Belarus’ gold and hard currency reserves approach $3.1bn

As of August 1, 2007, Belarus’ gold and hard currency reserves reached $3.086 billion, the press service of the Belarusian head of state quoted Chairman of the Board of the National Bank of Belarus (NBB) Piotr Prokopovich as saying to Belarus President Alexander Lukashenko today. The National Bank had fulfilled the instruction of the head of state to raise the gold and hard currency reserves up to at least $3 billion this year, said Piotr Prokopovich. The achievement was attributed to the successful operation of the national economy. Belarus enjoys financial stability, with possibilities for fast economic growth present, noted the official. The NBB’s purchase of foreign currency worth $508 million was one of the main sources the gold and hard currency reserves were replenished from. Since early this year foreign currency proceeds swelled by 18.6% up on the same period of 2006. The increase was put down to the constant replenishment of foreign currency sources in the country. According to Piotr Prokopovich, the increase in the gold and hard currency reserves is a good basis for the further strengthening of the national currency, securing its stable exchange rate as well as prices in Belarus. The NBB Chairman of the Board assured the President, in the future “the gold and hard currency reserves will not shrink regardless of the significant payments we will make this week: we will pay for gas to Gazprom in full.” Timely measures taken by the government and the National Bank will allow restoring the gold and hard currency reserves within the next month. On September 1 the reserves are expected to be at least as much as the amount registered on August 1, said Piotr Prokopovich.

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