Policy Papers

Anastasiya Luzgina|Marc Pilkington| 25.08.2021

Philosophy of Monetary Policy and Fintech in Belarus: Main Trends and Interconnection Through the Prism of Narrative Approach

In the first part of the work, through the philosophical approach, the development of the monetary policy of the National Bank of the Republic of Belarus is considered, including the analysis of the possibilities of transition to the inflation targeting regime, taking into account the study of the narrative approach. In the second part of the study, the authors consider the fintech market of the country, the formation of which was made possible largely due to the developed IT sector. Based on the conducted analysis, the importance of monetary policy for building an effective fintech market is stated, which in turn can also have a beneficial effect on the effectiveness of decisions made by the regulator. In conclusion, it is inferred that it is important to build a monetary policy taking into account the digital transformation of the financial sector, including the development of the fintech market.

The policy paper was published in the Vestnik of Brest University.