The Bulletin of the Institute of Economics of the Russian Academy of Sciences № 2/2026. Finance.

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Sergey A. Andryushin

Dr. Sci. (Econ.), Professor, Chief Researcher, Institute of Economics of the RAS, Moscow, Russia

ORCID: 0000-0003-2620-8515

 

Irina S. Bukina

Cand. Sci. (Econ.), Head of the Center for Macroeconomic Analysis and Forecasting, Institute of Economics of the RAS, Moscow, Russia

ORCID: 0000-0002-9289-2899

 

Anton P. Sviridov

Researcher, Institute of Economics of the RAS, Moscow, Russia

ORCID: 0000-0001-7175-1213

 

MONETARY POLICY OF THE BANK OF RUSSIA AND THE DEVELOPMENT OF THE RUSSIAN ECONOMY IN 2022–2025

7-27

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In 2018, the journal “Economic Science of Contemporary Russia” published an article by Vitaly Efimovich Manevich, a Soviet and Russian economist, Doctor of Economics, Professor, and Chief Researcher at the Institute of Economics of the Russian Academy of Sciences. The article “Monetary Policy of the Central Bank of the Russian Federation and the Dynamics of the Russian Economy in 2015–2017” was published after the author’s death. The article’s main conclusion was as follows: the Central Bank of the Russian Federation is capable of influencing economic growth not only by regulating aggregate demand and redistributing resources between economic activities, but also by jointly creating, with the Russian government, additional sources for financing the budget deficit, directly linked to the monetary base and the country’s domestic debt. The authors, in their study, confirm V.E. Manevich’s findings on the limitations of inflation targeting in the face of external challenges and substantiate the need for a changed approach to managing the exchange rate and money supply. Using statistical data on the Russian economy for 2022–2025, the article demonstrates that a structural liquidity surplus of the bank sector, coupled with high interest rates, constrains lending to the real sector of the economy and slows economic growth. Based on V.E. Manevich’s methodology, the need for greater coordination of monetary and fiscal policies in managing the money supply and public debt is substantiated.

Keywords: Bank of Russia, exchange rate, monetary base, deposits, budget deficit, gold and foreign exchange reserves, foreign assets, loans, interest rate.

JEL: E00, E22, E52, H50, O11

EDN: AHWORH

DOI: https://doi.org/10.52180/2073-6487_2026_2_7_27

 

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Manuscript submission date: 09.02.2026

Manuscript acceptance date: 02.04.2026

 

For citation:

Andryushin S.A., Bukina I.S., Sviridov A.P.  Monetary policy of the Bank of Russia and the development of the Russian economy in 2022–2025 // Vestnik Instituta Ekonomiki Rossiyskoy Akademii Nauk. 2026. № 2. Pp. 7-27. (In Russ.). https://doi.org/10.52180/2073-6487_2026_2_7_27 EDN: AHWORH

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