Revisiting the monetary policy implementation

Abstract

Subject. This article discusses the issues related to the implementation of monetary policy in Russia. Objectives. The article aims to clarify the real responsibility of the Central Bank of the Russian Federation for the implementation of monetary policy. Methods. For the study, I used a systems approach based on a statistical analysis. Results. The study finds that the Central Bank of the Russian Federation has brought the risks of monetary policy to the level of relations between the Ministry of Finance of the Russian Federation and credit institutions. The article proposes a hypothesis about the transfer of monetary policy risks hedging to credit institutions when the volume of Bank of Russia bonds gets zeroed out, and this position is maintained by regulating the requirements of the Bank of Russia to these institutions. The article also reveals the real purpose of the National Wealth Fund of Russia and shows ways to preserve it. Conclusions and Relevance. The results of the study on the real responsibility of the Central Bank of the Russian Federation for the implementation of monetary policy show the conditions for the development of the Russian economy and can be useful for the expert community in terms of analyzing the Russian monetary policy.