Language:
English
Pages:
1 Online-Ressource
Series Statement:
Financial Sector Assessment Program
Keywords:
Autonomy
;
Monetary Policy
;
Transparency
Abstract:
This note examines the observance by the National Bank of the Republic of Belarus (NBRB) of the good practices on transparency in monetary policy. The transparency analysis was based on a review of relevant laws and regulations and the International Monetary Fund (IMF s) code of good practices on transparency in monetary and financial policies without carrying out a formal principle-by-principle assessment. It was conducted as part of the joint IMF-World Bank Financial Sector Assessment Program (FSAP) mission to Belarus that took place in November 2004. NBRB displays a satisfactory degree of transparency in formulation and implementation of its monetary policy although improvements are possible in several areas. The objectives and responsibilities of the NBRB, and the broad modalities of accountability and public dissemination of the information, are defined in the Statute of the National Bank of the Republic of Belarus and the Banking Code. The monetary policy process is generally well structured and open. In several areas, however, the NBRB should further improve its monetary policy transparency and accountability practices
