IMF Working Papers

Evolution of Monetary Policy Instruments in Russia

ByTomás J. T. Baliño, Jakob Horder, David S. Hoelscher

December 1, 1997

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Tomás J. T. Baliño, Jakob Horder, and David S. Hoelscher "Evolution of Monetary Policy Instruments in Russia", IMF Working Papers 1997, 180 (1997), accessed 12/6/2025, https://doi.org/10.5089/9781451859072.001

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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

This paper analyzes the evolution of monetary policy in Russia, focusing on the period January 1992–December 1995. Special attention is given to the role of monetary policy instruments. Initially, policy was completely dominated by flows of credit from the Central Bank of the Russian Federation (CBR) to the budget, to enterprises, and to other republics in the ruble area. Over time these flows have been reduced and indirect monetary instruments have become key elements of monetary policy implementation

Subject: Bank credit, Banking, Commercial banks, Correspondent banking, Credit, Financial institutions, Financial services, Monetary policy, Money, Reserve requirements

Keywords: Bank credit, CBR credit, CBR credit auction, CBR financing, CBR interest rate objective, CBR intervention, CBR staff, CBR transfer, commercial bank, Commercial banks, Correspondent banking, Credit, financial liberalization, financing requirement, foreign exchange, interbank market, interest rate, liquidity management exercise, monetary instruments, monetary management, monetary policy, reserve requirement regime, Reserve requirements, Russia, transition economies, WP

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