A macroeconomic review by the Eurasian Development Bank (EDB), cited by BelTA, details the key drivers behind the growth of Belarus’ gold and foreign exchange reserves.
In December 2025, Belarus’ gold and foreign exchange reserves increased by $0.53 billion, reaching a record $14.43 billion at the start of 2026. The key driver of this growth was a $0.3 billion rise in foreign currency reserve assets, attributed to a net supply of foreign currency on the domestic market. Additional support came from a 3% increase in global gold prices, which boosted the value of gold holdings within the reserves by $0.21 billion.
For the full year of 2025, gold and foreign exchange reserves expanded more than 1.6-fold, rising by $5.5 billion. This increase included a nearly $2.5 billion contribution from foreign currency reserves. Notably, in 2025 Belarus achieved the international security benchmark for reserves covering three months of imports.
