## Republic of Belarus: Technical Assistance Report-Monetary Policy Modeling

_IMF Staff Country Reports, May 15, 2020_

## Source details

**Canonical URL:** [Republic of Belarus: Technical Assistance Report-Monetary Policy Modeling](https://www.imf.org/en/publications/cr/issues/2020/05/14/republic-of-belarus-technical-assistance-report-monetary-policy-modeling-49425)

## Other formats

- [Markdown version](/en/publications/cr/issues/2020/05/14/republic-of-belarus-technical-assistance-report-monetary-policy-modeling-49425/index.md)
- [Structured JSON version](/en/publications/cr/issues/2020/05/14/republic-of-belarus-technical-assistance-report-monetary-policy-modeling-49425/index.json)
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## Bibliographic details
- Published: May 15, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513544199.002

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### Mission overview and objectives
- This Technical Assistance (TA) report focuses on various aspects of monetary policy modeling for the Republic of Belarus.
- The TA mission was the fifth from a series of quarterly IMF TA missions focused on forecasting and analysis system capacity building.
- Primary aims:
  - To simulate initial conditions and compile a quarterly projection model (QPM)-based forecast scenario as part of a practical forecasting round at the National Bank of the Republic of Belarus (NBRB) in March.
  - To work with the modeling team to deepen its understanding of the QPM’s role in policy decision making and in internal communication.

### Medium-term TA project design and activities
- The medium-term TA project aims to help the NBRB with medium-term inflation forecasting and policy analysis and related tools to effectively support policy making.
- The project composition:
  - A series of TA and training missions.
  - Focus areas: preparation of forecasts and policy analyses, the medium-term forecasting and policy analysis model, and presentations of the forecasts and policy analysis.

### Policy context and recommendations
- Adopting Inflation Targeting and increasing monetary policy effectiveness would require broad-based reforms as compressively outlined in the developed Road Map for Transitioning to Inflation Targeting.
- Emphasis placed on:
  - Strengthening the QPM team’s capacity to support monetary policy meetings and internal communication.
  - Enhancing understanding of monetary policy transmission channels and the role of QPM in policy decision making.

### Key subjects and keywords
- Subjects:
  - Communications in revenue administration
  - Fiscal policy
  - Inflation targeting
  - Labor
  - Monetary policy
  - Monetary policy frameworks
  - Revenue administration
- Keywords:
  - Communications in revenue administration, CR, forecast scenario, FPAS, Inflation targeting, ISCR, monetary policy, Monetary policy frameworks, monetary policy meeting, monetary policy transmission channels, QPM, QPM team, TA mission, team

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## Content in this bundle

- **1blrea2020002 - Preface**
  - [1blrea2020002 - Preface (Markdown version)](/-/media/files/publications/cr/2020/english/1blrea2020002.pdf.md){rel="alternate" type="text/markdown"}
  - [1blrea2020002 - Preface (PDF)](/-/media/files/publications/cr/2020/english/1blrea2020002.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2020/05/14/republic-of-belarus-technical-assistance-report-monetary-policy-modeling-49425_