Belarus benefited from growing appetite for high-yielding sovereign debt to issue an international bond. As a result, the gross foreign exchange reserves surged in June 2017 (cf. graph) and covered 2 months of imports in August 2017. Moreover, after having dropped by more than 20% between 2014 and 2016, the current account receipts of the country are expected to rebound slightly this year. In this context and taking into account the fact that short-term debt remains high, Credendo upgraded its short-term political risk from category 7 to category 6.