Problems of Monetary Policy in Modern Russia

This paper evaluates the relationships between indicators characterizing economic development and monetary policy in Russia. Rosstat and Central Bank data for the period from 2000 to 2024 were used. Correlation relationships were assessed, and regression models were constructed, which proved statistically significant. The results showed that inflation had a positive impact on economic growth and economic efficiency in Russia from 2000 to 2024. Other financial indicators of the economy had a significantly smaller, and many had an insignificant, impact on economic growth and economic efficiency. In particular, the Central Bank's key rate did not have a significant impact on economic growth and economic efficiency. Since the key rate is the most important instrument of monetary policy, it can be assumed that the priority goal of monetary policy was inflation targeting, rather than economic growth and economic efficiency. At the same time, profits in the financial sector were maximized. Clearly, monetary policy needs to be adjusted and its targeting changed. Economic growth, as we know, should be the primary objective. Furthermore, the results obtained suggest that it is appropriate to discuss the target inflation level, as in the Russian context, inflation, even at a level higher than 3–4%, can have a positive impact on economic growth and efficiency.