On the "Economic Environment" program on the "Belarus 1" TV channel, experts discussed the need and reality of including crypto assets in Belarus's foreign exchange reserve system. Belarus's foreign exchange reserves have surpassed a historic milestone of 14 billion dollars, nearly doubling over five years. As of August 1, 2026, the volume of international reserve assets stood at 14.2 billion dollars in equivalent terms. This covers the country's economic security target indicator with a substantial margin.

But what lies behind these figures? How is the state's "safety cushion" structured, and why are experts increasingly talking not about "foreign exchange reserves" but about "international reserve assets"?

The Five-Layer Cake of Reserve Assets

The term "foreign exchange reserves" is too narrow, believes Roman Brodov, Chairman of the Standing Commission on Economy of the Council of the Republic. In reality, it is a complex structure consisting of five components:

• Monetary gold (about half of Belarus's reserves).

• Foreign currency (cash and non-cash).

• Bonds of foreign governments.

• Special Drawing Rights (SDRs) of the IMF.

• The country's position in the International Monetary Fund.

All these assets are united by one requirement — high liquidity and reliability.

Sources of Reserve Formation

Andrey Kartun, Deputy Chairman of the Board of the National Bank, revealed the mechanisms for building up foreign exchange reserves:

1. Market interventions by the National Bank on the domestic currency market.

2. Purchase of precious metals under favorable conditions.

3. External borrowings on comfortable terms.

4. Income from managing the reserves themselves.

5. Revaluation of assets (growth in world gold prices).

6. Budget rule for special exporters.

Global De-Dollarization

The global reserve system is undergoing a large-scale transformation. The share of the US dollar in world reserves has fallen below 57% — a historic low. The reason is geopolitical tensions and precedents of asset freezes.

Central banks worldwide are ramping up gold purchases — demand has reached 1,136 tons per year. China, India, Poland, and Thailand are actively diversifying their reserves in favor of the yellow metal and alternative currencies.

Belarus is following this trend. The share of the euro in reserves is trending toward zero, and the population has become a net seller of currency. More than 70% of citizens' bank deposits are now held in Belarusian rubles — just five years ago this figure did not exceed 50%.

Three Vectors of Exchange Rate Policy

High reserves allow the National Bank to address several tasks simultaneously:

• Smoothing out fluctuations — currency interventions prevent the exchange rate from jumping sharply due to momentary market sentiments.

• Building trust — investors see a margin of safety in the country.

• Ensuring a floating exchange rate — the transition from a fixed rate became an evolutionary decision.

Protection from Imported Inflation

Belarus is an open economy dependent on imports of energy resources and intermediate goods. If the exchange rate goes beyond the forecast range, the National Bank uses reserves to adjust prices and protect citizens from imported inflation.

Reserves are also used to regulate the money supply — a key pro-inflationary factor.

Money Should Work for the Economy

The President set a clear task: reserves should not simply sit idle as a "piggy bank." Funds can be directed to effective projects with quick returns — export-oriented or import-substituting ones. But always with priority given to reliability and risk minimization.

"Investment projects are rarely implemented in a year or two or three. Investing borrowed funds for five years and waiting — that's not the kind of story a regulator can afford," emphasizes Roman Brodov.

Gold: Physical Volume and Liquidity

The physical volume of gold in Belarus's reserves exceeds the established minimum base by approximately 1.5 times. This is a highly liquid asset — 995-fineness monetary gold can be sold anywhere in the world.

The Ministry of Finance is also actively developing the domestic market: since 2023, 95 thousand minted gold and silver bars of domestic production (Kristall Production Association) have been sold. The metal is also directed to the jewelry industry (34 licensed organizations) and scientific research.

Cryptocurrencies: Prospect or Risk?

Experts agreed: cryptocurrency is too volatile for state reserves. "A state cannot play games with its reserves when there's a plus or minus a billion — that's very risky," noted Andrey Kartun.

However, the trend toward digitalization is inevitable. "The world is becoming digital, and the digital world needs digital money. We will get there," Roman Brodov is convinced. For now, the priority remains with stable and highly liquid assets.

Reserves as a Guarantee of Fiscal Sustainability

The Ministry of Finance takes into account the volume of foreign exchange reserves when planning the budget and servicing external debts. If current foreign exchange earnings are insufficient, reserves serve as a guarantee of the country's fulfillment of all its obligations.

"The level of gold and foreign currency reserves and a balanced fiscal policy are two complementary elements that ensure the country's financial sustainability," summarized Deputy Finance Minister Alexander Sudnik.

Belarus' gold and foreign currency reserves are an instrument of sovereignty, protection of citizens, support for the economy, and a signal of international stability. In the face of global turbulence, it is precisely this margin of safety that determines the country's ability to look to the future with confidence.

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