Belarus’ international reserves stabilise

According to the National Bank, on September 1^st, Belarus’ gold and currency reserves totalled USD 6.29 billion.

Since August 2014, they have increased by USD 80 million due to small public debt payments and greater foreign currency demand on the local market. In September, Belarus is due to repay circa USD 350 mln in public debt, which could affect the international reserves. However, Belarus might increase her foodstuffs exports to Russia, and place a new issue of government bonds for enterprises. Net supply of foreign currency on the domestic market might reoccur. Meanwhile, a sharp intensification in corporate lending in BYR by the banking system might increase demand for foreign currency in order to purchase additional raw materials and equipment.