Belarus’ gold, forex reserves fueled by oil duties in June

Revenues from collecting export duties on oil products helped keep up the gold and foreign exchange reserves of Belarus in June 2015, representatives of the National Bank of the Republic of Belarus told BelTA.

Negative influence on the volume of the gold and foreign exchange reserves was mainly due to the government and the National Bank having to honor domestic and foreign commitments in foreign currency in full as well as the falling price for gold on the international market of precious metals.

In June Belarus’ gold and foreign exchange reserves gained $13.4 million when calculated in accordance with methods of the International Monetary Fund to reach the equivalent of $4,620.7 million as of 1 July according to preliminary data.

In national terms Belarus’ gold and foreign exchange reserves shrank by $156.3 million to total the equivalent of $5,065.6 million as of 1 July.