According to the data of the National Bank, Belarus' foreign exchange loan and securities payments will amount to USD 537.9 million in April. The Ministry of Finance and the National Bank will pay USD 275 million.
It is planned to compensate these payments partially at the expense of issue of new bonds. The Ministry of Finance announced the floatation of two issues of bonds for USD 50 million each. The National Bank will float one issue for USD 100 million and the second one for USD 75 million. Taking into account the fact that the National Bank successfully floated the first issue for USD 100 million on April 13, it is most likely that the most part of the payments of the Ministry of Finance and the National Bank will be refinanced.
According to the same data of the National Bank, the foreign exchange loan and securities payments will be about USD 450 million in May and about USD 350 million in June. Judging by the data of the Republican Central Securities Depository, almost total amount of these payments are the obligations of the Ministry of Finance and the National Bank for their securities.
Belarus has used the domestic securities market as the foreign loan substitute for a long time. As a result, the government and the National Bank have to look for the currency to serve their obligations every month in order to avoid the serious fluctuations of the volumes of gold and foreign exchange reserves and negative changes in the currency market.
The signed agreements with Russia for allocation of USD 1 billion loan to Belarus and for allocation of USD 600 million EFSD tranches should help to remove the problem of keeping of gold and foreign exchange reserves at the current level this year. Therefore, the Belarusian ruble exchange rate will be stable. The population continues to help the National Bank actively, increasing the volumes of net sale of currency.