Belarus' gold and currency reserves drop below $7bn
In October 2013, Belarus' international reserve assets decreased by $574.6 million, down to $6 billion 813.1 million in IMF terms as of November 1.
The international reserve assets calculated in national terms decrease at a slower pace with Belarus having lost $559.3 million in October 2013. As of November 1, the gold and currency reserve amounted to $7 billion 485.6 million as calculated in national terms.
The source attributed to the decrease in the gold and currency reserves primarily to the repayment of external and internal obligations in foreign currency in full by the government and the National Bank of Belarus as well as to the peack loan repayment od the IMF's stand-by progra, reports Belta. Indeed, Belarus wired three instalments to IMF's accounts in October: forst $83.9 million, then$99.3 million, and later $84.4 milion.
On October 10, the government and the National Bank approved a plan of joint actions aimed at structural reforms and a higher compatibility of Belarus' economy. Under the document, Belarus is to hold consultations with IMF on a new loan in the framework of a new program. Experts reckon the consultations are about the Extended Fund Facility (EFF) program, which, if compared to the stand-by program, offers a lengthier loan period to support structural reforms in economy in the mid-term perspective.
