Republic of Belarus: Technical Assistance Report-Enhancing Monetary Policy Modeling Capacity, Monetary Policy Implementation, and the Forecasting and Policy Analysis System

International Monetary Fund

No 2020/209, IMF Staff Country Reports from International Monetary Fund

Abstract: The NBRB has made substantial progress in improving its forecasting and policy analysis system (FPAS) and integrating it into monetary policy decision-making. The FPAS, and the model-based forecasts and policy analysis, is now well integrated into the policy-making process. Staff are well trained and have become experienced in using the tools developed for policy analysis and forecasting. The forecasting and decision-making process is well structured and has helped increase the two-way interaction between staff and the NBRB board—additional and less formal interaction between staff and board members in between the formal meetings may help enhance the process further.

Keywords: ISCR; CR; NBRB; rate; central bank; securities; bank; NBRB operations; FX exchange swap; implementation framework; market interest rates; policy rate; NBRB securities; NBRB staff; inflation target; excess reserves; NBRB risk; Central bank policy rate; Inflation targeting; Open market operations; Interbank rates; Interbank markets (search for similar items in EconPapers)
Pages: 15
Date: 2020-06-29
New Economics Papers: this item is included in nep-cis and nep-mac
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