Belarusian gold, FX reserves up 7% in 8M to $8.697 bln as gold prices rise

MINSK. Sept 6 (Interfax) - Belarusian gold and foreign-exchange reserves grew $569.7 million or 7% in January-August 2024 to $8.697 billion from $8.127 billion, the National Bank of Belarus said on its website.

The reserves grew 1.9% or $165.1 million in August and 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 8M 2024 as monetary gold rose $781.7 million in value while FX reserves fell $213.7 million.

Gold in the reserves grew 3.6% in August and 21.8% in 8M to $4.364 billion, foreign currency assets rose 0.03% in August and fell 6.8% in 8M to $2.944 billion and IMF Special Drawing Rights rose 0.1% in 8M to $1.389 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.