On the program "Economic Environment" on the Belarus 1 TV channel, experts discussed the need for and reality of including crypto assets in Belarus's gold and foreign exchange reserve system. Belarus's gold and foreign exchange reserves have crossed the historic threshold of $14 billion, having nearly doubled over five years. As of August 1, 2026, the volume of international reserve assets amounted to $14.2 billion in equivalent. This covers the country's economic security target indicator with a large margin.

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

Five-Tier Pie of Reserve Assets

The term "gold and foreign exchange reserves" is too narrow, believes Roman Brodov, chairman of the Council of the Republic's standing commission on economy. In fact, it is a complex structure of five components:

• Monetary gold (about half of Belarus's reserves).
• Foreign currency (cash and non-cash).
• Bonds of foreign states.
• 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.

Andrei Kartun, Deputy Chairman of the Board of the National Bank, revealed the mechanisms for replenishing the gold and foreign exchange reserves:

1. Market interventions by the National Bank on the domestic foreign exchange market.
2. Purchase of precious metals under favorable market conditions.
3. External borrowing on comfortable terms.
4. Income from managing the reserves themselves.
5. Revaluation of assets (rising global gold prices).
6. Fiscal rule for special exporters.

Global De-Dollarization

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

Central banks around the world are increasing gold purchases — demand has reached 1,136 tonnes 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 foreign currency. More than 70% of citizens' bank deposits are now held in Belarusian rubles — 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 at once:

• Smoothing fluctuations — currency interventions prevent the exchange rate from jumping sharply due to momentary market sentiment.
• Building trust — investors see the country's safety margin.
• Ensuring a floating rate — the transition from a fixed rate became an evolutionary decision.

Protection against 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 also regulate the money supply — a key pro-inflationary factor.

Money must work for the economy

The President has set a clear task: reserves should not simply sit as a "nest egg." Funds can be directed to efficient projects with quick returns — export-oriented or import-substituting. But always with a priority on reliability and risk minimization.

"Investment projects are rarely implemented in one, two, or three years. Investing borrowed funds for five years and waiting is not something 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 baseline by about 1.5 times. This is a highly liquid asset — monetary gold of 995 fineness can be sold anywhere in the world.

The Ministry of Finance is also actively developing the domestic market: since 2023, 95,000 measured gold and silver bars of domestic production (PO Kristall) 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. "The state cannot joke with its reserves when it's plus or minus a billion — that is very risky," noted Andrei Kartun.

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

Reserves as a guarantor of fiscal sustainability

The Ministry of Finance takes into account the volume of international reserves when planning the budget and servicing external debts. If current foreign currency inflows are insufficient, reserves act as a guarantor of the fulfillment of all the country's obligations.

The size of gold and foreign exchange reserves and a balanced budget policy are two complementary elements that ensure the country's financial stability," summarized Deputy Finance Minister Alexander Sudnik.

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