National Bank’s plans for growth in gold reserves in 2017 could derail

Category status:
April 10, 2017 13:09

Russia will refinance Belarus’ debt worth USD 750-800 million in 2017. The National Bank projected an increase in the gold reserves by USD 500 million in 2017 up to USD 5.4 billion. This plan could be derailed due to public debt servicing costs in 2017 at USD 3.5 billion. Belarus expects a positive decision on the EEU loan tranche and an increase in the oil supply, which due to oil prices on the world market could ensure additional USD 492 million from oil export duties to the Belarusian budget. The NB would refinance domestic liabilities in foreign currency by issuing new bonds for a one-year period. The National Bank is also likely to preserve the positive balance of currency purchases on the domestic market. The fact that Russia would refinance Belarus’ debt makes the IMF loan not so urgent. However, if offered, Belarus would not reject the IMF loan so as she has fulfilled most IMF requirements and requires a safety cushion for the coming years.

Similar articles

Minsk strengthens ties with Russian regional elites
October 02, 2017 12:22

President Lukashenka has met with the head of Chechnya Ramzan Kadyrov, who visited Minsk and the Minsk Automobile Plant. Minsk has always sought to have independent links with Russian regional elites, partially, to compensate for the Kremlin's diminishing interest in Belarus. In recent years, Belarus’ contacts with the Russian regions have been extremely intense. However, with some leaders of Russian regions, primarily heads of large republics, communication was more difficult to build. As many analysts in Minsk suggested, Minsk could regard contacts between President Lukashenka and the head of Chechnya as an additional communication channel for relieving tension in relations with the Kremlin. However, most likely, a trusting relationship with Kadyrov is a value for Minsk as such, provided Kadyrov’s broad business and political interests, and a high degree of autonomy for the Chechen leader from the Kremlin.

Recent trends

cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china