2016, №1

The impact of monetary policy on the macroeconomic indicators of the national economy

20.03.201612 октября, 2023Без комментариев


The study revealed that for the Russian economy the ruble’s exchange rate determines the impact of not changing the supply of currency, as many experts consider, and net exports, which causes a not equivalent exchange rates and, consequently, inflated the price of foreign currency. However, due to the lack of import of various goods on the territory of Russia in the amount of net export demand is exceeding the offer of extensive air showers, causing the growth rate of currency and the prices of imported goods. Following the recommendations of IMF experts for the establishment of reserves of currency with the purpose of stabilization of macroeconomic indicators, the CBR was provatorova thereby destabilizing them. We came to the conclusion that the accumulation of currency leads to increase in duration of turnover of capital, which reduces its profitability and, accordingly, causes the growth of prices. In the research process it became clear that the CBR buying foreign currency at the expense of emissions artificially increased the domestic supply of commodity currency not backed by a coating that also led to the decline of the ruble and inflation.

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Alexander A. Navoyev – Cand. Sci. (Econ.), Head of the Bureau of JSC «RSK MiG» (Zhukovsky, Russian Federation;  e-mail: nav4646@mail.ru).