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Thanks to population and Russian loans, international reserves forecast for 2017 could be fulfilled ahead of schedule

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June 12, 2017 13:10

According to the National Bank, in January – May 2017, the population sold USD 950 million on a net basis, which allowed the National Bank to report an increase in the international reserves up to USD 5.2 billion as of June 1st, 2017. According to the main priorities of the monetary policy for 2017, the international reserves as of December 31st, 2017 should exceed by USD 0.5 billion the reserves on January 1st, 2017 (USD 4.9 billion). If net currency supply on the domestic foreign exchange market retains, international reserves would increase and the domestic public debt would be refinanced through new bond issues with a gradual reduction in interest rates on debt obligations. The increase in the Russian oil supply will have a positive impact on the budgetary proceeds. Belarus and Russia have agreed to refinance several loans totalling USD 700 million in 2017, the funds should be allocated before H2 2017, enabling the National Bank to fulfil the forecast for the growth in international reserves for 2017 ahead of schedule.

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