Special reports

This Special Report examines the pass-through effect of the exchange rate on inflation in member countries of the Eurasian Development Bank. Special attention is paid to assessing pass-through effect changes that occurred in recent years and to analyzing asymmetric and non-linear relationships between exchange rates and inflation in the region’s countries. The results obtained confirm the exchange rates’ significance for inflation movements in EDB economies. 25 June 2019

To better adapt recommendations on structural policy measures to the Armenian context, the EFSD experts used the methodology of the International Monetary Fund, that helps assess the economy’s structural gaps by comparing the World Bank’s structural and institutional reform rating for Armenia with those of countries with comparable levels of income as well as with countries that have implemented reforms successfully. 31 December 2018

In 2009–2017, economies of Armenia, Belarus, Kyrgyzstan and Tajikistan lived through periods of adverse external and domestic conditions characterized by weak external demand and falling export prices. Devaluation of domestic currencies following the sharp depreciation of the Russian ruble, led to fast growth of public debt in Armenia, Belarus, Kyrgyzstan, and Tajikistan. This article analyzes potential risk factors for the debt sustainability of these economies. 27 September 2018

The refinancing rate set by the National Bank of the Republic of Belarus is a key tool to regulate all financial market interest rates and is used as a benchmark to set interest rates on loans provided to banks to maintain their liquidity. There are many factors that determine the optimal level of the bank refinancing rate, including both domestic and external ones, fundamental and cyclical factors. At the same time, domestic factors play a major role in the process. The most important of these are inflationary expectations, the deviation between the forecast and target rates, the output gap, the risk premium and potential changes in the real exchange rate balance. 21 June 2018