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Gold price drop, demand for currency push Belarus’ foreign exchange reserves down — EDB

Belarus’ gold and foreign exchange reserves contracted by $33.9 mln in January, totaling $8.093 bln as of the beginning of February

MINSK, February 12. /TASS/. A decrease in the gold price on the global market and net demand for foreign currency in Belarus pushed the republic’s gold and foreign exchange reserves down in January 2024, experts at the Eurasian Development Bank (EDB) said.

"The contraction was mainly driven by a decrease in the cost of gold by $18.7 mln as a result of the price adjustment by half a percent in January 2024," EDB said, adding that "reserve assets in foreign currency fell by $7 mln."

On the country’s forex market "net demand for foreign currency in the amount of $180 mln formed," the development bank added.

Belarus’ gold and foreign exchange reserves contracted by $33.9 mln in January, totaling $8.093 bln as of the beginning of February, EDB noted.

According to the focal point of monetary policy, Belarus’ international reserve assets are to be worth at least $6 bln as of the end of 2024.

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