Belarusian gold, FX reserves up 5% in 7M to $8.532 bln as gold prices rise

MINSK. Aug 7 (Interfax) - Belarusian gold and foreign-exchange reserves grew $404.6 million or 5% in January-July 2024 to $8.532 billion from $8.127 billion, the National Bank of Belarus said on its website.

The reserves grew 2.1% or $173.5 million in July after falling 0.6% or $52.6 million in June and 0.4% or $30.1 million in May.

The reserves grew in 7M 2024 as monetary gold rose $631.1 million in value while FX reserves fell $214.5 million.

Gold in the reserves grew 4% in July and 17.6% in 7M to $4.213 billion, foreign currency assets fell 0.2% in July and 6.8% in 7M to $2.943 billion and IMF Special Drawing Rights fell 0.9% in 7M to $1.376 billion.

The reserves fell 2.5% in 2023 and 5.9% in 2022 after rising 12.8% in 2021 and falling 20.5% in 2020.

The National Bank's monetary policy guidelines target gold and foreign exchange reserves of at least $6 billion at end-2024.