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Belarus Gold Reserves Rose to 1.21 Million Ounces Last Month

Jan. 23 (Bloomberg) -- Belarus gold reserves rose to 1.21 million ounces in December from 1.028 million ounces in November, according to data on the International Monetary Fund website.

The Natsionalny Bank Respubliki Belarus bank has 1.2 million ounces of gold on its website for December.

“Gold reserves are replenished as a result of the central bank purchasing gold” and receiving interest payments that are converted into gold, Mikhail Zhuravovich, a spokesman for the Natsionalny Bank Respubliki Belarus, said by phone from Minsk. The value of the gold has gone up as gold prices climbed, he said. The country’s central bank won’t comment on any future gold purchases or why the gold was bought, he said.

To contact the reporter on this story: Aliaksandr Kudrytski in Minsk, Belarus at akudrytski@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net

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