How does the National Bank support the Belarusian ruble exchange rate?
September 2020 began with the rapid growth of the dollar and euro. The National Bank has already spent over $1 billion to maintain the Belarusian ruble, reports Onliner.
The National Bank of Belarus has provided statistics for the month. The country's gold and foreign exchange reserves fell by $1.3996 billion. In August, gold and foreign exchange reserves totalled $8.8575 billion, and by September they amounted to $7.5 billion.
The National Bank explains the reduction in international reserve assets by the sale of foreign currency at trading. Since people have been actively buying foreign currency during the month, the National Bank decided to spend part of its gold and foreign exchange reserves to maintain the exchange rate of the Belarusian ruble. However, the National Bank notes that over the past month Belarus fulfilled its obligations with a total value of $351.7 million.