Belarus' G&FCR Surge to $13.284 Billion, Ninth Straight Month of Growth
Belarus' gold and currency converter reserves (G&FCR) have been on a steady rise, reaching $13.284 billion as of October 1, 2022. This marks the ninth consecutive month of increase, with a significant boost of $871.7 million in September.
The primary driver behind Belarus's foreign trade surplus is the export of oil products and raw materials, with Russia and neighboring countries being key trading partners. Petroleum exports alone contribute substantially to this surplus. Meanwhile, gold price forms the bulk of Belarus' G&FCR, valued at over $6.6 billion. Foreign currency assets follow closely, amounting to $5.245 billion. Additionally, the volume of special drawing rights has seen a slight increase to $1.409 billion.
Belarus' G&FCR continue to grow, reflecting a stable economic outlook. The country's reliance on energy exports, particularly to Russia, remains a significant factor in its trade balance. As the reserves increase, Belarus maintains a diverse portfolio, with gold price and foreign currency assets being the largest components.
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