{
  "title": "Republic of Belarus: Selected Issues",
  "publication": "IMF Staff Country Reports, January 17, 2019",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2019/01/18/republic-of-belarus-selected-issues-46527",
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  "summary": "This Selected Issues paper takes stock of the current level of dollarization, both in historic and international perspective. By looking at recent measures and international best practice, it draws some recommendations for a successful de-dollarization framework.",
  "sections": [
    {
      "heading": "Overview and purpose",
      "content": "- Takes stock of the current level of dollarization in Belarus in both historic and international perspective.\n- Reviews recent measures and international best practice to draw recommendations for a successful de-dollarization framework."
    },
    {
      "heading": "Key findings on dollarization",
      "content": "- Belarus has a high level of loan and deposit dollarization as a result of repeated external crises and hyperinflation.\n- Dollarization in Belarus is much higher than many other countries, accounting for various drivers of dollarization.\n- Dollarization has been decreasing but it is still higher than a decade ago."
    },
    {
      "heading": "Recent policy actions",
      "content": "- Authorities have taken steps to liberalize the foreign exchange (FX) market, including:\n  - Eliminating the FX surrender requirement.\n  - Easing the registration procedure for FX transactions."
    },
    {
      "heading": "Gaps and recommended strategic approach",
      "content": "- An overarching and publicly communicated national strategy to de-dollarize the economy is a missing piece of the puzzle.\n- Purposes and benefits of such a strategy:\n  - Serve as an important signaling and commitment device.\n  - Help educate borrowers about the risks (private and social) of FX borrowing.\n  - Contain an operational roadmap to ensure coherence of existing policies, and coordinate policy and operational steps."
    },
    {
      "heading": "Subject tags and keywords (as provided)",
      "content": "- Subjects: Capital markets, Currencies, De-dollarization, Dollarization, Financial markets, Foreign exchange, Monetary policy, Money\n- Keywords: Belarus, benchmark dollarization level, Capital markets, cash flow, CR, credit growth, Currencies, De-dollarization, deposit dollarization, Dollarization, dollarization in Belarus, Global, ISCR, lending, lending to household, Loan dollarization, Soe FX\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
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    "[Markdown version](/en/publications/cr/issues/2019/01/18/republic-of-belarus-selected-issues-46527/index.md)",
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    "Published: January 17, 2019",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484393956.002",
    "Takes stock of the current level of dollarization in Belarus in both historic and international perspective.",
    "Reviews recent measures and international best practice to draw recommendations for a successful de-dollarization framework.",
    "Belarus has a high level of loan and deposit dollarization as a result of repeated external crises and hyperinflation.",
    "Authorities have taken steps to liberalize the foreign exchange (FX) market, including:",
    "An overarching and publicly communicated national strategy to de-dollarize the economy is a missing piece of the puzzle.",
    "Purposes and benefits of such a strategy:",
    "Subjects: Capital markets, Currencies, De-dollarization, Dollarization, Financial markets, Foreign exchange, Monetary policy, Money",
    "Keywords: Belarus, benchmark dollarization level, Capital markets, cash flow, CR, credit growth, Currencies, De-dollarization, deposit dollarization, Dollarization, dollarization in Belarus, Global, ISCR, lending, lending to household, Loan dollarization, Soe FX",
    "**Country Report**"
  ],
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