{"id":146338,"date":"2025-07-11T13:28:11","date_gmt":"2025-07-11T10:28:11","guid":{"rendered":"https:\/\/pozirk.online\/en\/news\/146338\/"},"modified":"2026-03-10T12:05:06","modified_gmt":"2026-03-10T12:05:06","slug":"national-bank-losing-autonomy-from-government-think-tank","status":"publish","type":"articles","link":"https:\/\/pozirk.online\/en\/news\/146338\/","title":{"rendered":"National Bank losing autonomy from government \u2013 think tank\u00a0"},"content":{"rendered":"\n
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July 11, <\/strong>Pozirk.<\/strong> <\/em>The National Bank of Belarus keeps losing its autonomy, growing more dependent on the government, says a recent report by the BEROC think tank.<\/p>\n\n\n\n

The recent increase in the refinancing rate, adjustments to standard risk calculation and comments from central bank officials point to a shift in monetary policy toward increased credit support for the economy, BEROC senior researcher Anatol Charyton\u010dyk said.<\/p>\n\n\n\n

The monetary policy\u2019s reorientation from maintaining macroeconomic stability to boosting growth may destabilize the economy, undermine institutional resilience and increase vulnerability to external shocks, the expert noted.<\/p>\n\n\n\n

The National Bank’s policy is becoming more lenient and tolerant of inflationary risks and the threat of economic overheating, he added.<\/p>\n\n\n\n

Lending guidelines for banks start to overshadow market-based tools as the National Bank of Belarus sidelines its mandate for maintaining stability. The expert warned that it risks losing its influence over monetary policy altogether, with key decisions potentially shifting to government ministries.<\/p>\n\n\n\n

If no major external shocks occur, the Belarusian economy will continue to operate with excessive domestic demand, high inflation, a foreign trade deficit and a weaker currency, Charyton\u010dyk said.<\/p>\n\n\n\n

GDP growth will slow down due to limited labor and capital resources, with wage growth decelerating as well, he added, noting that risks will continue to grow if the accumulated imbalances are not addressed.<\/p>\n\n\n\n

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