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"Where Is Money, Alex?": Despite a Loan, Currency Reserves Edge Up

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"Where Is Money, Alex?": Despite a Loan, Currency Reserves Edge Up

Gold and foreign currency reserves of Belarus have increased only by $80 million, despite the loan of Russia of $500 million granted in April.

According to the National Bank of Belarus, results of March 2016 show that gold and foreign currency reserves increased by $80.4 million and, according to preliminary data, as of April 1, 2016 they equaled to $4 bln. and 191.4 million. In the national definition they increased by $131.2 million and as of April 1, 2016 they equaled to $4 bln. and 506.4 million.

Thus, the National Bank notes that the government and the National Bank of the Republic of Belarus entirely met external and domestic obligations in foreign currency in March 2016.

According to the National Bank, the first tranche of the loan of the Eurasian Fund for Stabilization and Development, funds raised by the National Bank and the Ministry of Finance from the sale of bonds in foreign currency, the purchase of foreign currency in the Belarusian Currency and Stock Exchange, as well as funds raised from export duties on oil and oil products have conduced maintenance of gold and foreign currency reserves.

However, it is noteworthy that despite the first tranche of $0.5 billion, gold and foreign currency reserves of Belarus have increased only by $80 million. Without the tranche they have reached the critical level - less than $4 billion.

Earlier, experts of the Russian Sberbank characterized forex reserves of Belarus as "extremely low". Doctor of Economics Barys Zhaliba noted that "we may face default" without Russian loan.

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