ON THE ISSUE OF THE MONETARY POLICY OF THE BANK OF RUSSIA 

Andrianova Alyona Aleksandrovna, Candidate of economic sciences, associate professor, sub-department of economics and finances, Novorossiysk branch of the Financial University under the Government of the Russian Federation (56 Vidova street, Novorossiysk, Russia), andriyanovaaa@Krasnodar.vtb24.ru
Andrianova Lyudmila Sergeevna, Candidate of economic sciences, associate professor, sub-department of philosophy, history and law, Novorossiysk branch of the Financial University under the Government of the Russian Federation (56 Vidova street, Novorossiysk, Russia), LAndriyanova@fa.ru

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Background. The article designates a problem of continuity and quality of fractures in the monetary policy of the Bank of Russia as factors of material impact on the investment activity in the country, employment and consumption, in general – the pace of economic growth.
Materials and methods. The work was based on a systematic approach in the study of the monetary policy the Bank of Russia, representing an important structural element in the monetary activity of the institution. The method of comparative analysis allowed to measure performance indicators of the monetary policy of the Bank of Russia in the plane of the theory of economic growth, the extent to which the objectives of improving business activity and inflation reduction were realized.
Conclusions. Over the past five years, the Bank of Russia’s monetary policy was of a reactive nature, and that has not allowed to stabilize the foreign exchange expectations and to create conditions for a transition to a floating exchange rate of the ruble. In conditions of underdevelopment of the Russian financial market and the lack of hedging instruments The Bank of Russia should move away from borrowing experience from monetary policies of developed countries and has to adopt measures and exchange rate policies that have proven their effectiveness in countries with emerging markets. In addition to the organizational and financial measures the government should develop and implement measures in the financial market that would stimulate capital formation and investments in the domestic manufacturing sector.

Bank of Russia, monetary policy, exchange rate, exchange rate targeting.

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