BELARUS NEWS AND ANALYSIS

DATE:

09/02/2009

Belarus reserves dip to $3.662 bln despite IMF loan

MINSK, Feb 9 (Reuters) - Belarus's gold and foreign currency reserves shrank to $3.364 billion on Feb. 1, compared to $3.662 a month earlier, the ex-Soviet state's central bank said on Monday, despite receiving the first tranche of an IMF loan.

Belarus's reserves, which stood at $4.9 billion on Feb. 1 2008, began declining last August as the central bank intervened to support the Belarussian rouble.

The central bank devalued the Belarussian rouble by 20 percent from Jan. 2 this year and the currency has since dipped to 2,795 to the dollar from 2.655.

Belarus last month received the first $788 million tranche of a $2.5 billion credit negotiated with the International Monetary Fund. The rest is to be released over the next 14 months.

(Reporting By Andrei Makhovsky, writing by Ron Popeski)

Source:

http://www.fxstreet.com/news/forex-news/article.aspx?StoryId=6e2f6d56-3402-40ea-a8b0-c2cac7f0acd1

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