Monetary policy of the CBR: features, objectives, principles of creation

The leadership of the Russian Central Bank is developing a difficult-to-forecast and at the same time easy-to-analyze scheme for managing the money circulation system and a complex of credit resources. The above structure is positioned as the largest participant in the financial market, which does not have a clear and understandable strategy in developing the mechanisms through which the national economy is managed.

Monetary policy of the CBR does not mean satisfying all the "aspirations" and wishes of market participants, and when it is created, the leadership of the main financial institution does not take this parameter into account.

It should be noted that when deciding on the issue of loans, paramount importance is attached to creating an impeccable image of the Central Bank as a management system within the world level. The management of the main financial institution is extremely interested in the fact that foreign investment structures, credit institutions, clubs and other organizations understand that the monetary policy of the CBR is in compliance with the norms of international law. Evaluation of the effectiveness of the measures developed by the Russian experts is not a priority for the Central Bank.

The monetary policy pursued by the CBR, of course, pursues very specific goals, the main one of which is a reduction in the level of inflation and at the same time augmenting the GDP. At the same time, the task is to create conditions for reducing the number of unemployed citizens and increasing the incomes of citizens.

It is necessary to emphasize that the monetary policy of the Central Bank of the Russian Federation is formed on the principle of inflation targeting.

According to the method of target inflation, the priority rate of a single mechanism for regulating monetary and credit relations by the Central Bank is: the degree of monetization of the economy, the increase in the money supply, the size of interest rates, and the level of mandatory reservation.

It should be emphasized that for a long time the credit policy of the CBR was based on "vague" and not very clear principles that did not reflect the real state of affairs on inflation and currency regulation problems. At the same time, the targets were often not true.

The methods used by the Central Bank's monetary policy did not facilitate the early fulfillment of obligations by officials, and the implementation of the planned reforms was simply slowed down. In this connection, the state of affairs in the implementation of fiscal policy was aggravated , tariffs were not regulated, inflation and so on increased.

In fact, the main financial institution does not want to be responsible for the non-retention of the inflation rate, seeing in it the fault of the executive power.

It should also be emphasized that, when developing a mechanism for managing the monetary system, its authors must necessarily take into account the monetary factor in the development of inflationary processes, which must be thoroughly studied and analyzed. And, of course, one should pay attention to the dependence of inflation on the degree of influence of such a category as an increase in the money supply in the economy.