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Subject. This article examines the issues of reflecting monetary policy in the Russian economy. Objectives. The article aims to identify the interrelationships between the conducted monetary policy and the development of the national economy. Methods. For the study, I used general scientific and specialized economic and mathematical methods. Results. The article confirms the correlation between changes in the key interest rate of the Central Bank of the Russian Federation and the cost of borrowing money by commercial banks. The article identifies a high level of debt on loans and acquired claims on loans provided to resident legal entities and individual entrepreneurs, and it shows that fiscal policy exerts excessive influence on the economy through fiscal measures, while government debt securities act as a compensator for negative effects. Conclusions and Relevance. The study results complement the methods of improving the efficiency of banking sector regulation, optimizing State economic policy, and reducing financial risks in the country's economy. The identified interrelationships between the conducted monetary policy and the development of the national economy may represent a certain value for government authorities, experts, and researchers, providing important analytical information for improving the mechanism of macroeconomic regulation and adapting institutions to external shocks and internal challenges.