Liquidity and Monetary Policy in Belarus

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Summary 

High inflation and devaluation expectations after the 2011 currency crisis force Belarusian monetary authorities to seek non-conventional policy measures. Instead of using the refinancing rate as an instrument on the money and credit markets, the National Bank of Belarus resorts to liquidity squeezes, which drive up the rouble interbank rates. The banks have to raise deposit and loan rates in response. As a result, households continue to keep savings in the national currency deposits, while firms struggle to keep up with the payments.

Authors
Barnukova Katsiaryna
Sector 
Year 
2014
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Last updated 26.10.2015
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