalent of $3.76 billion at the beginning of April, having decreased by $262.3 million for a month.
Summing up March, the amount of gold and currency reserves of Belarus in the national definition fell by $257.9 million, and, according to preliminary data, amounted to $5.25 billion on April 1, 2011, informed the National Bank.
«The main task of the National Bank and the government, set by President of the Republic of Belarus, is to prevent further decline of public reserves and their further increase up to a value corresponding to the average three-month imports ($9.10 billion) by the end of 2011, which will provide the necessary level of external economic security of the country,» the NBB.
Meanwhile, as Telegraf previously reported, the Belarusian ruble against a basket of currencies has decreased by 7.01% since the beginning of the year despite +/- 8% corridor in 2011.
In addition, Belarus has become a leader among the former Soviet Union in the growth of the euro from December 31, 2010 to April 7, 2011. European currencies have grown by 9.77% from Br3.972.6 to Br4.360.59 for the period.
At the same time, banks of Belarus’s neighboring countries continue to devalue the Belarusian ruble. Thus, devaluation is up to 50% in some Latvian banks.
Meanwhile, President of Belarus Alexander Lukashenko said during his visit to Brest voblast that the boom in the foreign exchange market had been triggered by an increase in customs duties on cars, which is likely to subside by July 2011.
