Belarus's central bank unveiled a new approach to monetary policy last week, focused on curbing inflation through "tight control" of the money supply in the country.
In the past the National Bank of the Republic of Belarus (NBRB) has set policy mainly on the basis of the exchange rate – its main statutory objective is, after all, to "protect" the Belarussian ruble.
While the currency is still pegged to a currency basket containing the Russian ruble (with a 40% share), US dollar (30%) and euro (3
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