Belarus’s gold and FX reserves rose to $7.9 billion

Belarus’s gold and foreign exchange reserves rose over the New Year to $7.9 billion, the central bank said on Friday, due in part to the $2.5 billion paid by Russia’s Gazprom for control of pipeline operator Beltransgaz.

Belarus reserves were depleted in 2011 as the country fought a severe financial crisis that devalued the Belarussian rouble and sent inflation spiralling by more than 100 percent.

The conditions of a Russia-led rescue loan stipulated that Belarus must sell state-owned assets in order to free up cash. Gas monopoly Gazprom said in November it would buy the 50 percent of Beltransgaz it did not already own for $2.5 billion.

The Belarus central bank said reserves had grown as a result of the sale to $7.915 billion from $7.355 billion in early December.

It has forecast a figure of $7 billion by the end of 2012 — despite $880 million of foreign loans. – Reuters

Tags: Belarus gold reserve

Posted by admin on Jan 6 2012. Filed under Gold predictions. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry