This article analyzes present-day realities of the monetary environment in Belarus. The author describes the state of monetary policy in Belarus, reasons and consequences of such state, as well as probable strengthening of monetary policy orientation towards smoothing the output fluctuations. The study shows a number of institutional deficiencies in the Belarusian monetary environment. The most serious ones are the absence of anchors for inflation expectations and weak and unstable equilibrium output growth. Efforts aimed at eliminating institutional deficiencies are necessary for increasing monetary policy effectiveness.
This paper is available only in Russian.