The foreign exchange reserves of Belarus increased by $263mn, or 3% month-on-month, to $8.89bn in August following a 4.1% m/m growth in July, according to the National Bank of Belarus (NBB).
The result was mainly attributed to the purchase of foreign exchange by the NBB at the Belarusian Currency and Stock Exchange; proceeds from the sale of bonds denominated in foreign exchange by the Ministry of Finance and the NBB; the increased cost of monetary gold; as well as the receipt of funds in foreign exchange to the budget, including export duties on oil and oil products.
In August, the government and the NBB fulfilled external and internal foreign exchange obligations worth about $550mn.
According to the regulator’s monetary policy guidelines for 2019, the volume of international reserve assets as of January 1, 2020 should be at least $7.1bn.
Slowdown mainly related to sales of non-durable goods, while continued expansion, albeit at a slower pace, is generally in line with Poles’ robust consumer spending driven by low unemployment and growing wages.
The unemployment rate in Slovakia was 5.04% in September, up by 0.07 percentage points (pp) month on month, according to the data from the Labour, Social Affairs and Family Centre (UPSVR) published on October 18.
Reading indicates 4.1% y/y GDP growth in third quarter, mainly on private consumption, while weaker construction performance suggests diminished contribution from investments, ING says.
Polish core inflation came in at 2.4% y/y in September, the National Bank of Poland (NBP) said on October 16.
The International Monetary Fund (IMF) cut Russia’s growth forecast for the third time this year to 1.1% from the previous 1.6%, the fund said in its latest World Economic Outlook update for October 2019. The GDP growth is expected to recover to 1.9%