Monetary Environment Review. Q1-2024

Monetary stimulus will shrink in 2024, but not enough to address threats to macroeconomic stability. Monetary conditions remained loose in Q1-2024 in Belarus, but the stimulus they generated for economic activity decreased due to higher interest rates in the credit and deposit market. The foreign exchange rate provided limited support to the price competitiveness of Belarusian producers and a moderate pro-inflationary impact at the beginning of 2024.