They note that the value of gold in the reserves decreased by $107.8 million due to a 1.4% drop in prices in May of this year.
“The correction was caused by expectations of rising yields on U.S. Treasury bonds, as well as a decline in demand for gold in Southeast Asian countries,” the Belarusian portal tochka.by quotes the bank’s analysts as saying.
At the same time, foreign currency assets decreased by $113.8 million.
Despite this, current reserves cover 3.3 months of imports of goods and services, which is three months above the international standard.
In addition, assets decreased due to payments on Belarus’s external obligations.
In April, gold and foreign exchange reserves, on the other hand, rose slightly (by $24.4 million) following a sharp decline in March.
Gold in Belarus’s reserves has remained stable since October 2021 and amounts to approximately 1.7 million net troy ounces. Changes in gold prices affect its value, not the stock itself.
In May, the decline in gold prices led to a revaluation of approximately $110–115 million.
Experts point to the prospect of gold prices rising to $5,400–5,600 per ounce. In that case, Belarus’s foreign exchange reserves will increase in value again.
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