Monetary Environment Review Q4-2022

Monetary conditions remained stimulative in Q4-2022, but the scale of economic activity support decreased. In Q4-2022, the Belarusian ruble strengthened on average against the currencies of the countries that were Belarus’ main trading partners, which decreased its undervaluation by more than two times compared to Q3-2022. Interest rates on the interbank and credit and deposit markets in Q4-2022 remained below their neutral values on average, which supported the process of adaptation of the Belarusian economy to new realities to some extent. In 2023, the National Bank may continue stimulative monetary conditions, prioritizing support for economic activity over stopping inflationary risks.