Republic of Belarus:Technical Assistance Report-Enhancing Monetary Policy Modeling Capacity, Monetary Policy Implementation, and the Forecasting and Policy Analysis System

Author: International Monetary Fund. Monetary and Capital Markets Department

Technical Assistance Report-Enhancing Monetary Policy Modeling Capacity, Monetary Policy Implementation, and the Forecasting and Policy Analysis System

Volume/Issue: Volume 2020 Issue 209

Publication date: June 2020

ISBN: 9781513548630

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Finance , Money and Monetary Policy , ISCR , CR , NBRB , rate , central bank , securities , bank , NBRB operations , FX exchange swap , implementation framework , market interest rates , policy rate , NBRB securities , NBRB staff , inflation target , excess reserves , NBRB risk , Central bank policy rate , Inflation targeting , Open market operations , Interbank rates , Interbank markets

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Summary

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.