## Republic of Belarus: Selected Issues

_IMF Staff Country Reports, January 17, 2019_

## Source details

**Canonical URL:** [Republic of Belarus: Selected Issues](https://www.imf.org/en/publications/cr/issues/2019/01/18/republic-of-belarus-selected-issues-46527)

## Other formats

- [Markdown version](/en/publications/cr/issues/2019/01/18/republic-of-belarus-selected-issues-46527/index.md)
- [Structured JSON version](/en/publications/cr/issues/2019/01/18/republic-of-belarus-selected-issues-46527/index.json)
- [Bundle manifest](/en/publications/cr/issues/2019/01/18/republic-of-belarus-selected-issues-46527/bundle-manifest.json)

## Bibliographic details
- Published: January 17, 2019
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484393956.002

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### Overview and purpose
- 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.

### Key findings on dollarization
- Belarus has a high level of loan and deposit dollarization as a result of repeated external crises and hyperinflation.
- Dollarization in Belarus is much higher than many other countries, accounting for various drivers of dollarization.
- Dollarization has been decreasing but it is still higher than a decade ago.

### Recent policy actions
- Authorities have taken steps to liberalize the foreign exchange (FX) market, including:
  - Eliminating the FX surrender requirement.
  - Easing the registration procedure for FX transactions.

### Gaps and recommended strategic approach
- 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:
  - Serve as an important signaling and commitment device.
  - Help educate borrowers about the risks (private and social) of FX borrowing.
  - Contain an operational roadmap to ensure coherence of existing policies, and coordinate policy and operational steps.

### Subject tags and keywords (as provided)
- 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

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## Content in this bundle

- **Country Report**
  - [Country Report (Markdown version)](/-/media/files/publications/cr/2019/cr1910.pdf.md){rel="alternate" type="text/markdown"}
  - [Country Report (PDF)](/-/media/files/publications/cr/2019/cr1910.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2019/01/18/republic-of-belarus-selected-issues-46527_