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International reserves would grow if Belarus secured additional loans

September 11, 2017 0:04

According to the National Bank, Belarus' foreign currency reserves as of September 1st, 2017 totalled USD 6.99 billion and grew by USD 2 billion in January – August 2017. Belarus’ international reserves have grown due to numerous borrowings on foreign markets. In January -July 2017, Belarus raised USD 2 572 million in foreign loans. In addition, Belarus anticipates a USD 700 million interstate loan from Russia to repay her international liabilities. The Finance Ministry and the National Bank are likely to continue to borrow on the domestic market, net sales of foreign currency by the population are likely to decrease, and Belarus could earn additional currency from reselling Russian oil and keeping the export duty. Belarus’ proceeds from international trade are unlikely to cover all the needs to service her public debt. Belarus’ international reserves’ volume would depend on the agreement to refinance her public debt or new loan agreements.

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