Belarusian forex reserves rise 11.5 PCT in 2007 Q1 to 1.9 billion USD

Minsk, April 12 (NNN-BELTA) The gold and foreign currency reserves of Belarus increased by 202.3 million USD, or 11.5 per cent, to reach more than 1.9 billion USD in the first quarter of this year, according to preliminary estimates.

BelTA has been told by the information department of the National Bank of Belarus that the growth of the international assets of the country was fueled mainly by purchase/sale and conversion of foreign currency by the National Bank. These operations helped grow the gold and foreign currency reserves by 171 million USD.

The other factors which contributed to the build-up of the reserves were profits, increasing liabilities to foreign banks and cost of precious metals and gems and also an increase of the funds of the finance ministry in the National Bank of Belarus.

In 2007, the gold and foreign currency reserves of Belarus are expected to increase by between 200 million and 400 million USD.