Will Beltransgaz assets be enough for Belarus? :: Charter'97 :: News

Belarus’ international assets evaluated in the IMF method grew with $ 961.3mln, or 69.5 per cent, in January-June 2007, reaching $ 2 344,2bln, with the increase of $ 624.5mln, or 36.3 per cent, in June. Evaluated in the national method, the international assets increased with $ 1 188,8bln, or 67.8 per cent, making up $ 2 942,1bln, with the growth of $ 717.9 mln, or 32.2 per cent, in June.

As Anatol Drazdou, the head of the National Bank’s information department, told BelaPAN, such a significant growth of the gold and foreign currency reserves was stipulated mainly by $ 625 mln gained from selling 12.5 per cent of “Beltransgaz” shares to the Russian company “Gazprom”. “The evaluation of the gold and foreign currency reserves is based on the funds of the National Bank and all institutions of monetary accommodation, including the Government. The money from selling “Beltransgaz” shares was allocated at the Finance Ministry’s bank account, but it is considered the general monetary reserve of the state,”- said the representative of the National Bank.

The payment for 12.5 per cent of the shares was executed in early June. As it was agreed by the parties, Russia is to receive 50 per cent of the shares priced at $ 2.5 bln in parts, during 4 years.
In accordance with the IMF evaluation method, Belarus’ international assets are estimated as highly liquid international assets that include monetary gold, special rights for IMF loans for Belarus, the country’s reserve position in the IMF and currency reserves. They can be used for interventions at currency markets to stabilize the national currency, governmental financing of imports and exports, calculations on the national debt repayment and service, as well as for other purposes.