The National Bank told whether the volume of gold and foreign exchange reserves of Belarus

How the National Bank of Belarus performs its fundamental functions, the First Deputy Chairman of the Board of the National Bank Alexander Egorov told sb.by.

Alexander Egorov called the main function of central banks to ensure low and predictable inflation. “There are also a number of other fundamental functions on which the long-term sustainability of a country depends. Among them is the management of gold and foreign exchange reserves. ZVR is a security cushion of the country, and the task of the National Bank is to increase it and ensure the reliability of its storage. The level of ZVR now is about $14-15 billion. Is that a lot or a little? First, it is more than three months of imports, which is in line with IMF recommendations. Second, this money will be enough to pay off the country’s short-term foreign debt. Unlike the average person, the state cannot simply put money under the mattress. Reserves need to be managed. Some are stored in physical monetary gold, some in liquid foreign assets and currencies, he said.

Another function is financial stability. "" The economy is a living organism. There's always something going on in her. World prices for raw materials are changing, logistics is being rebuilt. The task of the National Bank is to conduct regular stress tests of the entire system. Experts literally simulate scenarios of the “perfect storm”. We identify “narrow necks in advance, so that no enterprise, no depositor even felt turbulence”, – said the first Deputy Chairman of the Board of the National Bank.

Also among the fundamental functions of the National Bank is the control of the implementation of currency legislation. The money earned by Belarusian factories and factories on export should come back to the country and work for our economy, and not settle in murky offshore schemes. The National Bank is building a transparent system for monitoring foreign trade operations. We do not interfere with honest business to trade with the whole world, do not interfere in every operation, but we clearly ensure that foreign exchange earnings arrive in Belarus in a timely manner, supporting the Belarusian ruble exchange rate, Alexander Egorov emphasized.

Belarus is at the forefront of global regulatory thought. While the world’s largest regulators have been arguing for years about what to do with digital assets, Belarus, in accordance with the decisions of the Head of State, has taken a pragmatic path. The National Bank of Belarus has become the first central bank in the world to begin to exercise full-fledged supervision over cryptobanks, the First Deputy Chairman of the National Bank said.

The main goal of all the huge, often invisible work of the National Bank is the growth of the welfare of Belarusians. To ensure complete order in our country, payments were made instantly, savings were protected, and the Belarusian ruble worked for the creation and development of our country, concluded Alexander Egorov.