Principle Trends of Single State Monetary and Credit Policy of the Bank of Russia: Real Strategy or Formality?
https://doi.org/10.21686/2413-2829-2026-3-99-113
Abstract
Every year the Bank of Russia elaborates principle trends of single state monetary and credit policy, where monetary and credit conditions for national economy functioning shall be formulated for the coming and the two following years. The principle trends are approved by the State Duma of the Russian Federation and have a status of strategic document that shall set landmarks for citizens and business-community for their own perspective economic planning. Results of the analysis showed that for many years the Principle Trends gave wrong forecasts of key macro-economic parameters, i. e. inflation rate, GDP and key interest rate. Proposed scenarios are hardly realistic. Due to the fact trustworthy attitude to the document on the part of the population, business representatives, federal and regional bodies of power can result in their disorganization and false decision-making. There are other signs of non-transparency of monetary and credit policy, which are studied in the present article. Among them the following facts can be mentioned: no information about partial loss of possibility to pursue monetary and credit policy (MCP) irrespective of the Bank of Russia, about institutional agreements between the Central Bank and the Government and about discussions of errors made in monetary and credit policy realization.
About the Author
V. V. MaslennikovRussian Federation
Vladimir V. Maslennikov, Doctor of Economics, Professor, Economics Expert
Moscow
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Review
For citations:
Maslennikov V.V. Principle Trends of Single State Monetary and Credit Policy of the Bank of Russia: Real Strategy or Formality? Vestnik of the Plekhanov Russian University of Economics. 2026;(3):99-113. (In Russ.) https://doi.org/10.21686/2413-2829-2026-3-99-113
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