Republic of Belarus: Technical Assistance Report-Enhancing Monetary Policy Modeling Capacity, Monetary Policy Implementation, and the Forecasting and Policy Analysis System
IMF Staff Country Reports, June 29, 2020
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- Republic of Belarus: Technical Assistance Report-Enhancing Monetary Policy Modeling Capacity, Monetary Policy Implementation, and the Forecasting and Policy Analysis System
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Bibliographic details
- Published: June 29, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513548630.002
Key findings
- 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.
Implementation and capacity
- FPAS integration: Model-based forecasts and policy analysis are embedded into the NBRB policy-making workflow.
- Staff capacity: Training has produced staff who are experienced in the tools for policy analysis and forecasting.
- Decision process: A well structured forecasting and decision-making process has increased two-way interaction between staff and the NBRB board.
Policy recommendation
- Facilitate additional and less formal interaction between staff and board members between formal meetings to further enhance the forecasting and decision-making process.
Subjects and keywords (as stated in the source)
- Subjects: 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
Republic of Belarus: Technical Assistance Report-Enhancing Monetary Policy Modeling Capacity, Monetary Policy Implementation, and the Forecasting and Policy Analysis System — IMF Staff Country Reports, June 29, 2020.
Content in this bundle
- 1blrea2020004 - Preface