Belarus in talks with China to get $500 million and 5 billion yuan in loans, says National Bank head

Belarus is currently in talks with China to get $500 million and 5 billion yuan (some $812 million) in loans, said Wednesday Nadzeya Yermakova, head of the National Bank.

"We need the yuan to pay off the loans we took out from China for a number of investment projects," Ms. Yermakova said. "It is easier for us to repay them in yuan."

According to her, if the loans are negotiated, they will not be used for replenishing Belarus' gold and foreign exchange reserves, but for financing "investment projects" that could eventually bring foreign currency into Belarus, whereas the foreign-currency funds earmarked for the projects will be transferred to the country's gold and foreign exchange reserves.