Part of foreign exchange liabilities of the government and the national Bank of the country will be refinanced with the use of mechanisms of attraction of financial resources, common in international practice, according to the press service of the financial regulator.
MINSK, 6 Jan./strong>. Belarus is planning in 2016 to refinance part of foreign exchange liabilities of the government and National Bank, stated in the press service of the financial regulator.
“This year, the share of foreign currency liabilities of the government and the National Bank of Belarus will be refinanced with the use of mechanisms of attraction of financial resources, common in international practice”, — stated in the message.
It also States that in the year 2016 for maintaining the foreign exchange reserves of the government and the National Bank would be “balanced macroeconomic policies creating the conditions for sustained excess supply of foreign currency on the domestic foreign exchange market over demand for it”.
According to the NBU, at the end of December 2015, the country’s foreign reserves on the methodology of the IMF decreased by 408,2 million (8.9%) and, according to preliminary data, on January 1, 2016 amounted to 4,176 billion dollars in equivalent. In General, during the year reserves decreased by 883,3 million dollars (by 17.5%).
The main reasons for the decrease in foreign exchange reserves, the regulator described the repayment of external and domestic obligations in foreign currency in the amount of 6 billion dollars, a decline in the market value of gold, as well as other factors. At the same time maintaining the level of reserves was facilitated by the refinancing of foreign exchange liabilities by the Ministry of Finance and the national Bank by issuing foreign currency bonds and borrowing in a total amount of about $ 3.8 billion, the proceeds from the levying of export duties on oil products in the amount of $ 1.4 billion, the net purchase by the national Bank of foreign currency at the exchange auctions in the amount of $ 230 million.