Belarus’ international reserve assets will increase in 2011

“This year all prerequisites are in place to meet the target. The balance of foreign trade will be better, and the inflow of currency from exports of goods and services will be higher,” Piotr Prokopovich said. In accordance with the monetary and credit policy guidelines of Belarus for 2011, teh country’s reserves are projected to increase by at least $1.2 billion.

In 2010 Belarus’ international reserve assets calculated using the IMF methods were down 11% to $5030.7 million. They were projected to increase by $0.5-1.83 billion according to the IMF standards. Piotr Prokopovich said that the reason for failure to reach this target was high demand for the currency in the country, especially at the end of the year. “Now this demand is gone. Last year we sold $1.5 billion on a net basis to the public. This money is actually out of the reserves and is now in the hands of people, instead of being used for the needs of the national economy,” Piotr Prokopovich said.

“I would like to advise citizens who keep their money at home, whether in Belarusian rubles or in any other currency, to bring them to the banks. Firstly, the banks ensure the safety of savings, and second, provide interest. Then the money will be used for the economy, for making our life better,” he said. The goal has been set to increase average wages to at least Br3 million by the end of 2015. That is a very complex task which requires efforts by all citizens, Piotr Prokopovich said.

According to