FX.co ★ Belarus excluded Russian ruble from reserves

The Belarusian government strives to be closer to the civilized world. A year ago, the EU lifted the sanctions imposed on President Alexander Lukashenko and 169 other Belarusian officials. In response, Lukashenko abolished retaliatory sanctions and visas for the EU and US citizens. Apparently, the reputation of the "last dictator of Europe" is gradually beginning to bore the Belarusian leader.

As the next conciliatory gesture, Belarus decided to no longer use the Russian ruble for calculating the amount of its international reserves. The head of the National Bank of the Republic of Belarus said that the Russian ruble will be excluded from the reserve calculations starting from July 1, 2017. According to the new rules, reserve assets will be calculated using the methodology of the International Monetary Fund, which does not include such currencies as the ruble. The NBRB officials noted that from July 1, 2017 the Belarusian foreign exchange reserves will be measured with the help of a single indicator – the value of international reserve assets calculated in accordance with the IMF Special Data Dissemination Standard.

At the same time, the NBRB noted that the ruble will not completely disappear from the calculations as the assets that do not meet the IMF requirements will remain on the bank's balance sheet. These assets will be used to fulfill the financial obligations of the bank and the government and can be used to serve as an additional source of renewal of foreign-exchange reserves.