The Bulletin of the Institute of Economics of the Russian Academy of Sciences № 1/2023. Finance.
Golovnin Mikhail Yu.
Corresponding member of the Russian Academy of Sciences, Dr. Sci. (Econ.), Director of the Institute of Economics of the Russian Academy of Sciences, Moscow, Russia
MONETARY POLICY IN RUSSIA: REACTION TO NEW EXTERNAL CHALLENGES
 7-20 |
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Abstract
Under the influence of new external shocks, primarily unprecedented sanctions against the Russian economy, the main challenges for the monetary policy were sharply increased inflation rates and a short-term depreciation of the ruble exchange rate, the need to maintain the normal functioning of the banking system and to support economic activity. In 2022 the Central Bank of Russia undertook several important measures, such as a sharp increase in the interest rate and its subsequent gradual decrease, regulatory easing for banks, and foreign exchange restrictions, which made it possible to overcome the above challenges in the short term. To build a new model of economic growth in the medium and long term, it is necessary to create the new framework combining measures of monetary and fiscal policy and regulation of financial markets in order to promote the structural changes in the Russian economy; to continue using foreign exchange regulation measures adjusting them to promote the development of the national economy; to develop new instruments for regulating the exchange rate and new approaches to regulating the circulation of digital currencies.
Keywords: monetary policy, economic sanctions, inflation, monetary aggregates, banking system, exchange rate.
JEL: E52, F41.
EDN: BOEIAH
DOI: https://doi.org/10.52180/2073-6487_2023_1_7_20
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Manuscript submission date: 01.02.2023
For citation:
Golovnin M.Yu. Monetary policy in Russia: reaction to new external challenges // Vestnik Instituta Ekonomiki Rossiyskoy Akademii Nauk. 2023. № 1. Pp. 7-20. DOI: https://doi.org/10.52180/2073-6487_2023_1_7_20 EDN: BOEIAH
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