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NBRB well positioned to handle exchange rate swings

MINSK, 8 September (BelTA) – According to the preliminary data, gold and foreign currency reserves in Belarus increased by $426 million in August and as of 1 September 2011 totaled $4604.6 million as determined by the IMF’s special data dissemination standard, BelTA learnt from the National Bank of the Republic of Belarus.

Gold and currency reserves stepped up $477.9 million and as of 1 September 2011 amounted to an equivalent of $6202.2 million calculated using national terms. This is $46.9 million up on the amount of reserves at the beginning of the year.

According to the bank, the increase in the reserves was largely caused by a $300-million loan provided by Azerbaijan as well as a rise in prices for precious metals on international markets. The situation with the bank’s reserves also approved due to both the National Bank and the government meeting foreign and domestic obligations in foreign currency to the tune of almost $66 million.

“The increased reserves will allow the National Bank downplay speculative fluctuations of the Belarusian ruble exchange rate during the sales at the additional session of the Belarusian currency exchange,” the National Bank stressed.