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Increase in Belarus’ gold reserves due to rise in global gold prices — EDB

Belarus’ gold and foreign currency reserves added $108.7 mln in November, reaching $8.26 bln by December 1, the Eurasian Development Bank said

MINSK, December 11. /TASS/. Experts of the Eurasian Development Bank (EDB) suggest that the growth of Belarus’ gold and foreign currency reserves in November was due to a rise in global gold prices in the past month.

"More than 60% of increase [in gold and foreign currency reserves] is due to a rise in global gold prices in the past month," according to the weekly report by the EDB’s analysts.

Belarus’ gold and foreign currency reserves added $108.7 mln in November, reaching $8.26 bln by December 1, the Eurasian Development Bank said. This is the highest level since March 2022. The republic’s international reserves rose by $326 mln year-to-date, with the cost of gold in Belarus’ reserves having increased by $383 mln in the period, according to the report.

The National Bank sets the task of keeping its gold and foreign currency reserves at least at $6 bln by the end of 2023. The authorities also plan to maintain that level in 2024.

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