08.08.2012
Belarus’ gold and foreign currency reserves should not go below $8bn, NBRB says
MINSK, 8 August (BelTA) - Belarus' gold and foreign currency reserves should not go below the mark of $8 billion, Chairperson of the Board of the National Bank of Nadezhda Yermakova said at government session.
“Given the external economic risks and also the financial liabilities of the Government and the National Bank to be paid by the year-end, we need to take additional measures to prevent the decrease in the gold and foreign currency reserves below the mark of $8 billion,” Nadezhda Yermakova said. In this connection, the fulfillment of all conditions and parameters of the program of measures approved by Anticrisis Fund is important not only from the point of view of the next tranche. It is also needed to create a favorable background for attracting investment.
Nadezhda Yermakova emphasized that in accordance with the program of socio-economic development of Belarus for five years, the gold and foreign currency reserves should equal the amount of three-month import by the end of 2015. In general, by 2015 the gold and foreign currency reserves are projected to reach $18 billion. Thus, in the remaining three years they need to be increased almost 2.5 times.
According to Nadezhda Yermakova, the 2013 target is to increase the reserves by no less than $700 million. At the same time in 2013 Belarus will have to repay the obligations before domestic and foreign creditors in the amount of more than $4 billion.
Despite the projected trade surplus next year, the country will need $3.9 billion to pay customs oil duties to Russia.
Foreign direct investment in the amount of $4.5 billion is viewed as the main resource of the currency inflow to the country, apart from currency earnings not. Belarus also expects two tranches of the EurAsEC Anticrisis Fund loans to the total of $880 million.
In 2013 the National Bank will gradually reduce its presence in the currency market to strengthen the anti-inflationary effort. “As a result, the stability of the exchange rate of the national currency will largely depend on the level-headed macroeconomic, tough and well-disciplined monetary and budgetary policies,” Nadezhda Yermakova said. She added that inflation is expected at 12% in 2013.
“Given the external economic risks and also the financial liabilities of the Government and the National Bank to be paid by the year-end, we need to take additional measures to prevent the decrease in the gold and foreign currency reserves below the mark of $8 billion,” Nadezhda Yermakova said. In this connection, the fulfillment of all conditions and parameters of the program of measures approved by Anticrisis Fund is important not only from the point of view of the next tranche. It is also needed to create a favorable background for attracting investment.
Nadezhda Yermakova emphasized that in accordance with the program of socio-economic development of Belarus for five years, the gold and foreign currency reserves should equal the amount of three-month import by the end of 2015. In general, by 2015 the gold and foreign currency reserves are projected to reach $18 billion. Thus, in the remaining three years they need to be increased almost 2.5 times.
According to Nadezhda Yermakova, the 2013 target is to increase the reserves by no less than $700 million. At the same time in 2013 Belarus will have to repay the obligations before domestic and foreign creditors in the amount of more than $4 billion.
Despite the projected trade surplus next year, the country will need $3.9 billion to pay customs oil duties to Russia.
Foreign direct investment in the amount of $4.5 billion is viewed as the main resource of the currency inflow to the country, apart from currency earnings not. Belarus also expects two tranches of the EurAsEC Anticrisis Fund loans to the total of $880 million.
In 2013 the National Bank will gradually reduce its presence in the currency market to strengthen the anti-inflationary effort. “As a result, the stability of the exchange rate of the national currency will largely depend on the level-headed macroeconomic, tough and well-disciplined monetary and budgetary policies,” Nadezhda Yermakova said. She added that inflation is expected at 12% in 2013.