On November 15, 2024, within the framework of the International Research-to-Practice Conference, a meeting of Section 1 “Macroeconomic Regulation in the Belarusian Institutional System” was held

On November 15, 2024 within the framework of the International Research-to-Practice Conference “Strategy of Economic Development of Belarus: Challenges, Instruments and Prospects” a meeting of Section 1 “Macroeconomic Regulation in the Belarusian Institutional System” was held.

The session was organised by the Macroeconomic and Financial Policy Department of the Institute of Economics of NAS of Belarus.

The speakers at the section were as follows:

Alexander LUCHENOK, Head of the Department of Macroeconomic and Financial Policy of the Institute of Economics of NAS of Belarus, Doctor of Economic Sciences, Professor with the report “Aspects of the current stage of monetary regulation in the People’s Republic of China”.

Oksana RUMYANTSEVA, Doctor of Economic Sciences, Associate Professor (Belarusian State Economic University, Minsk) with the report “Foreign experience of monetary policy and its implementation in the Republic of Belarus”.

Svetlana OSMOLOVETS, Candidate of Economic Sciences, Associate Professor (Belarusian State Economic University, Minsk) with the report “Directions for Improving the Monetary Policy of the Republic of Belarus in the Conditions of Digitalisation of Financial Technologies”.

Interesting reports were made by:

Vladimir ELSUKOV, Candidate of Economic Sciences, Associate Professor (Institute of Business, Belarusian State University, Minsk) – “Money supply and its impact on economic indicators”.

Anna LEVKOVICH, Candidate of Economic Sciences, Associate Professor (Belarusian State Economic University, Minsk) – “Currency and Financial Stability of the National Economy: Concept and Assessment from the Perspective of the External Sector”.

Olga LAVROVA, Candidate of Economic Sciences, Associate Professor (Belarusian State University of Informatics and Radioelectronics, Minsk) – “Adaptation of the State Institution to the Challenges and Threats of Modern Data Economy”.

Maria SAMOKHOVETS, Candidate of Economic Sciences, Associate Professor (Belarusian State Economic University, Minsk) – “Financial Instruments of Agrarian Policy”.

Prof. Ludmila STEFANOVICH, Doctor of Economics, Prof. Tamara SOROKINA, Doctor of Economics, Associate Professor (Belarusian State Economic University, Minsk) - ‘Financial Instruments of Agrarian Policy’. Marina MARKUSENKO and other participants of the breakout session.

The discussion was actively participated by Doctor of Economic Sciences, Professor Ludmila STEFANOVICH, Doctor of Economic Sciences, Professor Tamara SOROKINA, Candidate of Economic Sciences, Associate Professor Marina MARKUSENKO and others.

As a result of the discussion at the section “Macroeconomic Regulation in the Belarusian Institutional System” the following recommendations were adopted.

It was recommended that the main criterion of monetary policy effectiveness should be the possibility and degree of transformation of savings into effective investments. This means the implementation of the following basic principles of sustainable functioning of the national banking system:

subordination of the main guidelines of banking activity to the target tasks of the national economy development;

maintaining positive dynamics of the banking system’s resource potential;

quantitative and qualitative (in terms of volume and structure) sufficiency of the banking system’s resource potential for investment, as only in this case bank credit maximally contributes to economic growth;

simultaneous development of the banking sector with other sectors of the economy, ensuring harmonisation of financial market interest rates;

minimising the possibility of channelling cash flows into areas of credit resources use (shadow economy) that are not legally secured (by regulatory acts).

To take into account the existing and potential challenges and threats to the economic security of the Republic of Belarus, the “Basic Guidelines of Monetary Policy” (BGMP) for the next year should include strategic monetary planning (3-5 years) with the formation of appropriate mechanisms of the National Bank’s responsibility for achieving the set objectives. This will make it possible to unify monetary policy within the Union State and the EAEU.

BGMP should include several scenarios for the development of the national economy and the financial and credit sector of the Republic of Belarus, taking into account external and internal risks. The scenarios should encompass assessment and consideration of probable macroeconomic and monetary threats to the implementation of monetary policy, as well as measures to overcome and/or minimise them.

The role of fiscal policy in stimulating the country’s economic growth was also considered and the need to strengthen the stimulation of regional socio-economic development with the tools of fiscal policy was noted. Special attention was paid to the problem of improving tax administration in the context of digitalisation.

Special attention was paid to the issue of pricing in order to curb inflationary processes in the republic. Measures to prevent unreasonable rise in prices of vital products for the population, which are taken by the state in the context of the implementation of the Anti-Inflationary Programme and the Action Programme of the Government and the State Control Committee for price stabilisation, were considered. The problems of tariff setting for housing and communal services and regulation of the market of medicines were touched upon. The directions of their solution were defined.