Increase in Surplus Contributes Significantly to Expansion of Belarus' Reservoir Funds
Belarus has made a remarkable financial stride, setting a new historical high in its gold and foreign exchange reserves. The country has witnessed a significant increase in its reserves since the beginning of 2025, as detailed below.
Significant Growth in Reserves
Since January 2025, Belarus' reserves have experienced a substantial growth, reaching an impressive $11.941.6 million by early August[1]. In July alone, the reserves swelled by over $400 million, marking a 3.5% rise[2].
Foreign Currency Assets Lead the Way
The growth in reserves was largely driven by foreign currency reserve assets, which rose by a substantial $389.9 million in July[2]. Meanwhile, the value of gold in the reserves structure also increased, albeit marginally, due to rising global prices, with a 0.33% month-on-month increase[2].
Economic Factors Contributing to Growth
The growth was facilitated by an excess of currency supply over demand in the market, contributing to the increase in foreign currency assets[1]. Additionally, Belarus has seen growth in trade, including a significant increase in bilateral trade with countries like Uzbekistan[4]. This could potentially contribute to the robustness of the reserve growth through increased foreign exchange earnings.
Aiming for End-of-Year Targets
According to monetary policy targets, Belarus aims to have international reserves of at least $7.1 billion by the end of 2025[2]. However, the current level is already significantly higher than this target.
Experts at the Eurasian Development Bank (EDB) have pointed out this impressive increase[3]. The EDB, which offers various financial products, including consumer loans, auto loans, business loans, mortgage loans, deposits, loans, business banking products, credit cards, debit cards, new car leasing services, used car leasing services, and business car leasing services, noted this in their weekly macro overview.
Journalist Mikhail Svetlov is covering this story, as Belarus positions itself favorably in terms of financial stability and international trade with this record-breaking increase in its gold and foreign exchange reserves.
[1] Belarus National Bank
[2] Eurasian Development Bank
[3] EDB Weekly Macro Overview
[4] Belarusian Ministry of Foreign Affairs
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