{"id":556237,"date":"2026-07-02T09:52:17","date_gmt":"2026-07-02T06:52:17","guid":{"rendered":"https:\/\/reform.news\/?p=556237"},"modified":"2026-07-02T11:38:50","modified_gmt":"2026-07-02T08:38:50","slug":"more-than-40-of-belarus-s-external-debt-is-denominated-in-russian-rubles","status":"publish","type":"post","link":"https:\/\/reform.news\/en\/more-than-40-of-belarus-s-external-debt-is-denominated-in-russian-rubles","title":{"rendered":"More Than 40% of Belarus&#8217;s External Debt Is Denominated in Russian Rubles"},"content":{"rendered":"<div id=\"fb-root\"><\/div>\n<p>The share of the Russian ruble in the currency composition of Belarus&#8217;s gross external debt exceeded 40% in 2025, according to the National Bank of Belarus&#8217;s annual financial stability report.<\/p>\n<p>Belarus&#8217;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.<\/p>\n<p>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).<\/p>\n<p>By sector, the general government and the non-financial corporations sector remained the largest borrowers in the structure of Belarus&#8217;s gross external debt in 2025.<\/p>\n<p>The ratio of gross external debt to GDP declined from 44.5% to 40.7% last year, reflecting economic growth.<\/p>\n<p><em>&#8220;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,&#8221;<\/em> the National Bank said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The share of the Russian ruble in the currency composition of Belarus&#8217;s gross external debt exceeded 40% in 2025, according to the National Bank of Belarus&#8217;s annual financial stability report. Belarus&#8217;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, [&hellip;]<\/p>\n","protected":false},"author":119,"featured_media":553347,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_sharing_image":{"poster":"https:\/\/reform.news\/wp-content\/uploads\/2026\/07\/6a4623a290212.jpg","width":1200,"height":630,"template":"691142dd","mode":"auto"},"_sharing_image_fieldset":{"dTVKfmI95PYT":"More Than 40% of Belarus\u2019s External Debt Is Denominated in Russian Rubles"},"footnotes":""},"categories":[142338,143126],"tags":[],"class_list":["post-556237","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-business"],"wps_subtitle":"","_links":{"self":[{"href":"https:\/\/reform.news\/en\/wp-json\/wp\/v2\/posts\/556237","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/reform.news\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/reform.news\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/reform.news\/en\/wp-json\/wp\/v2\/users\/119"}],"replies":[{"embeddable":true,"href":"https:\/\/reform.news\/en\/wp-json\/wp\/v2\/comments?post=556237"}],"version-history":[{"count":0,"href":"https:\/\/reform.news\/en\/wp-json\/wp\/v2\/posts\/556237\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/reform.news\/en\/wp-json\/wp\/v2\/media\/553347"}],"wp:attachment":[{"href":"https:\/\/reform.news\/en\/wp-json\/wp\/v2\/media?parent=556237"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/reform.news\/en\/wp-json\/wp\/v2\/categories?post=556237"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/reform.news\/en\/wp-json\/wp\/v2\/tags?post=556237"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}