Monetary and Fiscal Environment


The Monetary Environment Review Bulletin presents an expert analysis of the monetary and foreign exchange rate policies and the resulting monetary conditions in the Belarusian economy. The bulletin reviews the actions under the monetary and exchange rate policies, their impact on the economy, the nature of monetary conditions, and provides their short-term forecast. The methodological basis for the analysis is the Quarterly Projection Model (QPM) for the Belarusian economy.

The Fiscal Environment Review bulletin provides expert analysis of fiscal policy and debt sustainability of the Republic of Belarus. The bulletin assesses the state of fiscal policy, its impact on economic activity in Belarus, the state of public debt and its sustainability.

06.11.2025
Monetary Environment Review Q3-2025
Monetary policy in Belarus remained subordinated to the goal of stimulating investment activity rather than ensuring price stability
13.08.2025
Monetary Environment Review Q2-2025
Monetary conditions eased somewhat in Q2-2025
13.05.2025
Monetary Environment Review Q1-2025
Monetary conditions were neutral in Q1-2025, but monetary policy became resistant to tightening Interest rates on loans and deposits exceeded their neutral levels in Q1-2025.
12.02.2025
Monetary Environment Review. Q4-2024
Monetary conditions were neutral in Q4-2024, insufficient to cool overheated demand.