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.

20.06.2024
Fiscal Environment Review-2023
June, 2024
09.02.2024
Monetary Environment Review. Q4-2023
Monetary conditions will become less stimulating in 2024, but the National Bank cannot explain what degree of their strictness corresponds to ensuring macroeconomic stability.
14.11.2023
Monetary Environment Review. Q3-2023
Ensuring macroeconomic stability comes into increasing conflict with the ongoing monetary policy.
11.08.2023
Monetary Environment Review. Q2-2023
Loose monetary conditions become a threat to price and financial stability. Monetary conditions remained loose in Q2-2023.
17.05.2023
Monetary Environment Review. Q1-2023
In Q1-2023, monetary conditions kept stimulating economic activity and were pro-inflationary.