The foreign exchange reserves of Belarus increased by $2.2bn in 2019, or 31.2% YTD, to $9.4bn in 2019, according to the National Bank of Belarus (NBB).
The reserves grew by $235mn, or 2.6% month-on-month in December. During this month, the Belarusian government and the NBB repaid $355mn of external and internal foreign exchange obligations.
The FX purchases at the Belarusian Currency and Stock Exchange, the receipt of funds in foreign exchange to the budget, including export duties on oil and oil products, proceeds from the sale of FX-denominated bonds were conductive to the growth of the level of gold and foreign exchange reserves in October.
According to the NBB's monetary policy guidelines for 2019, the volume of international reserve assets as of January 1, 2021 should be at least $7.3bn.