The volume of international reserve assets of Belarus amounted to $5.6 billion on February 1, 2011, having reduced from January to $575.8 million (9.4%). However, gold and currency reserves in determining the Special Data Dissemination Standard of the IMF were reduced by $687.7 million dollars (13.7%), amounting to $4.3 billion on February 1.
As explained in the National Bank of Belarus, «international reserves’ drop is a typical phenomenon for January and is observed during the whole period of calculation of these indices.» «The main reasons can be identified as seasonal factors — execution of payments in foreign currency liabilities of last year, as well as the traditional decline in foreign exchange earnings, coming into the country, amid high demand for the currency to pay for energy,» the National Bank.
Also, the volume of gold reserves was negatively influenced by falling prices for precious metals on world markets and banks’ restoring of currency positions, reduced in November and December last year due to the high public demand for foreign currency. In addition, the National Bank noted a reduction in consumer demand for foreign currency in January, which totaled about $57 million against $649 million in December 2010.
«The existing level of reserves is sufficient to meet the priorities of monetary policy to maintain a stable exchange rate of the Belarusian ruble within the established corridor values. Nevertheless, in order to strengthen macroeconomic and financial stability, a range of additional measures, aimed at increasing the level of foreign reserves, is currently being undertaken by the National Bank jointly with the Government of the Republic of Belarus,» said the NBRB.
According to the monetary and credit policy of Belarus for 2011, international reserves in 2011 should grow at least by $1.2 billion. For this purpose, it’s necessary to attract $6.4 — 6.5 billion of foreign direct investment on a net basis and to level the balance of foreign trade.
