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International Monetary Fund. Monetary and Capital Markets Department
The National Bank of the Republic of Belarus (NBRB) visited Minsk during for the seventh of the planned eight short-term technical assistance (TA) missions to help the NBRB enhance its modeling, forecasting and policy analysis capacity, and the forecasting and policy analysis system, sponsored by the Swedish International Development Agency. The NBRB is reforming its monetary policy framework in line with recommendations of past IMF TA missions and its Road Map for Transitioning to Inflation Targeting with the aim of eventually adopting inflation targeting (IT). Transitioning to IT would require, among other strengthening the monetary policy forecasting and analysis system (FPAS) and better integrating the core quarterly projection model (QPM) into the decision-making process. The mission was mainly aimed at helping with reviewing the initial conditions and compiling a QPM-based forecast as a part of the NBRB’s September forecasting round. The mission, in addition, worked on strengthening processes within the FPAS.
International Monetary Fund. Monetary and Capital Markets Department

projections. This report would need to be phased in when the NBRB officially moves to inflation targeting framework. The new report should usefully replace the current NBRB flagship publication “Main Tendencies in Economy and Monetary Sector in the Republic of Belarus”, which lacks forward-looking policy perspective, is descriptive in nature and is published with a significant lag of two month: all these characteristics diminishing the role of this publication of being a timely policy communication tool. 17. Given the fact that the next forecasting round is planned for