Belarus's currency reserves increased by $1 billion in a month...
Belarus's international reserve assets showed a surprisingly significant increase in August. The country's gold and foreign exchange reserves grew by $1.048 billion in a single month, reaching $15.243 billion as of September 1.
Notably, the sharp increase in reserves was driven not primarily by new foreign currency inflows, but by the rise in gold prices on the international market, the National Bank of Belarus reported.
Reserves increased by nearly 7.4 percent
According to the National Bank, Belarus's international reserve assets stood at around $14.196 billion on August 1. A month later, this figure reached $15.243 billion.
As a result, the one-month growth was:
$1.048 billion;
approximately 7.38 percent;
while the volume of reserves exceeded the $15 billion threshold.
The main reason for the growth is gold
The National Bank of Belarus attributed the growth in reserves primarily to the increase in gold prices on international financial markets.
This is an important aspect: the growth in the volume of reserves does not mean the country has purchased a large amount of new gold. An increase in the market value of monetary gold also leads to growth in the dollar-denominated calculation of international reserves.
In August, Belarus's monetary gold assets increased by $929.8 million, reaching $7.9135 billion as of September 1.
Foreign currency assets also grew
The second largest component of reserves is foreign currency assets.
As of September 1, their volume amounted to $5.9176 billion, having increased by $108.7 million during August.
Thus, the bulk of the overall growth in August came from gold:
Indicator | September 1, 2026 | Change in August |
|---|---|---|
International reserve assets | $15.243 bln | +$1.048 bln |
Monetary gold | $7.9135 bln | +$929.8 mln |
Foreign currency | $5.9176 bln | +$108.7 mln |
Belarus is well above its annual target
According to Belarus's monetary policy guidelines set for the end of 2026, international reserve assets should be at least $9.2 billion.
In practice, the figure as of September 1 was nearly $6.04 billion higher than this target. That is, the reserves are approximately 65.7 percent higher than the established minimum level.
Belarus's minimum target of $9.2 billion set for the end of 2026 has already been significantly fulfilled.
What does this growth mean?
International reserves serve as an important financial buffer for the country's economy. They play a crucial role in fulfilling external obligations, making import payments, and ensuring stability against potential pressures in the foreign exchange market.
Since much of the growth in August in Belarus was due to the appreciation of gold, the future dynamics of reserves may continue to depend on world market prices for the precious metal.
The most important figure
August ended very strongly for Belarus in terms of reserves: an increase of more than $1 billion in a month and a total volume exceeding $15.2 billion were recorded.
Most intriguingly, nearly $930 million of this growth occurred due to the rising value of monetary gold.
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