Research paper: A Belarus monetary perspective

Research paper: A Belarus monetary perspective

By Lars Christensen, Markets & Money Advisory Founder and CEO,, @MaMoMVPY

We are happy that Professor Anthony J. Evans from ESCP Europe Business School has given us the opportunity to collaborate with him on his latest research paper on Belarus monetary policy.

In this paper we explore some fascinating aspects of Belarus' monetary history, and explain why now is an important moment for the country.

Following yet another recent Balance of Payments crisis, the central bank has engaged in several important reforms, such as redenominating the Belarusian ruble, abandoning fixed exchange rates, and adopting an inflation target. These reforms are intended to be credible and more rules based. We at Markets & Money Advisory welcome this direction and provide advice on ways to develop this even further.

The paper also explains why Belarus has been undershooting its inflation target, by utilizing Markets & Money Advisory’s framework for monetary analysis through our monetary indicators for Belarus. Our assessment is that the policy stance is currently neutral and future inflation will be 5% in 2018, 6.8% in 2019, and 8.3% in 2020.

The research paper can be downloaded here.

For questions or comments, you are welcome to contact Professor Evans at



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