$10 Billion - Necessary Minimum of Forex Reserves for Belarus, Kallaur Says

Now forex reserves of Belarus are a little more than $4 billion.

Pavel Kallaur, Chairman of board of the National Bank of Belarus, believes the minimum level of forex reserves for the republic must be $10 billion.

"$10 Billion is necessary minimum of forex reserves for Belarus. This level would satisfy rating agencies and allow to carry out borrowings in foreign markets at lower rates than we are doing it now", Kallaur stated that at a press-conference on Friday in Minsk, Interfax reports.

He noted there was the new methodology of assessment of forex reserves' safety level which was based not on the import financing in a month expression, but took into consideration short-term debt of the country, as well as the number of other factors. According to the head of the National Bank of Belarus, this is the progressive methodology that one can follow.

According to the National Bank of Belarus, results of April 2016 show that gold and foreign currency reserves increased by $37.1 million and, according to preliminary data, as of May 1, 2016 they equaled to $4.2 billion.