On the need to adjust the main objectives of the Bank of Russia

Any public institution operates within the framework of rules defined by the regulatory framework. The article analyzes the impact on the monetary policy of the Bank of Russia of the wording on the main objectives of its activities, reflected in the federal law on it. As shown in the study, the absence of criteria for the concept of ruble stability established at the legislative level significantly reduces the effectiveness of public and state control over the activities of the financial regulator, and does not allow the Russian Central Bank to fully fulfill its constitutional duty to protect and ensure the stability of the ruble. At the same time, there is a clear desire in the activities of the Bank of Russia, to the detriment of the Russian economy of the real sector, to fulfill another main goal prescribed in the law - the development and strengthening of the banking system. This aspiration finds a concrete manifestation, in particular, in the obvious overestimation of the key rate to the detriment of the real economy, but creating more comfortable conditions for conducting banking business. The federal law on the Russian Central Bank was drafted and edited under the influence of international financial institutions such as the IMF and the World Bank. This has left a significant imprint on its content. The rules of the game for the IMF member countries were created in such a way that the financial organizations closest to the center of the global financial system received the maximum benefit from the relationship between creditors and debtors, and the countries of the financial periphery acted as their donors. According to the author, without Russia's withdrawal from the IMF, the World Bank and other institutions of the global financial oligarchy, where Russia plays, in fact, only a representative, not a subjective role, our country will not be able to solve the problem of getting rid of paying rent to the global financial hegemon, as Russian President Vladimir Putin insists. It is also concluded that it is necessary to make adjustments to the federal law on the Russian Central Bank in order to improve its activities, create regulatory prerequisites for a real unification of the efforts of the Government and the Central Bank to ensure economic growth in the country. The main goal of the Bank of Russia should be to create favorable conditions for economic growth based on the protection and stability of the ruble, including its purchasing power and exchange rate against foreign currencies. The main goal of the Bank of Russia, the development and strengthening of the banking system of the Russian Federation, should be abandoned at the legislative level. The author declares no conflicts of interests.

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