Assets in Chinese Juans will be annexed to the international reserve assets of the Republic of Belarus
02 October 2007
Assets in Chinese Juans will be annexed to the international reserve assets of the Republic of Belarus in the national aspect (gold and currency reserves). According to the Information Department of the National Bank of the republic of Belarus, this fact is specified by the enactment of the Managing Executive Committee of the National Bank of the Republic of Belarus №188 from September 27, 2007.
Annex of the assets in Chinese Juans to the exponent calculation of the international reserve assets of Belarus in the national aspect is specified by the tempo of the Chinese economy growth and its ratio accession in the structure of the world trade; and by significant development of bilateral economic intercourse of the Republic of Belarus and the People’s Republic of China.
Furthermore, there is a constant increase in the commercial exchange between the two states during the last several years. Morover, in the near future its growth is to be even faster. According to the results of seven months of the current year, the bilateral commercial exchange has reached the figure of $692 million, which is 80% more than that during the relevant period of 2006.
Recall: the National Bank of the Republic of Belarus launched the annexation of assets in Russian Rubles to the international reserves of Belarus on September 1, 2006. Though, currently most of the currency reserves are accounted for US Dollars assets.
According to preceding statements of Petr Prokopovich, the Chairman of the Managing Executive Committee of the National Bank of the Republic of Belarus, the major state bank establishment is going to scale-up the ratio of Russian Rubles and Euros in the state currency reserves. Annex of assets in Japanese Yens to the gold and currency reserves of the Republic of Belarus is also possible in the near future. Changes in the structure of the state currency reserves will be dependant upon the currency balance concerning the foreign trade of the Republic of Belarus.