Monetary Environment Review. November, 2022

Monetary conditions remained to be stimulating in Q3-2022, i.e. they supported economic activity and elevated inflationary background. The softness of the interest rate policy has begun manifesting itself in a revival of lending and in a slowdown in the inflow of fixed-term Belarusian ruble household deposits into banks. In turn, the undervaluation of the Belarusian ruble has partially offset the negative effects of the sanctions shock that the Belarusian exporters have been exposed to, but it has had a pro-inflationary effect.