Belarus’s gold and foreign exchange reserves exceeded $14.4 billion as of January 1, according to data published by the National Bank of Belarus. In December, the reserves increased by $526.1 million.
The main factor behind the growth in December was an increase in reserve assets in foreign currency, which rose by $296.9 million to $5.54 billion.
The value of monetary gold included in the reserves increased by $214.2 million over the month to $7.47 billion. The value of Special Drawing Rights rose by $15 million to $1.41 billion. The reserve position in the IMF and other assets remained unchanged at $0.03 million and $0.1 million, respectively.
Over 2025, gold and foreign exchange reserves increased by $5.5 billion. The value of monetary gold rose by $2.95 billion, Special Drawing Rights by $66.9 million, and reserve assets in foreign currency increased by $2.49 billion.
It should be noted that by the end of 2025 the size of the reserves was twice the monetary policy target, which stood at $7.1 billion. By the end of 2026, the reserves are expected to amount to at least $9.2 billion.
