In the minutes of discussions from the last meeting regarding monetary policy, 9 members of the board of the Belarusian People’s Republic talk about the quasi-stagnation of economic activity in the second half of the year, the reduction of personnel in the private sector (for the first time in the last 11 months)
However, the latest high-frequency indicators point to a significant slowdown in the annual growth of private consumption in the third quarter, the minutes of the discussions also show.
On the labor market, Council members noted that employment in the economy stopped growing in August as the private sector contracted for the first time in 11 months, and the BIM unemployment rate rebounded somewhat in September after falling almost continuously this year to 5.1 percent in August.
The risks to the exchange rate come mainly from the strengthening of external imbalances and uncertainty related to fiscal consolidation. The NBR also names risk factors and “a possible new sudden deterioration of risk perception in the financial markets in the region in the context of the war in Ukraine and the imposed sanctions,” it said in a document published on Tuesday.
Read the full version of the protocol here
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