Former Head of National Bank: Belarus may be left without gold reserves

Almost the entire volume of gold and currency reserves of Belarus may be used this year to repay foreign debts. This opinion was expressed in an interview with BelaPAN by the former Chairman of the National Bank Stanislau Bahdankevich. He reminded that in 2016 Belarus will have to pay the external debt of more than $3 billion.

Meanwhile, gold and money reserves have fallen to near five-year low. At the end of December 2015 they decreased by 408.2 million dollars, according to preliminary data, on January 1, 2016, they amounted to approximately $4 billion. Thus, a significant portion of international reserves could go to pay off foreign debts.

According to Bahdankevich, this scenario is likely in the case of Belarus receiving new external loans. As is known, the authorities hope to receive $3 billion from the International Monetary Fund.

According to Stanislau Bahdankevich, in this situation, it is obvious that the authorities need a reform program, under which it would be possible to receive foreign loans. Another way out could be the selling of assets owned by the state, but their prices are now very low.