Growth target for Fx/gold reserves will be met in 2013, NBRB says

MINSK, 11 June (BelTA) - The growth target for the forex and gold reserves in 2013 will be met, BelTA learnt from Chairperson of the Board of the National Bank of the Republic of Belarus (NBRB) Nadezhda Yermakova

"The growth target for the forex and gold reserves will be achieved," said Nadezhda Yermakova. She also noted that the state honors all its debt obligations on schedule.

Speaking about the possible sources that can be used to increase the forex and gold reserves, the head of the central bank said that the bank keeps part of the reserves in hard currency, and some part in Russian rubles. The reserves in Russian rubles are kept in Russian banks as they offer higher rates. "By international standards, these savings are not taken into account. But at any time we can convert them into U.S. dollars, if we need them," she said.

There are other sources too, Nadezhda Yermakova stressed. She also drew attention to the need for the well coordinated operation of the economic sector.

In IMF terms Belarus’ forex and gold reserves as of 1 January 2013 amounted to $8.095 billion. There are plans to raise the international reserve assets by $300-700 million for the sake of ensuring the national economic security in 2013.

As of 1 June 2013 Belarus’ forex and gold reserves totaled the equivalent of $8.041 billion in line with standards of the International Monetary Fund, down by $229 million in May 2013. A considerable decrease in gold prices on the international market of precious metals has rendered a negative impact on the volume of the country’s gold and forex reserves. The National Bank and the Belarus government honored their domestic and foreign liabilities in foreign currency in full. The Finance Ministry of Belarus floated the foreign-currency denominated bonds in the domestic market. The surplus of the National Bank’s trade in foreign currency via OAO Belarusian Currency and Stock Exchange also helped support the volume of the national gold and foreign exchange reserves.