The country’s gold reserves increased due to rising world gold prices
In January 2012 the National Bank of Belarus managed to avert a statistical cut down of the country’s international reserves due to a sharp increase of the world gold price and other bureaucratic tricks.
Belarus’ foreign reserves calculated by the IMF standards on February 1, 2012 amounted to USD 7968.20 million, increased by USD 52.3 million (0.7%) in January. Meanwhile, foreign currency reserves declined in January to USD 714.60 million (15.9%) and on February 1, 2012 amounted to USD 3774.1 million.
As of 1 February the NBB managed to save the benchmark for the gold reserves from the reduction due to higher gold prices: monetary gold increased by USD 485.4 million (25.5%) to USD 2390.1 million on February 1. Due to some bureaucratic tricks other assets amounted to USD 1225.7 million, an increase by USD 275.6 million (29%) in January.
The country's leadership has instructed the local authorities to raise minimum wages at enterprises by the end of 2019 to BYN 1,000, which would lead to an increase in the average wage in the economy as a whole to BYN 1 500. The pace of wage growth in 2017 is insufficient to ensure payroll at BYN 1000 by late 2017 without manipulating statistical indicators. In order to fulfil the president’s order, the government would have to increase budgetary expenditures on wages in healthcare and education, enterprises – to carry out further layoffs and expand the practice of taking loans to pay wages and restrict investment in modernisation of fixed assets. In 2010, the artificial increase in wages led to a threefold devaluation in 2011, an increase in the average salary to BYN 1500 will not match the capabilities of the economy and would lead to yet another devaluation.