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The share of the Russian ruble in the currency composition of Belarus’s gross external debt exceeded 40% in 2025, according to the National Bank of Belarus’s annual financial stability report.
Belarus’s gross external debt increased by $3.5 billion last year, reaching $38.3 billion as of Jan. 1. The increase was driven by higher accounts receivable, as well as growth in long-term loans and borrowings by the general government and other sectors.
The Russian ruble accounted for 41.1% of gross external debt (+6.5 percentage points compared with 2024), the Belarusian ruble for 6.5% (+2.5 percentage points), the Chinese yuan for 7.1% (+0.2 percentage points), the U.S. dollar for 34.7% (-7.7 percentage points), and the euro for 7.2% (-1.1 percentage points).
By sector, the general government and the non-financial corporations sector remained the largest borrowers in the structure of Belarus’s gross external debt in 2025.
The ratio of gross external debt to GDP declined from 44.5% to 40.7% last year, reflecting economic growth.
“At the same time, other indicators characterizing the level of external debt, including the share of short-term debt and the ratio of external debt to exports, deteriorated somewhat,” the National Bank said.