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5.2.4 Gross international reserves
Belarus' gross international reserves (GIR) ended 2017 at $7.3bn, according to the National Bank of the Republic of Belarus (NBRB).
The republic managed to boost its reserves with a $1.4bn bond issue in 2017 that was well received by investors and helped cover all its refinancing needs of $3.4bn in 2018. The bond was in two parts. The yield of the five-year tranche, which raised $800mn, was 7.125%, with the 10-year tranche raising $600mn at 7.625%. Aggregate investor demand for the securities exceeded $3.1bn. Belarus has now mandated Citigroup and Raiffeisen Bank International for further investor meetings in the US and Europe.
Belarus will pay off between $800mn and $900mn of foreign currency obligations in 2018, Belarus' First Deputy Finance Minister Maksim Yermolovich said during the Belarusian investment forum on 28 September.
15 BELARUS Country Report July 2018 www.intellinews.com