In his talk with the First News TV channel, Aleksandr Yegorov, the First Deputy Chairman of the National Bank’s Board, explained the strategy of Belarus regarding its gold and foreign currency reserves, sb.by reports
Mr. Yegorov emphasised that accumulating reserves is always about finding a balanced approach between the future and the present, “Reserves are not a warehouse; they are an active tool of our policy. Primarily, we use them to smooth out sharp fluctuations in the exchange rate.”
“We have shifted from merely maintaining the level of gold and foreign currency reserves to aggressively building them up during stable periods. Today’s $15bn is the result of learning from past mistakes. We realised that the reserve must not only be solid but also prepared for the most unpredictable events,” the specialist added.
According to him, in spring 2026, due to external factors, the Russian Rouble began to strengthen abnormally quickly against the Dollar and Euro, which also affected Belarus’ market. Additionally, exporting companies were selling their earned foreign currency more actively, leading to an excess of foreign currency.
“To prevent this surplus from causing an unwanted strengthening of the Belarusian Rouble, which would make it harder for our exporters to sell their products abroad, the National Bank purchased the excess currency and added it to the reserves. In April 2026 alone, the National Bank bought nearly $500m,” Mr. Yegorov highlighted.
From January to April, net currency sales by the population amounted to about $640m, and this trend continues.
“The sold currency does not disappear: a significant portion is bought by the National Bank and included in the gold and foreign currency reserves. Thus, people’s personal savings indirectly strengthen the country’s financial cushion. This is the healthiest and most proper source of economic growth,” the First Deputy Chairman of the National Bank’s Board concluded.
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