Republic of Belarus: Technical Assistance Report-Enhancing Monetary Policy Modeling Capacity, Monetary Policy Implementation, and the Forecasting and Policy Analysis System
June 29, 2020
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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.
Subject: Banking, Central bank policy rate, Central banks, Financial markets, Financial services, Inflation targeting, Interbank markets, Interbank rates, Monetary policy, Open market operations
Keywords: bank, central bank, Central bank policy rate, CR, excess reserves, FX exchange swap, implementation framework, inflation target, Inflation targeting, Interbank markets, Interbank rates, ISCR, market interest rates, NBRB, NBRB operations, NBRB risk, NBRB securities, NBRB staff, Open market operations, policy rate, rate, securities
Pages:
15
Volume:
2020
DOI:
Issue:
209
Series:
Country Report No. 2020/209
Stock No:
1BLREA2020004
ISBN:
9781513548630
ISSN:
1934-7685
