Belarusian gold, FX reserves up nearly 10% in 10M as gold prices rise

MINSK. Nov 6 (Interfax) - Belarusian gold and foreign-exchange reserves grew 9.9% or $806.5 million in January-October 2024 to $8.934 billion from $8.127 billion, the National Bank of Belarus said on its website.

The reserves grew 0.9% or $75.6 million in October, 1.9% or $161.2 million in September and 1.9% in August.

The reserves grew in 10M 2024 as monetary gold rose $1.165 billion in value while FX reserves fell $348.2 million.

Gold in the reserves grew 3.9% in October and 32.6% in 10M to $4.745 billion, and IMF Special Drawing Rights fell 1% in 10M to $1.377 billion. FX reserves fell 2.8% in October and 11% in 10M to $2.812 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.