A summary of the day's market activity.
Belarus's international reserves fell by more than $600 million to $14.6 billion as of 1 October 2026, the central bank's data show. A slide in the global gold price and a jump in resident companies' net purchases of foreign currency were the main drivers, according to BEROC senior researcher Nastassia Luzhina.
The authorities reported households and non-resident firms sold a net $392 million of foreign currency over the month, while resident enterprises bought a net nearly $677 million. The increase in corporate demand may have been linked to a drop in fuel exports during scheduled maintenance at Naftan. Commercial banks and the National Bank intervened to meet that demand.
Gold accounts for roughly 50% of Belarus's reserve assets by the published structure. Between early September and early October the world price of gold fell from about $4,440 to $4,160 per troy ounce, which cut the value of the gold holdings and explains most of the $600m decline. Foreign-currency reserve assets rose by $74 million, a partial offset.
The Ministry of Finance sold $50 million of foreign-currency government bonds in September, which likely helped replenish reserves alongside export duties receipts. Meanwhile, the Russian currency weakened and the US dollar strengthened against the Belarusian ruble: the dollar rose 1.06% to Br 3.0392 and the Russian rouble lost 0.63% to Br 3.5899 per 100 roubles. Moscow will step up daily foreign-currency purchases under its fiscal rule, which should help stabilise the rouble, the report notes.
The National Bank offered a short forecast for 12–19 October of Br 3–3.06 (0.98–1.01) per US dollar. Risks remain that sustained corporate demand for foreign currency, combined with any further falls in the gold price, would push reserves lower and keep pressure on the Belarusian ruble.
Source: En
