One of the prerequisites for the effective development of the economy is the formation of a clear mechanism of monetary regulation, allowing the National Bank of the Republic of Belarus to influence business activity, control the activities of commercial banks, and achieve stabilization of money circulation. The subject of this research is a set of theoretical, methodological and practical issues aimed at modernizing monetary policy. The purpose of the research is to consider the theoretical foundations of monetary policy, to study its impact on the development of the national economy, to identify problems and propose directions for modernization. Methods of the research. In the course of the study, general scientific and formalized research methods were applied: analysis and synthesis, induction and deduction, description, systematization and classification, graphic, grouping, regression, trend model. Results of the work: the main problems of monetary policy were identified and formulated, specific ways of its modernization in the Republic of Belarus were proposed, a regression analysis was carried out, the results of which revealed a close relationship between the volume of broad money and the volume of deposits. The field of the results application. Scientific research organizations, government bodies, educational institutions.

monetary policy, monetary aggregates, inflation, monetary targeting, inflation forecasting, monetary policy regime