The Strategist

Belarus loses almost 16% of gold and foreign exchange reserves in a month

09/08/2020 - 03:14

In August, Belarus spent $ 1.4 billion from gold and foreign exchange reserves; the country's reserves fell by almost 16%. The country has been shaken by protests against Alexander Lukashenko for a month now, and the European Union is threatening the country with sanctions.

The gold and foreign exchange reserves of Belarus fell by 15.8% in August: according to preliminary data, the country spent almost $ 1.4 billion from reserves in a month, the National Bank of the country said. As a result, the country's reserves in dollar terms reached $ 7.458 billion.

In July, the gold and foreign exchange funds of Belarus, on the contrary, increased slightly - by $ 61.8 million (0.7%). The National Bank of Belarus associates the decrease in reserves in August with the sale of foreign currency at the Belarusian Currency and Stock Exchange.

The regulator noted that the government and the National Bank of Belarus in August fulfilled external and internal obligations totaling $ 351.7 million. The reserves in August were supported by funds from the sale of bonds of the Ministry of Finance of Belarus in foreign currency, as well as the receipt of foreign currency in the budget.

In August, the exchange rate of the Belarusian ruble against the dollar and the euro fell significantly - by 8.9% against the American currency and by 9% against the European one.

On August 9, presidential elections were held in the country. According to the official data of the Central Election Commission, Alexander Lukashenko won with a result of 80%, and his main rival Svetlana Tikhanovskaya gained 10%. These numbers caused distrust among the population. Protest actions are take place in Minsk and large cities almost every day, the most numerous crowds are gathered on weekends.