Banking law. Competence of the Bank of Russia in the field of monetary policy (most important)

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Banking law. Competence of the Bank of Russia in the field of monetary policy (most important)

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17. Competence of the Bank of Russia in the field of monetary policy

Under monetary policy of the Russian Federation is understood as a set of measures of state influence, techniques and tools aimed and used to improve the efficiency of public administration in the monetary and credit spheres.

The Central Bank of the Russian Federation annually, no later than August 26, submits to the State Duma a draft of the main directions of the unified state monetary policy for the coming year. Preliminarily, the draft of the main directions of the unified state monetary policy is submitted to the President of the Russian Federation and the Government of the Russian Federation and no later than December 1 - the main directions of the unified state monetary policy for the coming year. The main directions of the unified state monetary policy include the following provisions:

1) the conceptual principles underlying the monetary policy pursued by the Central Bank of the Russian Federation;

2) a brief description of the state of the economy of the Russian Federation;

3) forecast of the expected fulfillment of the main parameters of monetary policy in the current year;

4) quantitative analysis of the reasons for the deviation from the monetary policy goals declared by the Central Bank of the Russian Federation for the current year, assessment of the prospects for achieving these goals and justification for their possible adjustment;

5) a scenario (consisting of at least two options) forecast for the development of the Russian economy for the coming year, indicating prices for oil and other Russian exports provided for by each scenario;

6) forecast of the main indicators of the balance of payments of the Russian Federation for the coming year;

7) targets characterizing the main objectives of the monetary policy declared by the Central Bank of the Russian Federation for the coming year, including interval indicators of inflation, monetary base, money supply, interest rates, changes in gold and foreign exchange reserves;

8) the main indicators of the monetary program for the coming year;

9) options for applying the tools and methods of monetary policy that ensure the achievement of targets under various scenarios of the economic situation; the action plan of the Central Bank of the Russian Federation for the coming year to improve the banking system of the Russian Federation, banking supervision, financial markets and the payment system.

Main tools и methods monetary policy of the Central Bank of the Russian Federation are:

1) interest rates on operations of the Central Bank of the Russian Federation. They are used to influence market interest rates;

2) norms of required reserves deposited with the Bank of Russia (reserve requirements);

3) open market operations. Operations on the open market mean the purchase and sale by the Central Bank of the Russian Federation of treasury bills, government bonds, other government securities, bonds of the Central Bank of the Russian Federation, as well as short-term operations with these securities with the completion of a reverse transaction later;

4) refinancing of credit institutions, which refers to lending by the Central Bank of the Russian Federation to credit institutions;

5) foreign exchange interventions. Purchase and sale of foreign currency on the foreign exchange market to influence the ruble exchange rate and the total demand and supply of money;

6) setting benchmarks for the growth of the money supply. The Central Bank of the Russian Federation may set growth targets for one or more indicators of the money supply, based on the main directions of the unified state monetary policy;

7) direct quantitative restrictions, which mean the establishment of limits on the refinancing of credit institutions and the performance by credit institutions of certain banking operations;

8) issue of bonds on its own behalf. In order to implement monetary policy, the Central Bank of the Russian Federation may, on its own behalf, issue bonds placed and circulated among credit institutions.

Author: Belousov D.S.

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