The new Central bank three-year plan in the context of the main problems of the Russian economy (on the draft «Main directions of the unified state monetary policy for 2021 and the period 2022–2023» of the Bank of Russia)

Abstract

The article presents an analysis of the draft «Main directions of the unified state monetary policy for 2021 and for the period 2022–2023» of the Bank of Russia, aimed at finding out whether the designed monetary policy will contribute to solving the main problems of the Russian economy. Leaning towards a generally negative answer to this question, the authors of the article, firstly, establish that some of these problems, including problems whose solution falls within the direct competence of the Bank of Russia, and which, accordingly, fall within the subject area of the regulatory instruments available to the Central Bank of the Russian Federation, are clearly insufficiently worked out in the document or, worse, only simply indicated. Unfortunately, this also applies to the key reproduction tasks associated with ensuring rapid, sustainable and high-quality economic growth. Secondly, they fix the year that began in March 2021 new round of increase in the key rate of the Bank of Russia. Third, they emphasize the fact of the negative synergy of the Bank of Russia’s tight monetary policy and the Russian Ministry of Finance’s tight budget policy, designed for the period up to 2023. The article substantiates the need for a coordinated approach of financial regulators and agencies to solve the problems of overcoming the crisis and stimulating economic growth.