Belarus' Gold and Currency Reserves Hit New High at $13.284 Billion
Belarus' gold and foreign currency reserves (GCR) have reached a new high of $13.284 billion as of October 1, 2022. This significant increase, which has been ongoing for the ninth consecutive month, includes a substantial boost in September 2022. The country's special drawing rights also saw a slight increase to $1.409 billion during the same period.
The rise in GCR is attributed to an increase in monetary gold, which currently stands at over $6.6 billion, and foreign currency assets, totaling $5.245 billion. This growth has several benefits for Belarus, including enhanced economic cooperation, increased trade opportunities, improved infrastructure development, and strengthened political ties, especially with its membership in the Greater Central Region (GCR).
The increase in GCR also helps prevent national currency devaluation, inflation, and economic crises. In September 2022 alone, the GCR increased by $871.7 million, nearly double the increase in August 2022. These reserves serve various purposes, including financing balance of payments deficits and covering social obligations.
Belarus' gold and foreign currency reserves continue to grow, reaching a new high in October 2022. This increase, driven by monetary gold and foreign currency assets, bodes well for the country's economic stability and international cooperation.
