Monetary policy of the CBR: features, objectives, principles of creation
The leadership of the Russian Central Bank is developingdifficultly predictable and at the same time easily analyzed 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 thethe issuance of loans is given paramount importance to the creation of 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 seeing 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 of the CBR,of course, pursues very specific goals, the most important 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 basis of inflation targeting.
According to the method of target inflation prioritythe course of a single mechanism for regulating monetary relations by the Central Bank is: the degree of monetization of the economy, the increase in the money supply, the size of interest rates, the level of mandatory reservation.
It should be emphasized that throughout theFor a long time, the CBR's credit policy 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.
Used methods of monetary policy of the Central Bankdid not contribute to the speedy 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 inflation, seeing it as the fault of the executive.
It should also be stressed that in developingmechanism of management of the system of monetary circulation, 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.