OREANDA-NEWS. As at the end of December 2015, the volume of gold and foreign exchange reserves of the Republic of Belarus on the IMF’s SDDS definition dropped by USD408.2 million and amounted, according to the preliminary data, to USD4,175.8 million in the equivalent as of January 1, 2016. The volume of gold and foreign exchange reserves on the national definition dropped by USD444.0 million, totaling USD4,467.6 million in the equivalent as of the same date.

The repayment by the Government and the National Bank of the Republic of Belarus of external and internal foreign exchange obligations in full gave rise to a decline in the volume of gold and foreign exchange reserves in December 2015.

The receipt of funds from the sale of bonds of the Ministry of Finance and the National Bank of the Republic of Belarus denominated in foreign exchange, revenues from collection of export duties on oil products, as well as the purchase of foreign exchange by the National Bank at the JSC "Belarusian Currency and Stock Exchange" were conducive to maintaining the level of gold and foreign exchange reserves.

Over 2015, gold and foreign exchange reserves of the Republic of Belarus on the IMF’s SDDS definition dropped by USD883.3 million; on the national definition – by USD1,248.4 million.

The repayment of external and internal foreign exchange obligations of the Government and the National Bank of the Republic of Belarus worth USD6.0 billion, reduction in the market price of gold in the international reserve assets by USD0.2 billion, and other factors were the main reasons for decline in the volume of gold and foreign exchange reserves over the year.

Refinancing of foreign exchange liabilities by the Ministry of Finance and the National Bank by means of issuing foreign exchange bonds and attracting credit resources totaling USD3.8 billion, revenues from collection of export duties on oil products worth USD1.4 billion, and other factors were conducive to maintaining the level of gold and foreign exchange reserves.

In addition, the international reserve assets were maintained at the expense of net purchase of foreign exchange by the National Bank at the JSC "Belarusian Currency and Stock Exchange" worth USD230 million as a result of excessive supply of foreign exchange compared with a demand therefore in the domestic foreign exchange market.

In 2016, the Government and the National Bank of the Republic of Belarus will implement a well-balanced macroeconomic policy, which creates conditions for a stable excess in supply of foreign exchange in the domestic foreign exchange market over a demand therefore. Besides, in the current year the foreign exchange liabilities of the Government and the National Bank will be partially refinanced with the use of the financial resources attraction mechanisms, which are widespread in the international practice.