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Introduction

2.2 Assessment of the financial activities of the Bank of Russia based on its annual reports

2.3 Analysis of active operations of the Bank of Russia

2.4 Analysis of passive operations of the Bank of Russia

3.1 Monetary policy instruments and their use in 2007

3.2 Activities of the Bank of Russia to improve the banking system and banking supervision in 2007

3.3 Activities of the Bank of Russia to improve financial markets and the payment system in 2007

Conclusion

List of sources used

Applications

Introduction

The modern banking system is characterized by two fundamental features: firstly, this system is regulated (and, along with self-regulation, there is centralized regulation by the central bank), and secondly, it is market-based (the end result of the activities of credit institutions is the sale of banking services on the market in an increasingly competitive environment).

The central bank in any state occupies a special place in the credit and financial system. The importance of the central bank is that it is responsible for the conduct of monetary policy and the stability of the banking system as a whole.

The main goals of the Bank of Russia are:

protecting and ensuring the stability of the Russian ruble, including its purchasing power and exchange rate in relation to foreign currencies;

development and strengthening of the banking system of the Russian Federation, i.e. The Bank of Russia is the body for banking regulation and supervision of the activities of credit institutions.

Based on the main goals of the Bank of Russia, the main task is to minimize the negative socio-economic consequences of the loss of liquidity by credit institutions. The implementation of this task involves preventing a systemic banking crisis and reducing the uncontrolled loss of banking liquidity. It is obvious that the solution to these problems depends not only on the procedures for regulating credit institutions, but also on the general economic conditions of their commercial activities, which is especially important in modern conditions.

The purpose of this thesis is to study the features of the activities of the Central Bank of the Russian Federation.

Achieving this goal requires solving the following tasks:

studying the history of the emergence of the Central Bank institution;

study of monetary policy instruments and functions of the Central Bank;

studying the history of creation and determining the status of the Bank of Russia;

conducting an analysis of the financial activities of the Bank of Russia;

a study of the directions of activity of the Government of the Russian Federation and the Bank of Russia regarding the prospects for the development of the Russian banking sector.

The object of study of this thesis is the Central Bank of the Russian Federation (Bank of Russia).

The subject of this thesis research is the features of the Bank of Russia's activities.

To write this thesis, the theoretical basis of textbooks and teaching aids, the legislative framework of regulatory documents and statistical data from the official information website of the Bank of Russia were used.

1. Central banks and the basics of their activities

1.1 History of the emergence of the Central Bank institution

The central bank in any state occupies a special place in the credit and financial system. Unlike commercial banks and other credit institutions, the central bank is a government agency responsible for the volume of money supply and credit provided to the economy as a whole. The emergence of central banks dates back to the mid-19th - early 20th centuries, since it was during this period that the governments of most countries legislated control over the issue of money into circulation for certain banks. The institution of the central bank was formed gradually and went through a rather long period of evolution.

It is difficult to say where and when a central bank first appeared. Some economists consider the date of the creation of the bank, which subsequently began to perform the functions of a central bank, to be the beginning. In accordance with this criterion, the first central bank was the Riksbank - the Bank of Sweden, founded in 1668. The Bank of England was founded in 1694, the Bank of France - in 1800.

Other economists attribute the emergence of the central bank to the acquisition of the privilege or exclusive right to issue banknotes. Thus, the Bank of France began issuing banknotes in 1803 and became the largest issuing center. For quite a long period of time, Bank of France banknotes remained private money, but they were recognized as reliable, since they could be exchanged for gold. It was only in 1870 that Bank of France banknotes received the status of legal tender. The Bank of England receives the exclusive right to issue banknotes in 1844. An interesting fact is that before this, in 1826, the Bank of England received the monopoly right to issue banknotes within a radius of 65 miles from London. The fact is that during this period banks issued a large number of their own banknotes. The variety of banknotes and the lack of a unified monetary standard made trade significantly more difficult. The unreliability of issued banknotes and the distrust of the population caused the financial crisis of 1825. Therefore, the introduction of a monopoly on banknote issue within the country's largest commercial and financial center was supposed to contribute to stabilization. In 1844, measures were taken to centralize the issue of banknotes. Be that as it may, the role of the central bank is not only and not so much determined by the issue of banknotes, as is commonly believed: in France and some other countries, the treasury can issue money into circulation, along with the central bank.

The importance of the central bank is that it is responsible for the conduct of monetary policy and the stability of the banking system as a whole. From this point of view, the time frame for the emergence and formation of central banks is shifted to a later date. For example, the Bank of France only became responsible for monetary policy in 1945, after its nationalization. Much earlier, the Bank of England began to perform the functions of a central bank, remaining a joint-stock bank. Nationalization in 1946 gave him broad powers to control the activities of other banks. As a rule, European central banks took a fairly long period of time, up until the 1940s. At the same time, they performed the functions of ordinary banks, opening accounts for private clients, lending for the issue of securities, and providing other banking services to commercial and industrial companies and individuals. Over the course of evolution, their commercial activity gradually declined. Unlike European ones, a unique US central bank in the form of the Federal Reserve System was created in 1913 specifically to perform general economic functions.

There has been a tradition of considering the features of the national central bank in comparison with the Bank of England, which serves as a kind of standard. The formation of the central bank institution in England had a fairly noticeable impact on the creation of central banks in other countries. Moreover, it is believed that the foundations of monetary theory were laid by economists who discussed the problems of English banking and monetary policy. Therefore, without detracting from the experience of the countries of continental Europe and the United States, which in many ways turns out to be more interesting, we will use the same logic, especially since a look at the English model may be useful for understanding the role that central banks play in modern financial systems.

The role of the central bank in the English model is determined by three functions: 1) monetary control; 2) prudential control; 3) placement of public debt on the most favorable terms.

The function of monetary control assumes as its main goal the stabilization of the price level through control over the money supply. The main content of the Bank of England Act adopted in 1844 (Robert Peel Act) was to assign precisely this function to the Bank of England. To stabilize prices, the Act prescribed strict adherence to the quantity theory of money, namely, the rule of growth of money supply, the meaning of which was that the growth rate of the money supply corresponded to the growth rate of real production in the economy. Since the mid-1980s. In policies aimed at achieving price stability, monetary authorities began to use interest rates.

Prudential control, control over banking risks, is aimed at minimizing the possibility of financial crises and the costs that society as a whole bears in the event of such crises. The Bankers' Rights Act (1914) allowed for discretionary monetary policy. The term “discretionary policy” literally means “a policy pursued at one's discretion based on considerations of prudence.” This meant that the Bank of England was allowed to provide additional liquidity to banks in the event of speculative overheating in the banking sector. The transition from a strict to a discretionary rule was the result of a series of financial crises (1847, 1857, 1866). As a result of the catastrophic decline in bank reserves, additional money was required and the 1844 Act was suspended.

In carrying out prudential controls, the Bank of England acts as lender of last resort. This term appeared in 1797. The concept was developed by English economists Henry Thornton (1802) and Walter Badget (1873). From 1844 until the beginning of the 20th century, the Bank of England played the role of lender of last resort in accordance with the Thornton-Badget model. It assumed compliance with certain principles or lending rules for the central bank, which became classic in this concept: 1) provision of temporary, short-term loans; 2) collateral; 3) providing loans only to solvent banks that are exposed to risks from the failure of poorly managed banks; 4) loans are issued at punitive, i.e., inflated interest rates, so as not to turn into a creditor of the first instance instead of the last; 5) the rescue of individual banks should not take precedence over responsibility for the stability of the financial system as a whole.

The 1914 Act formalized the Bank of England's responsibility as lender of last resort for the stability of the financial system. It became the ultimate supplier of liquidity to the bank or banks and was given the right to issue as many loans as needed to eliminate the threat of a liquidity crisis. In recent years, the distribution of responsibilities between government bodies has changed significantly. Under the 1998 Act, the Bank of England has the central responsibility for ensuring the stability and efficiency of the financial system as a whole. Bank supervision responsibilities were transferred and consolidated by the Financial Services and Markets Act 2000 to a new regulator, the Financial Services Authority, created in 1997.

When placing government debt on the most favorable terms, the Bank of England acts as an agent in the initial placement of bonds and is not a direct creditor of the government. During a period of increasing overall government budget deficits, the government is tempted to monetize public debt. Monetization of government debt means that the Bank of England buys bonds from the public on the open market, thereby increasing the monetary base (cash and bank reserves), which, as a rule, leads to an excessive increase in the money supply and causes inflation, which in turn , reduces the real value of government debt. This hidden method of financing the government budget deficit is complemented by the possibility of obtaining seigniorage, since there are requirements for the mandatory placement of bank reserves in non-interest bearing accounts at the central bank.

It is important to emphasize that there is an internal conflict between the three functions, which complicates the policy of the central bank and explains the inconsistency in its activities. For example, it is impossible to strictly adhere to a monetary rule if the central bank must print more money as lender of last resort. The modern version of this problem is the conflict between the policy of high interest rates to stabilize prices and the impact of this policy on the health of the banking system. During periods of rising interest rates, the level of credit risk and insolvency of borrowers usually increases, which leads to a decrease in bank profitability and even bankruptcies.

If in 1900 central banks existed in 18 countries (there were 30 independent states in the world), then in 2000 they existed in more than 170 countries. Despite the historical and economic characteristics, the role of central banks in various countries essentially corresponds to the classical English model, although slightly different terminology is adopted. The Central Bank performs the functions of the state body for conducting monetary policy, the bank of banks and the bank of the government. However, it's not just a matter of terminology. Over the course of evolution, the functions of the central bank have not remained unchanged. In the past, the essence of monetary control was to provide the economy with money. The Central Bank had to give elasticity to money and bank reserves, that is, change the supply of money in response to changes in the demand for money from the real sector of the economy. Currently, the central bank is viewed as the institution responsible for designing and implementing monetary policy, changing the supply of money to achieve economic goals, such as economic growth, price stability and inflation control.

The function of the bank of banks is broader than that of a lender of last resort in a critical situation. Banks make payments and settlements through correspondent accounts opened with the central bank. The central bank settlement network is not the only way to conduct non-cash payments. However, by regulating the payment process and supervising banks, the central bank ensures smooth operations and guarantees the stability of the financial system.

The role of the central bank as the government's bank has also undergone certain changes. Historically, since their inception, central banks have raised resources to finance government spending. The state received share premium thanks to the central bank's exclusive, monopoly right to create money, as well as profit from the bank's commercial activities. Currently, central banks do little lending to governments. In many countries, including Russia, there are legislative restrictions on the right of the central bank to provide loans to the government to finance the budget deficit, to purchase government securities during their initial placement, and to conduct banking transactions with entities that are not banking organizations. The issuing activity of the central bank is determined more by the objectives of monetary policy than by seigniorage considerations. Central banks mainly perform the tasks of the so-called fiscal agent of the state, that is, they maintain treasury accounts and manage the public debt.

One key policy question is to what extent responsibility for all three functions should rest with a single institution. In 1995, an exhaustive analysis of the arguments for and against the separation of the functions of monetary policy and banking supervision was carried out and found no convincing arguments in favor of one model or another, consistent with the fact that approximately half of the 27 countries studied separated these functions between various government institutions, giving the central bank only responsibility for price stability, and uniting the other half.

1.2 Monetary policy instruments and functions of the Central Bank

In monetary policy there is a rather complex hierarchy of goals, a variety of methods and tools with which it is carried out. It is often quite difficult to distinguish what is a goal and what is a means to achieve it. In addition, there are different points of view on the question of whether monetary policy should be discretionary in nature or whether it should be some kind of rules enshrined in legislation. These monetary policy problems affected the Federal Central Bank Act. In principle, any operation of the Central Bank can be considered as a policy instrument, since it is the largest of the banks and has such powers that any of its actions can affect financial markets. The so-called monetary policy guidelines may be different. This is a question of monetary theory, which is more consistent with strategic policy goals: targeting the money supply, interest rates or inflation. The term “targeting” literally means maintaining specified values ​​of target parameters (from the English target - goal). For example, targeting the interest rate of the interbank market means that the central bank purchases and sells open market securities in a volume sufficient to maintain the interest rate on interbank loans at a given level.

In Art. 35 of the Law lists the main instruments of monetary policy of the Bank of Russia. In the same article, along with the tools, the establishment of benchmarks for the growth of the money supply is indicated. This is probably not entirely correct for two reasons. First, benchmarking or so-called targeting refers to monetary policy objectives, not instruments. Secondly, not every situation in the economy requires targeting of the money supply. On the contrary, fluctuating the money supply to achieve strategic goals and accordingly setting benchmarks for other parameters, such as interest rates, may be more effective.

By monetary policy instruments, economists understand the operations and ways in which the central bank can change bank reserves, the money supply and the volume of lending to the economy. The main set of such instruments includes: 1) open market operations; 2) bank refinancing and interest rates on central bank operations; 3) reserve requirements; 4) deposit operations; 5) direct quantitative restrictions.

There are some basic principles for using these tools in practice. The main principle is the principle of efficiency, which means the ability to accurately and quickly obtain results that meet the intended goals. One can also highlight the principle of equal treatment of all credit institutions, regardless of their size, which is achieved by standardizing the rules and procedures for conducting operations. In addition, simplicity, transparency, consistency, and reliability of the tools are important. Simplicity and transparency ensure a true understanding of the true intentions and purposes of using the tools. The principle of consistency means that rules and procedures should not be changed too frequently, so that the central bank and its counterparties can rely on past experience when engaging in monetary policy activities. The principle of reliability requires minimizing financial and operational risks. Finally, the cost of the operations performed should be minimal for both parties.

Open market operations involve the purchase and sale of government securities by the central bank. Open market purchases are paid for by the central bank by increasing (crediting) the seller's bank's reserve account. The total reserves of the banking system increase, which, in turn, leads to an increase in the money supply. Accordingly, sales of open market securities by the central bank will lead to the opposite effect: the total reserves of banks decrease, and, other things being equal, the money supply decreases. Sales of securities on the open market in this case are used for sterilization, i.e., absorption of excess money supply. Since the central bank is the largest open market dealer, an increase in the volume of purchase and sale transactions will lead to changes in the price and yield of securities. Therefore, the central bank can influence interest rates in this way. If market participants' expectations were constant, the central bank could change both short-term and medium- and long-term interest rates and thereby affect the level of economic activity. The effectiveness of this instrument is somewhat reduced by the fact that the expectations of market participants are not entirely predictable. Some analysts and investors will decide that by increasing the volume of purchases, the central bank is pursuing an expansionary policy aimed at lowering interest rates, increasing production, investment and consumer spending. Others will perceive such a policy as further increasing the money supply and inflation. Inflation expectations will lead to higher interest rates and a decrease in economic activity. However, open market operations are considered the most effective tool of monetary policy. The advantages are that: 1) the central bank can control the volume of transactions; 2) operations are quite accurate, bank reserves can be changed to any given value; 3) they are reversible, since any error can be corrected by a reverse transaction; 4) the market is liquid and the speed of transactions is high, it does not depend on administrative delays.

In the open market, central banks use two main types of transactions: direct transactions and repurchase agreements. Direct transactions mean the purchase and sale of securities for immediate delivery. The buyer becomes the unconditional owner of the securities. These types of transactions do not have a maturity date. Interest rates are set at auction. REPO transactions are carried out under the terms of a repurchase agreement. Direct repo transactions mean the purchase of securities by the central bank with the obligation of the dealer to buy them back after a certain period. When concluding reverse repo transactions, or pairs (sometimes they are also called mismatch), the central bank sells securities and assumes an obligation to buy them back from the dealer after a certain period. Such transactions are convenient because repayment periods can vary.

By type, open market operations are divided into dynamic and protective. Dynamic open market operations aim to change the level of bank reserves and the monetary base. They are permanent in nature and involve direct transactions. Protective operations are carried out to adjust reserves in the event of their unexpected deviations from a given level, i.e., they are aimed at maintaining the stability of the financial system and bank reserves. For this type of transaction, repo transactions are used. The Bank of Russia widely used repo transactions from 1996 until the financial crisis of 1998. The subject of the transactions were GKOs and OFZs - PCs. The condition for concluding a direct repo transaction was a short position of the dealer based on the trading results within the limit established by the Bank of Russia. That is, transactions were concluded only when the dealer’s obligations exceeded the amount of funds previously deposited in the trading system. After the crisis, the Bank of Russia allowed inter-dealer repo transactions - the conclusion of repo transactions with GKOs - OFZs between dealers meeting certain criteria. It was assumed that this would allow the Bank of Russia to reduce the volume of money emission through a more rapid redistribution of bank reserves.

The use of open market operations as a monetary policy tool depends on the level of development, the institutional environment and the degree of liquidity of the government securities market. After the financial crisis of 1998, the Bank of Russia does not have such an opportunity. Operations are hampered by the absence of government securities in demand in the Central Bank's portfolio. Their resumption will depend on the adoption by the Government of the Russian Federation of a decision to convert a sufficient part of the portfolio into securities with market characteristics. Therefore, as an alternative to open market operations, the Bank of Russia began issuing and placing its own bonds. At first, this was hampered by legislative restrictions on the volume of securities and taxation. After these problems were resolved, the issue was resumed. In September 2001, the Bank of Russia held an auction to place two issues for a total amount of 0.85 billion rubles. with terms of 14 and 21 days and a weighted average yield of 9.7 and 10.3%.

As an analogue of open market operations, the Bank of Russia also uses foreign exchange interventions. Foreign exchange interventions are the purchase and sale of foreign currency on the domestic market to increase or sterilize the money supply. In principle, the mechanism of foreign exchange interventions is not much different from open market operations - the sale of dollars by the Central Bank reduces bank reserves, the purchase increases. However, the use of this tool also comes with certain effects. Currency interventions affect the exchange rate of the ruble against the dollar. Selling dollars by the central bank will lead to an increase in the ruble exchange rate, buying it will lead to its depreciation. Thus, the central bank can correct short-term fluctuations in the exchange rate of the national currency. It is worth noting that the dynamics of the national currency exchange rate in the long term is determined by factors beyond the control of the central bank, and in this case, its attempts to influence the national currency exchange rate may lead to the depletion of foreign exchange reserves. If the central bank conducts foreign exchange interventions to correct short-term exchange rate fluctuations, then it loses control over bank reserves and, accordingly, over the money supply. Therefore, assuming that operations in the domestic foreign exchange market will retain the role of an “operational channel for regulating” bank reserves, the Bank of Russia plans, in addition to foreign exchange interventions, to use a more flexible instrument - currency swaps, which allow adjusting the level of liquidity of the foreign exchange market without creating additional pressure on the ruble exchange rate. A swap is a foreign exchange transaction for the purchase and sale of currency on terms of immediate delivery with a simultaneous reverse forward transaction. By purchasing foreign currency from banks in the form of a swap, the Bank of Russia is actually lending to banks.

Bank refinancing is another tool of monetary policy. When a central bank makes a loan to a bank, that bank's correspondent account with the central bank is credited. The passive part of the central bank’s balance sheet increases (under the item “funds in accounts with the Bank of Russia”), and total reserves in the banking system increase. At the same time, the assets of the central bank increase by the amount of the loan. Thus, an increase in refinancing volumes increases the volume of borrowed reserves in the banking system, the monetary base and money supply, while a reduction decreases it.

The central bank can influence the volume of refinancing in two ways: by influencing the amount of the interest rate on loans or by influencing the amount of loans at a given interest rate using refinancing policy.

The mechanism for using the interest rate is quite simple: an increase in the refinancing rate means an increase in the cost of central bank loans, so banks will reduce the amount of borrowing from the central bank, a decrease in the rate will lead to more active borrowing and the volume of refinancing will increase. The Bank of Russia can set one or several interest rates for various types of transactions: refinancing rate, Lombard rate, rate on repo transactions, and overnight loans. The refinancing rate of the Bank of Russia plays the role of the base rate. The Bank of Russia can pursue an interest rate policy without fixing the interest rate. Then interest rates for a particular operation are set as a result of an auction.

The refinancing policy affects the volume of bank lending through the mechanism for issuing loans and involves the central bank determining the goals, forms, conditions and terms of lending. In the early 1990s. The main forms of bank refinancing by the Bank of Russia were a loan in the form of a debit balance on correspondent accounts and a centralized loan. Debit balances of correspondent accounts reflect, in principle, the normal need of banks for liquid funds, caused by a temporary gap between payments and receipt of funds. However, debit balances arose automatically and were rightly regarded by the Bank of Russia as an unauthorized use of its resources. Refinancing in this form had neither a clearly defined purpose nor security. At the same time, the Bank of Russia carried out refinancing in the form of centralized loans. Centralized loans were intended to support a number of sectors of the national economy. They were provided without collateral, at a preferential rate, and were often misdirected by banks. Such loans were of a clear emission nature. Since the mid-1990s. The Bank of Russia has switched to using market refinancing mechanisms. He began to provide pawnshop loans placed through auctions, and extended the principle of security to all other types of lending. Currently, the Bank of Russia uses mainly intraday loans and overnight loans to adjust bank liquidity.

In addition to influencing the monetary base and money supply, refinancing is used as a tool to stabilize the banking system. This is the most effective way to provide additional reserves and, accordingly, liquidity to banks during crisis periods. In the crisis situation of 1998, the Bank of Russia provided loans to sanator banks that carried out measures to rehabilitate problem banks, loans to support measures to repay obligations to depositors, loans to support measures to improve financial stability, as well as stabilization loans. Loans were provided by decision of the board of directors to systemically important banks that were experiencing serious liquidity problems due to the financial crisis. They were long-term in nature - from 1-2 and 6 months to 1 year. Banks receiving such loans had to meet certain requirements. The Bank of Russia exercised constant control over the fulfillment of lending conditions by borrowing banks, including inspections and analysis of the bank’s financial condition, implementation of the financial recovery plan, loan repayment schedule and interest payments, as well as the direction of use of the loan. In this capacity, the Bank of Russia acted as a lender of last resort.

One of the traditional forms of refinancing is the rediscounting of bills by the central bank, the meaning of which is that the central bank rediscounts (purchases) bills already discounted by banks. Rediscounting of bills of exchange has general principles: 1) bills of exchange must meet certain requirements regarding types, maturity dates, guarantees, etc.; 2) the volume of accounting credits is limited; 3) the discount rate is announced. The attitude towards the rediscounting of bills as a form of refinancing is not clear. On the one hand, it is believed that changes in the monetary base due to the rediscounting of bills of exchange better reflect the needs of the real sector of the economy. On the other hand, rediscounting of bills is considered as an emission form of refinancing. However, the importance of rediscounting bills of exchange is currently decreasing due to the reduction in the use of bills of exchange in trade. In Russia, the possibility of refinancing in the form of rediscounting bills was considered. The Central Bank adopted a corresponding regulation. However, there are a number of factors that constrain such operations of the Central Bank. These include, in particular, the underdevelopment of the customs of the bill market, as well as the presence on the market of a large number of “friendly”, “bronze” and counterfeit bills.

As already noted, the volume of refinancing depends on the cost of central bank loans, i.e., the level of the refinancing rate. Nevertheless, the refinancing rate is usually considered not so much as a tool for influencing lending volumes, but as an indicator of the intentions of the central bank. By changing the refinancing rate, the central bank announces its intentions regarding monetary policy. The problem is that changes in the refinancing rate can be viewed by financial market analysts in two ways. For example, an increase in the refinancing rate could be interpreted as the central bank's intention to slow down inflation or as an admission of its inability to contain inflation and passively adjusting the refinancing rate to rising interest rates. In the latter case, the effect of the rate change will be insignificant.

Analyzing the advantages and disadvantages of the refinancing policy as an instrument of monetary policy, it is necessary to note the following. Refinancing policy has less direct impact on the monetary sphere. It is possible to directly determine the required change in borrowing reserves, but it is not known by how much the refinancing rate must be changed in order for banks to apply for loans from the central bank. In addition, the costs for banks to use the refinancing mechanism are high, firstly, because applying for a loan from the central bank may entail a greater degree of supervision and control on the part of the latter, and secondly, because obtaining central bank loans can be interpreted by market participants as a sign of bank weakness. Finally, changing the refinancing rate turns out to be an ineffective tool due to the ambiguous impact on financial markets. Table 1 presents the refinancing rates of the Central Bank of the Russian Federation for the period from February 17, 2003 to the present.

The third, most powerful and at the same time least used tool of monetary policy is reserve requirements. Central banks have the right to require banks to hold reserves in a certain proportion to deposits. The required reserve ratio is established by the Board of Directors of the Bank of Russia as the amount of required reserves as a percentage of the bank's liabilities. It cannot exceed 20% and cannot be changed by more than five points at a time. The procedure for depositing required reserves with the Bank of Russia is also established by the board of directors.

Table 1 - Refinancing rate of the Central Bank of the Russian Federation

Validity		Regulatory document
		Telegram of the Central Bank of the Russian Federation dated October 20, 2006 No. 1734-U
		Telegram of the Central Bank of the Russian Federation dated June 23, 2006 No. 1696-U
		Telegram of the Central Bank of the Russian Federation dated December 23, 2005 No. 1643-U
		Telegram of the Central Bank of the Russian Federation dated June 11, 2004 No. 1443-U
		Telegram of the Central Bank of the Russian Federation dated January 14, 2004 No. 1372-U
		Telegram of the Central Bank of the Russian Federation dated June 20, 2003 No. 1296-U
		Telegram of the Central Bank of the Russian Federation dated February 14, 2003 No. 1250-U

The impact of reserve requirements on the monetary sphere differs from the impact of other monetary policy instruments. Changing reserve requirements does not change bank reserves and the monetary base, but it does change the money multiplier. A decrease in the reserve rate increases the multiplier and, accordingly, the money supply. Increasing the reserve ratio reduces the value of the multiplier and reduces the money supply. At the same time, changes in the reserve ratio may have an impact on the volume of lending to the real sector of the economy. An increase in the required reserve ratio limits the ability of banks to lend to the economy, since it requires holding a larger volume of liquid funds relative to deposits. Conversely, a decrease in the reserve ratio expands the lending capabilities of banks and reduces the costs of lending to the economy.

There are some misconceptions about the reasons for reserve requirements. Compliance with reserve requirements does not protect banks from bankruptcy, contrary to popular belief. The use of required reserves is carried out only after the bank’s license has been revoked and bankruptcy proceedings have begun. This fact is all the more obvious in the Russian banking system, since, unlike other countries, banks cannot use part of the required reserves as liquidity. This part is stored not in correspondent accounts, as in Western countries, but in a reserve account with the Bank of Russia. Moreover, in case of violation of required reserve standards, the Bank of Russia has the right to write off indisputably the amount of funds not deposited from the bank’s correspondent account. Therefore, mandatory reserve requirements can only be partially considered as a way to ensure bank liquidity. The main reason for reserve requirements is the use of this tool to conduct monetary policy. If the central bank maintains reserve requirements at a constant level, this stabilizes the money multiplier and the central bank can use open market operations with greater precision. If the reserve ratio decreases, this may be interpreted as a relinquishment of control over the money supply. An increase in the reserve ratio is also highly undesirable, since it has a powerful impact on the position of banks. Banks are forced to restructure their assets, which destabilizes the situation in financial markets.

Maintaining required reserves is not an easy task for banks. Reserves are subject to fluctuations due to payments and inflows and outflows of funds in deposit accounts. In addition, banks strive to keep required reserves to a minimum, since these are non-earning assets and therefore represent a cost to banks. At the same time, the mechanism for maintaining reserves is important for the effective implementation of monetary policy. Therefore, central banks use the reserve averaging technique, i.e., they require banks to place reserves at the average level for a certain period. The period for which the required amount of reserves is determined is called the calculation period. For Russian banks, the settlement period is 1 month (for US banks - 2 weeks). Banks calculate reserves for the billing period according to the chronological average and once a month, for example on the first day, compare the calculated value with the reserved one. If there are not enough funds in reserves, the bank transfers the missing amount from the correspondent account to the reserve account in the BR. Next comes the storage period, that is, the period during which the established amount of reserves is maintained. For Russian banks, the storage period is the following month. It should be noted that the longer the time interval between the calculation period and the storage period, the less the connection between the real value of reserves and monetary policy. Therefore, the Bank of Russia has the right and periodically reviews the procedure for depositing required reserves in order to increase the efficiency of using this instrument.

In theory, different points of view are expressed regarding the need for reserve requirements. Regulation of the reserve ratio has a powerful multiplying effect on the money supply, on the one hand, and on the liquidity of banks, on the other. This explains the rather rare use of this tool. Currently, the Bank of Russia has also committed itself not to revise the reserve ratio too often and has set the reserve ratio at 10% for all deposits of legal entities and deposits in foreign currency of individuals. For deposits of individuals in rubles, a rate of 7% is established.

Deposit operations represent the attraction of free funds of banks into time deposits of the Bank of Russia. Deposit transactions are referred to as so-called standing windows or standing transactions. In principle, standing operations should be understood as a set of short-term operations of the central bank to provide or sterilize liquidity in the money market, carried out at the initiative of banks. Refinancing transactions are carried out to provide liquidity. Deposit operations are intended to sterilize free banking liquidity. They are carried out in two ways: on fixed terms or on auction terms. The Bank of Russia fixes the minimum amount, deposit term and interest rate. Such deposit transactions are carried out using the Reuters dealing system. Deposit auctions are held as an interest-based competition for bank bid agreements with the Bank of Russia setting a maximum initial interest rate. Deposit transactions are concluded only with resident banks in rubles.

An increase in the volume of attracted deposits, unlike, for example, the sale of open market securities or reverse repo transactions, does not reduce the monetary base. Such operations have the effect of “tying up” excess reserves of banks, restraining the growth of the money supply. It is believed that deposits are attractive only to banks that have no other options for managing free reserves. In addition, many banks prefer low-yielding central bank deposits to higher-yielding but riskier financial instruments. The deposit interest rate forms the lower bound of money market rates and is the minimum rate in the central bank's official interest rate system.

Deposit operations as an instrument of monetary policy have the same drawback as refinancing policy - not a completely direct impact on the monetary sphere. To increase the volume of deposits, it is necessary to increase interest rates. At the same time, the decision on the use of excess reserves remains with the banks. If deposit rates turn out to be higher than market rates, then banks will consider deposits as an alternative to other operations, which will lead to a collapse of financial markets. Therefore, the use of deposit operations is a necessary measure due to the limited capabilities of the Bank of Russia in the open market.

Central banks also have other monetary policy instruments. In particular, the Bank of Russia has the right to establish direct quantitative restrictions, which in Western practice are called selective control. Direct quantitative restrictions mean the establishment of limits on the refinancing of banks and other credit institutions and the conduct of certain banking operations.

Central banks have quite a variety of tools that, with a greater or lesser degree of efficiency, allow them to carry out monetary policy, influencing the monetary sphere of the economy.

2. Analysis and assessment of the activities of the Central Bank of Russia

2.1 History of creation and status of the Bank of Russia

In the first half of 1990, the State Bank of the RSFSR was created, and at the end of the year the Law on the Central Bank of the Russian Federation (Bank of Russia) was adopted, according to which it became the main Bank of the RSFSR, accountable to the Supreme Council of the RSFSR. The Law defined the functions of the Bank in the field of organizing money circulation, monetary regulation, foreign economic activity and regulating the activities of joint-stock and cooperative banks. At the same time (in December 1990), the Laws “On the State Bank of the USSR” and “On Banks and Banking Activities” were adopted. It was supposed to create a unified system of central banks, based on a common monetary unit (the ruble) and performing the functions of a reserve system, which would include the State Bank of the USSR and the national banks established at that time on the basis of the republican offices of the bank.

In November 1991, the Supreme Council of the RSFSR declared the Central Bank to be the only body in the country for state monetary and currency regulation of the economy. The Central Bank of the Russian Federation was ordered to take over into its full economic jurisdiction and management the material and technical base and other resources of the State Bank of the USSR, the network of its institutions, enterprises and organizations, before January 1, 1992. The State Bank of the USSR was abolished on December 20, 1991, and all its assets and liabilities, as well as property on the territory of the Russian Federation, were transferred to the Central Bank of the Russian Federation (Bank of Russia). When the creation of a Central Bank became apparent, a debate arose over who should control it. There are three known options for control based on the form of ownership of the capital of the central bank. Control can be:

state-owned, if the bank’s capital belongs to the state (Bank of England, Bank of France);

joint stock, if the capital of the central bank belongs to commercial banks (US Federal Reserve System);

mixed, if a joint-stock form of capital has developed with the participation of the state (National Bank of Austria, Bank of Switzerland).

In the Russian Federation, the property of the Bank of Russia is federal property. The Bank of Russia owns, uses and disposes of property, including gold and foreign exchange reserves. The seizure and encumbrance of the property of the Bank of Russia with obligations without its consent is not permitted, unless otherwise provided by federal law. The state is not liable for the obligations of the Bank of Russia, and the Bank of Russia is not liable for the obligations of the state, unless they have assumed such obligations or unless otherwise provided by federal law. The Bank of Russia carries out its expenses from its own income.

The peculiarity of the organizational and legal form of the Bank of Russia is associated with the dual nature inherent in all central banks. It simultaneously acts as a government body pursuing policy in the financial sector, and as a bank - a subject of commercial activity. Moreover, the implementation of policies is associated with transactions in financial markets. At the same time, the Central Bank has large, in a certain sense, unlimited opportunities for commercial activity and profit-making, primarily because it is a monopolist in the emission sphere. In order to control the actions of the bank in the interests of society, the state, as the owner, limits its rights to own, use and dispose of property to the purposes of its activities, which include protecting and ensuring the stability of the ruble; development and strengthening of the banking system of the Russian Federation; ensuring the efficient and uninterrupted functioning of the payment system. The Law specifically emphasizes that profit is not the goal of the Bank of Russia. After approval of the annual financial statements, the Bank of Russia transfers to the federal budget 50% of the actual profit received, remaining after taxes.

In practice, it is quite difficult to separate central bank operations carried out for the purpose of profit maximization from operations for the purpose of financial stabilization. For example, speculative operations with open market securities can be represented as protective operations in order to correct seasonal fluctuations in the liquidity of the banking system. Therefore, control issues remain a stumbling block for various interests.

The general description of the central bank institution by economists is that it is an independent government body. In other words, the central bank is a government body whose structure is separate from other government bodies, and, therefore, it has the ability to exercise its own power independently of other government bodies.

It is believed that the independence of the central bank is a guarantee of the effectiveness of monetary policy aimed at stabilizing prices and the purchasing power of the national currency. To fight inflation, the central bank must win public trust and have a reputation for strictly fulfilling its obligations. The central bank must be able to make promises independently of the government. Governments are generally concerned with economic growth. Therefore, if the central bank is an agent of the government or is under pressure from it, then monetary policy will be aimed at increasing output and inflation. As empirical studies have shown, in developed countries there is indeed a high correlation between inflation rates and the degree of independence of the central bank.

Central bank independence should not be understood in an absolute sense. Even with complete formal independence, there is always political pressure on the manager, and it is not always possible to resist such pressure. On the other hand, the question of independence is a question of coordination of fiscal and monetary policies. If the government and the central bank had the same goals, and if those goals were what the economy really needed, then consistency would be preferable to independence.

The basic principles or criteria for the independence of the central bank include the following:

appointment of management, chairman or governor of the central bank. The degree of independence will be determined by the procedure for appointing the head of the central bank. For example, the following options are possible. The manager is appointed by: a) the board of the bank; b) legislative power, parliament; c) executive and legislative powers jointly; d) collective executive power (government); e) one - two representatives of the executive branch (chairman of the government and/or minister of finance). It is easy to see that the possible options are listed in descending order of central bank independence;

tenure of the manager and board members. The longer the term, the more independent the central bank governor. The Chairman of the Central Bank is appointed by the State Duma for a period of 4 years. By comparison, the chairman of the board of governors of the US Federal Reserve System and its members are appointed by the president with the approval of Congress for 14 years;

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UDC 336.711

Savinova Evgenia Anatolyevna

Candidate of Economic Sciences, Associate Professor.

Bryansk State University named after academician I.G. joan. savinova@gmail .com Bashlakova Marina Aleksandrovna 1st year master's student.

Bryansk State University named after Academician I.G. marina_livan@mail .ru Evgeniya A. Savinova

Candidate of economic sciences, associate professor. Bryansk State University named after academician I.G. Petrovsky joan. [email protected] Marina A. Bashlakova Master of 1 course.

Bryansk State University named after academician I.G. Petrovsky marina_livan@mail .ru

ANALYSIS OF THE ACTIVITIES OF THE BANK OF RUSSIA IN REGULATING THE BANKING SECTOR

ANALYSIS OF THE BANK OF RUSSIA ACTIVITY ON THE REGULATION OF THE BANKING SECTOR

The article analyzes the activities of the Central Bank of Russia in regulating the banking sector in 2016. The main key trends in the banking system are highlighted. First of all, it is worth noting a significant reduction in the number of credit institutions. In the passive operations of banks, there is a slight increase in deposits of individuals with a simultaneous reduction in funds from corporate clients, which is explained by a general decrease in the level of inflation in the country and, as a consequence, lower rates on deposits. Despite the instability of the macroeconomic environment, banks recorded high profits at the end of 2016. This is mainly due to income from active operations.

Key words: Bank of Russia, loan portfolio, banking system, inflation, lending, profit, overdue debt.

The article analyzes the activities of the Central Bank of Russia in regulating the banking sector in 2016. The key trends of the banking system are identified. First of all, it is a significant reduction in the number of credit institutions. Passive operations of banks show a slight increase in retail deposits with a simultaneous reduction in corporate customer funds, which is explained by the general decrease in the level of inflation in the country and, as a consequence, by lower deposit rates.

Petrovsky

Petrovsky

Despite the instability of the macroeconomic environment, banks recorded a high profit in 2016, mainly due to revenues from active operations.

Keywords: Bank of Russia, loan portfolio, banking system, inflation, lending, profit, overdue debt.

For the Russian banking sector, 2016 turned out to be quite difficult, but in comparison with 2015 it was more optimistic. According to the Central Bank, the assets of banking organizations in January-November 2016 decreased by 3.2%. This is explained by a significant strengthening of the ruble exchange rate and currency revaluation. If we exclude revaluation, the value of assets will be higher by 0.3%.

The main negative result of last year was that banks are reducing the volume of lending to the economy. According to the Central Bank, assets decreased by 3.5% (without taking into account the exchange rate, a small increase of 1.9% was recorded), loans to the economy - by 6.9% (-2.4%); loans to non-financial organizations - by 9.5% (-3.6%).

Overdue debt remained at a moderate level throughout 2016. The maximum value (5.9%) of the delay was in August 2016. The volume of overdue debt in the corporate portfolio decreased over the year by 8.9%, and in the retail portfolio - by 0.7%.

The share of overdue debt on loans to non-financial organizations increased slightly over the year from 6.2 to 6.3%, and for retail loans even decreased from 8.1 to 7.9%. This indicates an improvement in the quality of the loan portfolio of Russian banks. According to Bank of Russia forecasts, in 2017, overdue debt may decrease by 0.5-0.9 percentage points. In 2016, household deposits increased by 4.2% (+9.2%), while deposits and funds of organizations in accounts decreased by 10.1% (2.8%). The main reason for this dynamics can be considered the strengthening of the Russian currency and the subsequent currency revaluation. December traditionally sees an increase in retail deposits. This is mainly due to the increase in deposit rates and the receipt of the “13th salary”.

In 2016, the recovery of the country's banking system continued. The Bank of Russia revoked 96 licenses; in addition, 15 cases of voluntary surrender of licenses due to merger and liquidation should be taken into account.

Let us highlight the main trends in the development of the Russian banking sector in 2016

1. Reduced bank rates. During the year, there was a gradual decrease in rates on both active and passive operations of banking organizations. At the same time, deposit rates decreased by an average of 1.5-3 percentage points for individuals and by 1-1.5 for the corporate sector, and on loans - by 1-2 percentage points for both individuals and legal entities .

2. Active cleaning of the banking sector from ineffective banks. The fight against credit institutions that have low-quality assets on their balance sheets or conduct dubious transactions has become fiercer. Behind

In 2013, the Central Bank revoked 36 licenses, in 2014 - 87, in 2015 - 93. In 2016, 96 banks lost their licenses. Along with small banks, in 2016, such large banks from T OP-100 in terms of assets as Vneshprombank, CB INTERKOMMERTS, CB RosinterBank, JSCB VPB and CB BFG-Credit lost their licenses, the volume of assets of which as of January 1, 2016 was 267, 110, 93, 80 and 68 billion rubles, respectively. In 2017, high rates of cleaning the banking sector from dubious banks continue. During the first quarter of 2017, 14 credit institutions lost their licenses, including PJSC Tatfondbank, CB ROSENERGOBANK, and JSCIB Obrazovanie.

With the arrival of Elvira Nabiullina as head of the Bank of Russia in 2013, work to improve the banking sector sharply intensified. As of March 1, 2017, about 967 credit institutions were registered in Russia (as of January 1, 2016 - 1021; as of January 1, 2001 - 2124).

3. Significant growth in profits of the Russian banking sector. “A significant positive result of 2016 was an almost fivefold increase in the profits of credit institutions compared to 2015 (930 billion rubles and 192 billion rubles, respectively),” says the review “On the dynamics of development of the banking sector of the Russian Federation in December and the results of 2016,” which the Central Bank issued on January 25, 2017. The significant increase in profits of the banking sector in 2016 was largely due to the low base effect, since 2015 turned out to be one of the most unsuccessful years for the banking system of the Russian Federation after the crisis period of 2008-2009.

In general, the restoration of profits in 2016 was made possible, first of all, due to a reduction in expenses for creating reserves for losses. According to the Bank of Russia, the balance of reserve accounts for possible losses has increased since the beginning of the year by 3.5%, or by 188 billion rubles, while in 2015 the growth was 33.4%, or by 1.352 trillion rubles. .

Profit growth was also facilitated by a decrease in interest rates under the influence of the emerging liquidity surplus in the banking sector, which made it possible to refinance expensive funding in 2015 and reduce interest expenses. More than half of the sector’s profit came from just one credit institution - Sberbank, analysts point out. The country's largest bank reported an increase in net profit according to Russian accounting standards in 2016 by 136.7%, to 516.988 billion rubles.

Due to the constant revocation of licenses of banks in Russia, there are fewer, and the number of clients is more or less constant, as a result, those who remain in the market receive an increase in the client base, and often an increase in the number of offices, employees, equipment, and some know-how.

In general, the high rates of profit growth in recent months give reason to assume that in 2017, the profit of the banking sector will cross the threshold of 1 trillion rubles.

Thus, in 2016, the Russian banking sector developed in difficult conditions: high inflation rates, declining GDP, limited

access to external financial markets. Together with the Government, the Bank of Russia has developed and implemented a set of measures to stabilize the banking sector and support lending to priority sectors of the economy.

In 2017, the Bank of Russia continued to supervise the activities of credit institutions. The regulatory framework is being improved, the efficiency of banking supervision is increasing, and there is a revival in the banking services sector.

LITERATURE

1. Central Bank of the Russian Federation [Electronic resource]. -Access mode: www.cbr.ru

2. Bespalova O.V., Farajova A.S., Shibanov I.A. Deposit policy of a commercial bank at a new stage of development of the banking system of the Russian Federation // Economics and Entrepreneurship. 2017. No. 2-1 (79-1). pp. 484-488.

3. Kovalerova L.A., Savinova E.A. Current state and prospects for the development of pension reform in the Russian Federation // Economics and Entrepreneurship. 2017. No. 1 (78). pp. 812-819.

4. Savinova E.A. Modern methods for assessing the quality of loan debt // In the collection: management of socio-economic systems and legal research: theory, methodology and practice. Collection of scientific works of the international scientific and practical conference of teachers, graduate students and students. 2017. pp. 394-402.

5. Baranova I.A. Economic basis of local self-government // Integration of Sciences. 2017. No. 2 (6). pp. 18-20.

6. Anokhina Y.V., Baranova I.A. Development of a “green” economy in Russia // In the collection: Integrated development of rural areas and innovative technologies in the agro-industrial complex, materials of the II international part-time scientific, methodological and practical conference. 2016. pp. 253-257.

7. Kovalerova L.A., Kuftov K.S. Problems of formation of local budgets and possible ways to solve them In the collection: Science in the modern world, collection of materials from the VI international scientific and practical conference. 2017. pp. 66-69.

8. Nazarova O.G., Muravyova M.A., Tachkova I.A. Management of economic culture as a need for innovative bio-socio-economic development of society and personality // Science of Krasnoyarsk. 2016. No. 3-3 (26). pp. 138-145.

9. Savinova E.A., Kovalerova L.A. Using ratings to assess the creditworthiness of banks // Polythematic network electronic scientific journal of the Kuban State Agrarian University (Scientific journal of KubGA U) [Electronic resource]. - Krasnodar: KubGA U, 2017. - No. 3 (127). - Access mode: http://ej.kubagro.ru/2017/03/pdf/22.pdf

10. Baranova I.A. Models of economic growth in Western Europe and the USA: comparison and analysis // Economics. Sociology. Right. 2016. No. 4. pp. 9-13.

11. Bespalov R.A., Stepina O.A., Tkacheva Yu.A. Features of the credit policy of a commercial bank in modern conditions // Economics and entrepreneurship. 2017. No. 2-1 (79-1). pp. 545-548.

12. Glushak N.V. Scientific and theoretical analysis of scenario forecasts for the development of the Russian economy // Yearbook of the Research Institute of Fundamental and Applied Research. 2016. No. 1 (8). pp. 151-160.

1. The Central Bank of the Russian Federation. - Access mode: www.cbr.ru

2. Bespalova O.V/, Faradzhova A.S., Shibanov I.A. Deposit policy of a commercial bank at a new stage in the development of the banking system of Russia// Economics and Entrepreneurship. 2017. No. 2-1 (79-1). P. 484-488.

3. Kovalerova L.A., Savinova E.A. Current state and prospects for the development of pension reform in the Russian Federation // Economics and Entrepreneurship. 2017. No. 1 (78). P. 812-819.

4. Savinova E.A. Modern methods of assessing the quality of loan debts // In the collection: Management of socio-economic systems and legal research: theory, methodology and practice. Scientific practical conference of teachers, post-graduate students and undergraduates. 2017. P. 394-402.

5. Baranova I.A. The economic basis of local self-government // Integration of sciences. 2017. No. 2 (6). P. 18-20.

6. Anokhina Ya.V., Baranova I.A. Development of the "green" economy in Russia // The II international full-time correspondence scientific-methodical and practical conference. 2016. P. 253-257.

7. Kovalerova L.A., Kuftov K.S. Problems of the formation of local budgets and possible ways to solve them In the collection: Science in the Modern World, a collection of materials of the VI International Scientific Conference. 2017. P. 66-69.

8. Nazarova O.G., Murav"eva M.A., Touchkov I.A. Management of economic culture as a need for innovative bio-socio-economic development of society and personality // Science of Krasnoyarsk. 2016. No. 3-3 (26). P. 138-145.

9. Savinova E.A, Kovalerova L.A. Use of ratings to assess the creditworthiness of banks // Scientific Journal KubGUU). - Access mode: http://ej.kubagro.ru/2017/03/pdf/22.pdf

10. Baranova I.A. Models of economic growth in Western Europe and the USA: comparison and analysis //Economics. Sociology.Right. 2016. No. 4. P. 9-13.

11. Bespalov R.A., Stepina O.A., Tkacheva Yu.A. Features of the credit policy of a commercial bank in modern conditions // Economics and Entrepreneurship. 2017. No. 2-1 (79-1). P. 545-548.

12. Glushak N.V. Scientific-theoretical analysis of scenario forecasts for the development of the Russian economy // Yearbook of the Research Institute of Fundamental and Applied Research. 2016. No. 1 (8). P. 151-160.

The country's banking system is headed by the Central Bank of the Russian Federation, which operates on the basis of Federal Law No. 86-FZ of July 10, 2002 "On the Central Bank of the Russian Federation (Bank of Russia)" Federal Law of July 10, 2002 N 86-FZ (as amended on 13 07.2015) "On the Central Bank of the Russian Federation (Bank of Russia)" // Collection of legislation of the Russian Federation. - 2002. - No. 28. - Art. 2790. .

In 2014, the Bank of Russia implemented monetary policy under non-standard conditions. Events in Ukraine and sanctions from a number of countries against the Russian economy had a negative impact on the situation in the domestic financial market, in the banking and real sectors.

In the context of increasing geopolitical tensions, large-scale capital outflow from the Russian financial market and deteriorating expectations of economic agents regarding the prospects for economic development, there was a drop in investment demand, which was superimposed on the structural slowdown in economic growth that began about two years ago. As a result, the state of the Russian economy in 2014 deviated significantly from the scenario described as the baseline in the “Main Directions of the Unified State Monetary Policy for 2014 and the Period of 2015 and 2016.” Thus, instead of the previously expected GDP growth rate of about 2% in 2014, the Bank of Russia predicts a slowdown in economic growth in this period to 0.4%.

At the same time, due to the specific impact of external factors on the behavior and expectations of economic entities, inflation risks have increased significantly. Exchange rate dynamics (a gradual depreciation of the national currency at the end of 2013 - beginning of 2014 against the backdrop of changes in the policy of the US Federal Reserve System (FRS) and a sharp weakening of the ruble in March 2014 in the context of growing geopolitical tensions) became a factor in accelerating the growth of consumer prices and increasing inflation and devaluation expectations of economic agents. Annual inflation rose to 7.5% in July from 6.1% in January 2014. Restrictions on the import of a number of food products from abroad introduced in August led to an acceleration in the growth of consumer prices. Together with the expected impact on inflation expectations of the discussed changes in tariff and tax policy, this could lead to continued high inflation until the end of 2014.

Under these conditions, the Bank of Russia took decisive action. In order to limit inflation risks, the key rate was significantly increased. Along with the temporary tightening of the foreign exchange intervention mechanism, this made it possible to stabilize the situation in the foreign exchange market and prevent the implementation of significant risks to financial stability. In addition, the emerging increase in interest rates on ruble deposits of banks contributed to the restoration of the inflow of funds into deposits in the national currency and a decrease in the dollarization of bank deposits.

The moderately tight monetary policy pursued by the Bank of Russia creates the prerequisites for stabilizing exchange rate and inflation expectations, restoring the population’s propensity to save to normal levels and is aimed at achieving the medium-term inflation target of 4%.

In 2014, lower rates of economic growth were observed than expected under the baseline scenario in the “Main Directions of the Unified State Monetary Policy for 2014 and the Period of 2015 and 2016” (2%). In the first and second quarters of 2014, the GDP growth rate was 0.9 and 0.8% compared to the corresponding period of the previous year, respectively. Increased uncertainty about the development prospects of the Russian economy led to a reduction in investment demand with a significant increase in capital outflow from the domestic financial market (Fig. 1.).

Rice. 1. Structure of GDP growth by elements of use (percentage points) Main directions of the unified state monetary policy for 2015 and the period 2016 and 2017. - [Electronic resource]. - Access mode: http: //www.cbr.ru/today/publications_reports/on_2015 (2016-2017) pr. pdf.

The volume of investments in fixed capital in January-August 2014 decreased by 2.5% compared to the corresponding period in 2013 (in January-August 2013 - by 0.4%). The contribution of gross capital formation to GDP growth in the first half of 2014 was estimated to be negative. The compression of investment demand determined a decrease in production volumes in construction (except for housing), as well as a significant decrease in output in investment-oriented activities of the manufacturing industry.

At the same time, the impact of the depreciation of the ruble that occurred at the end of 2013 - beginning of 2014 and changes in the foreign economic situation on the components of aggregate demand was multidirectional.

Growing uncertainty and the weakening of the ruble were reflected in a temporary decrease in the population’s propensity for organized savings and an increase in demand for durable goods, which supported an increase in the output of goods intended to meet consumer demand in March-May. There was an increase in demand from the population for real estate. Overall, household final consumption expenditures remained the main source of economic growth, but their rate of increase slowed amid slower growth in real income and retail lending. In January-August 2014, consumer spending increased by 2.0% (in January-August 2013 - by 5.%).

The weakening of the ruble led to an increase in the ruble profitability of export operations and the price competitiveness of products exported. The rise in prices of imported products and restrictions on the demand side led to a reduction in physical volumes of imports, which, in the context of growing exports, provided a positive contribution to the growth of the Russian economy from net exports of goods and services.

In the first half of 2014, GDP growth was achieved mainly due to an increase in the gross value added of manufacturing, as well as in the intermediary services sector (real estate transactions, financial services), while the contribution of construction, transport, and wholesale trade was small or negative .

At the same time, in 2014, as in several previous years, factors of a structural nature continued to have a restraining influence on economic growth. The weakening of economic activity was accompanied by a long-term downward trend in labor supply, driven by demographic factors. In August 2014, the unemployment rate reached a record low of 4.8% (5.1% seasonally adjusted). In the first half of the year, other signs of increasing labor shortages also appeared (underemployment decreased, the number of man-hours worked per employee increased), which, in conditions of high production capacity utilization, indicates limited opportunities for a non-inflationary increase in production without increasing labor productivity and modernizing production.

According to estimates, by the end of the year, GDP may increase by 0.4% (in 2013 there was an increase of 1.3%).

The slowdown in economic growth in the first half of 2014 was predominantly structural in nature. The depth of the output gap against the background of low values ​​of the level of potential output was relatively small (0.5 - 1.5%).

Rice. 2.

As a result, the downward impact of aggregate demand on inflation was small, and the rate of growth in consumer prices remained at an elevated level. This dynamic developed under the influence of several factors. The weakening of the ruble led to an acceleration in the growth rate of prices for a wide range of goods and services. In this regard, it is important to understand the reasons for the weakening of the ruble. To a large extent, they were associated with external factors: the tapering of quantitative easing measures by the Federal Reserve and growing uncertainty amid geopolitical tensions. The increase in the key rate of the Bank of Russia in these conditions contributed to the stabilization of the foreign exchange market, reduction of inflation expectations and inflationary pressure. In addition to exchange rate dynamics, the increase in inflation was influenced by temporary factors observed in the markets of certain food products. Among them are the low harvest of certain types of vegetables harvested in 2013, an increase in world prices for some types of food and agricultural raw materials, and measures to protect Russian markets from low-quality imported agricultural products. The annual growth rate of food prices reached 9.8% in June compared to 6.5% in January.

The growth rate of consumer prices in June reached its maximum since the beginning of the year and amounted to 7.8% compared to the corresponding period of the previous year.

In July 2014, annual inflation dropped to 7.5%, which was mainly due to lower indexation of regulated prices and utility tariffs than in 2013. The growth of prices for housing and communal services has noticeably slowed down (their contribution to moving annual inflation decreased to 0.6 percentage points, in July 2013 it was 1 percentage point). At the same time, the decline in inflation in July occurred at a slower pace than predicted, which required a further increase in the key rate of the Bank of Russia.

In August, annual consumer price growth accelerated again to 7.6%, helped to some extent by import restrictions on a number of food products. In conditions of accelerating growth rates of prices for certain food products included in the calculation of core inflation, as well as maintaining the growth rate of prices for non-food products at an increased level, core inflation increased and amounted to 8.0% in August.

In the first half of 2012, GDP increased by 4.5%. Economic growth was primarily driven by increased domestic demand. In January-September, the GDP growth rate was estimated to be about 4%.

Expenditures of the population on the purchase of goods and payment for services in January-September 2012 increased, according to estimates, by 6.8%. The volume of investments in fixed assets exceeded the level of the corresponding period of the previous year by 7.2% (in January-September 2011 - by 5.0%).

The unemployment rate in September 2012 was 5.2% of the economically active population (6.0% a year earlier). Against the backdrop of high world prices for energy products, budget revenues increased, while the uniformity of spending budget funds throughout the financial year improved. As a result, the federal budget surplus in January-September 2012 amounted to 1.4% of GDP (in January-September 2011 - 2.9% of GDP).

In January-May 2012, the slowdown in inflation that began in mid-2011 continued (on a monthly basis to the corresponding month of the previous year). In June it began to grow and in September it exceeded the upper limit of the target for 2012 (5-6%).

According to estimates, the output of goods and services was close to potential levels. The rise in prices for non-food products excluding gasoline, which is least susceptible to the influence of various factors, slowed down; According to estimates, their growth rate decreased from 5.9% in January 2012 to 5.4% in September (on a monthly basis to the corresponding month of the previous year).

In the second half of 2011 - early 2012, the slowdown in consumer price growth was significantly influenced by favorable conditions on the domestic and global agricultural markets. In April 2012, the growth rate of food prices reached its historical minimum (on a monthly basis compared to the corresponding month of the previous year), amounting to 1.2%.

In addition, the reduction in inflation was influenced by the postponement of indexation of administratively regulated tariffs from January to the third quarter of this year. As a result, during the first five months of the year, the growth rate of consumer prices decreased, reaching in April-May the minimum value for the entire observation period - 3.6% (relative to the comparable months of last year). Core inflation fell from 6.0% in January to 5.1% in May.

However, in May-September the rise in food prices accelerated. In September 2012, food products were 7.3% more expensive than in the comparable month of the previous year (in September 2011 - by 6.4%). Non-food products and paid services, including housing and communal services, rose in price in September 2012 compared to the comparable month of the previous year to a lesser extent than in September 2011. In general, inflation increased to 6.6%, core inflation - to 5.7%.

Inflation data is presented in Table 1.

Table 1 - Dynamics of inflation in the consumer market and core inflation (as a percentage of the corresponding month of the previous year)

	inflation	Inflation	inflation		Inflation	inflation		Inflation	inflation		Inflation
September

The balance of payments of the Russian Federation in January-September 2012 was formed under the influence of favorable international market conditions for the main Russian export goods. Against the backdrop of a significant current account surplus in conditions of moderate investment demand in the economy, the prerequisites have emerged for intensifying the export of private capital.

The increase in international reserves taken into account in the balance of payments in January-September 2012 amounted to 21.1 billion. US dollars. The main factors for the increase in reserve assets were interventions in the foreign exchange market, receipts of funds from the placement of Eurobonds by the Russian Ministry of Finance and the sale of a stake in Sberbank of Russia OJSC, the transfer of customs duties, as well as other operations of the Government of the Russian Federation and the Bank of Russia.

Taking into account currency and market revaluations, as well as other changes, the international reserves of the Russian Federation as of October 1, 2012 amounted to 529.9 billion US dollars.

In the context of increased exchange rate flexibility, the accumulation of net international reserves by the Bank of Russia slowed down, the increase of which in January-September 2012 amounted to 21.5 billion US dollars (for the same period in 2011 - 24.3 billion US dollars). The reduced role of the currency channel in the formation of the monetary base was reflected in a reduction in the emission effect of foreign exchange interventions to 0.2 trillion. rubles in January-September 2012.

Under the current conditions, the increase in money supply on the part of monetary authorities was mainly due to the expansion of gross credit to banks, the increase of which in the nine months of this year amounted to 1.2 trillion. rubles

Taking into account the decisions made by the Bank of Russia and the current macroeconomic situation, certain indicators of the monetary program for the current year were clarified. An assessment of the monetary program indicators for 2012 is given in Table 2.

Table 2 - Assessment of indicators of the monetary program for 2012 (billion rubles)

				Growth for 2012 (estimate)
Monetary base (narrow definition) Cash in circulation (outside the Bank of Russia) Required reserves
Net international reserves - billions of US dollars
Net Domestic Assets
Net credit to the general government Net credit to the federal government Balances of consolidated budgets of constituent entities of the Russian Federation and state extra-budgetary funds in accounts with the Bank of Russia
Net credit to banks Gross credit to banks
Correspondent accounts of credit institutions, bank deposits with the Bank of Russia and other instruments for absorbing free banking liquidity
Other pure unclassified acts

When making decisions on interest rate policy, the Bank of Russia focuses on medium-term assessments of inflation risks, the dynamics of inflation expectations, assessments of economic growth prospects, and also takes into account changes in other factors. We take into account the absence of a significant impact on inflation from the demand side while aggregate output remains close to its potential level, the non-monetary nature of the short-term slowdown in inflation in the first half of this year and its growth in the second half of the year, as well as the tightening of monetary conditions.

Based on the analysis of these and other factors, the Bank of Russia in January-August 2012 did not change the direction of monetary policy - the refinancing rate and interest rates on main operations (except for rates on currency swap transactions) were maintained at the level established with December 26, 2011. In the third quarter of 2012, against the backdrop of rising inflation and inflation expectations, the risks of exceeding the Bank of Russia's medium-term inflation targets increased. Therefore, the Bank of Russia decided to increase the refinancing rate and interest rates on its operations by 0.25 percentage points from September 14, 2012.

In October 2012, the Bank of Russia, taking into account the stabilization of the growth rate of credit to the economy and signs of cooling in business activity, kept rates on its operations unchanged.

In order to increase the effectiveness of interest rate policy, during the period under review, the Bank of Russia made decisions aimed at limiting fluctuations in short-term interbank market rates and improving the operational procedure of monetary policy. Interest rates on Bank of Russia operations in 2012 are shown in Table 3.

Table 3 - Interest rates on Bank of Russia operations in 2012 (% per annum)

	tool	Tool		Bet value with
Providing liquidity		Overnight loans
		Currency swap transactions
		Pawn loans	1 day, 1 week
		Direct repo
		Gold-backed loans	Up to 90 days
			From 91 to 180 days
			From 181 to 365
		Loans secured by non-marketable assets or guarantees	Up to 90 days
			From 91 to 180 days
			From 181 to 365
	Operations on open (minimum interest	Direct repo auctions
		Lombard auctions, direct repo auctions
Liquidity absorption	Operations on open (maximum interest	Deposit auctions
	Standing operations (at fixed interest rates)	Deposit operations	1 day, 1 week, 1 demand
For reference:
Refinancing rate 8.00 8.00 8.25

In June 2012, by decision of the Board of Directors of the Bank of Russia, interest rates on currency swap transactions were reduced (to 6.5% for the ruble part of transactions and to 0% for the foreign currency part of transactions). The revision of interest rates on currency swap transactions helped maintain money market rates during periods of growing market tensions within the Bank of Russia interest rate corridor.

Changes in the liquidity state of the banking sector had a significant impact on the dynamics of short-term interest rates on the money market. The accumulation at the end of 2011 of a significant amount of funds in correspondent and deposit accounts of credit institutions (due to the seasonal increase in budget expenditures in December), as well as an increase by the end of the year in the debt of credit institutions on medium-term refinancing operations led in January-February 2012 to a noticeable increase in the level of banking liquidity. As a result, during this period, short-term interbank market rates were close to the fixed rate on deposit operations of the Bank of Russia, which forms the lower limit of the interest rate corridor. In 2012, the situation on the Russian interbank loan market (IBC) remained stable. The average monthly spread between the rate on loans to banks with a speculative credit rating MIACR-B and the rate on loans to banks with a high credit rating MIACR-IG on overnight ruble interbank loans in January-September 2012 did not exceed 45 basis points. The share of overdue debt on ruble interbank loans placed with resident credit institutions in January-September 2012 was no more than 0.5%. In the first and third quarters of 2012, non-price conditions for bank lending for the main categories of borrowers changed differently. In the consumer lending segment, banks increased the maximum loan term and volume. There was also some relaxation of the requirements for the financial position of the borrower and loan collateral. In the segment of lending to non-financial organizations, banks pursued a more cautious policy, tightening requirements for the financial position of borrowers - legal entities, especially large corporate borrowers.

The maximum term and volume of the loan almost did not increase, and in some periods they decreased.

Institute of Economics and Management (SP) FGUAO VO “KFU named after V.I. Vernadsky"

4th year student

Sribnaya Ekaterina Andreevna, Institute of Economics and Management (SP) KFU named after V.I. Vernadsky", Republic of Crimea, Simferopol, Ph.D. in Economics, Associate Professor of the Department of Public Finance and Banking

Annotation:

This article examines the dynamics of assets and liabilities of the balance sheet of the Central Bank of the Russian Federation, analyzes the dynamics of the operations of the Central Bank of the Russian Federation to provide secured loans, and examines the dynamics of deposit operations and repo operations of the Central Bank of the Russian Federation for the period 2014-2016.

In this article, the dynamics of the assets and liabilities of the balance of the Central Bank of the Russian Federation has been analyzed, the dynamics of the operations of the Central Bank of the Russian Federation in providing secured loans have been analyzed and the dynamics of deposit operations and REPO operations of the Central Bank of the Russian Federation for the period 2014-2016 have been examined.

Keywords:

money-credit policy; central bank; assets; passive; balance; credit; deposit operations

money-credit policy; central bank; assets; Liability; balance; credit; Deposit operations

Introduction

The monetary policy of the Central Bank of the Russian Federation for 2014-2016 was determined by changes in the economic situation in the Russian Federation: 1) sanctions imposed by the United States and the European Union against the Russian Federation; 2) changes in export and import cash flows; 3) decrease in GDP of the Russian Federation; 4) instability of the national currency exchange rate; 5) an increase in the price level in the country; 6) a decrease in the efficiency of the banking system of the Russian Federation.

Relevance

During the period 2014-2016, unfavorable trends in the development of the global economy continued, which was due to political factors, as well as a decline in economic development in all countries. The recession in the eurozone, as well as weak demand in the economies that contribute most to global consumption, have led to slower GDP growth in emerging markets. All this led to a decrease in the growth rate of global consumption in the world, which slowed down the use of primary resources.

The Central Bank of the Russian Federation develops a course of monetary policy depending on the influence of external and internal factors, on the state of the Russian economy and the world economy, as well as depending on the short-, medium- and long-term prospects for economic development.

Purpose This article is an analysis of the monetary policy of the Central Bank of the Russian Federation.

In accordance with the set goal, the following solutions were solved in the work: tasks:

1. The dynamics of assets and liabilities of the balance sheet of the Central Bank of the Russian Federation for the period 2014-2016 was studied.

2. The dynamics of the operations of the Central Bank of the Russian Federation to provide secured loans for the period 2014-2016 is analyzed.

3. The dynamics of deposit operations and repo operations of the Central Bank of the Russian Federation for the period 2014-2016 are considered.

Materials and methods: research and subsequent conclusions were based on the studied material, legislative acts, textbooks and scientific articles of domestic and foreign scientists on relevant issues.

In the process of writing the article, we used the following methods of scientific knowledge:

1. Abstractions and specifications (in the study of the dynamics of assets and liabilities of the balance sheet of the Central Bank of the Russian Federation for the period 2014-2016).
2. Methods of analysis and synthesis (when analyzing the dynamics of operations of the Central Bank of the Russian Federation to provide secured loans and deposit operations and REPO operations of the Central Bank of the Russian Federation for the period 2014-2016).

Results:

G.G. Fetisov, O.I. Lavrushin note that monetary regulation in the state includes monetary, exchange rate and financial policies of the central bank. V.N. Shanaev emphasizes that government policies, including the economic policy of the state and the monetary policy of the central bank, must be consistent and should not contradict each other.

Dynamics of assets on the balance sheet of the Central Bank of the Russian Federation for the period 2014-2016. presented in Table 1.

Table 1

Dynamics of assets on the balance sheet of the Central Bank of the Russian Federation for the period 2014-2016.

Indicators
1. Precious metals
Growth rate of precious metals compared to December 1, 2014
Growth rate of precious metals compared to the previous year
2. Funds placed with non-residents and securities of foreign issuers
Growth rate of funds placed with non-residents and securities of foreign issuers compared to December 1, 2014
Growth rate of funds placed with non-residents and securities of foreign issuers compared to the previous year
3. Loans and deposits
Growth rate of loans and deposits compared to December 1, 2014
Growth rate of loans and deposits compared to the previous year
4. Securities
Growth rate of securities compared to December 1, 2014
Growth rate of securities compared to the previous year
debt obligations of the Government of the Russian Federation
Growth rate of debt obligations of the Government of the Russian Federation compared to December 1, 2014
Growth rate of debt obligations of the Government of the Russian Federation compared to the previous year
5. Requirements for the IMF
Growth rate of requirements to the IMF for the indicator as of December 1, 2014
Growth rate of claims to the IMF compared to the previous year
6. Other assets
Growth rate of other assets compared to December 1, 2014
Growth rate of other assets compared to the previous year
Total asset
Growth rate of all assets compared to December 1, 2014
Growth rate of all assets compared to the previous year

In the assets of the balance sheet of the Central Bank of the Russian Federation for the period 2014-2016. there was an increase in precious metals (by 79.20%), funds placed with non-residents and securities of foreign issuers (by 16.37%), claims on the IMF (by 82.18%), other assets (by 2546.69% ). There was also a decrease in loans and deposits (by 45.66%), securities (by 13.95%). This is explained by the fact that during this period the situation in the monetary, financial and foreign exchange markets stabilized, which allowed the Central Bank of the Russian Federation to increase gold and foreign exchange reserves and reduce debt to creditors. However, commercial banks faced a liquidity shortage, which was due to the outflow of liquidity from the banking sector due to an increase in the volume of cash in circulation due to increased payments to the population at the end of the year, as well as foreign exchange operations of the Central Bank of the Russian Federation for the sale of foreign currency funds within the framework of monetary policy.

At the end of 2015, the situation with bank liquidity depended on the dynamics of autonomous factors forming liquidity, as well as increased demand for bank reserves at the end of the year. This led to an increase in banks' debt to the Central Bank of the Russian Federation.

Dynamics of liabilities on the balance sheet of the Central Bank of the Russian Federation for the period 2014-2016. presented in Table 2.

table 2

Dynamics of liabilities on the balance sheet of the Central Bank of the Russian Federation for the period 2014-2016.

Indicators
1. Cash in circulation
Growth rate of cash in circulation compared to December 1, 2014
Growth rate of cash in circulation compared to the previous year
2. Funds in accounts with the Central Bank of the Russian Federation
Growth rate of funds in accounts with the Central Bank of the Russian Federation compared to December 1, 2014
Growth rate of funds in accounts with the Central Bank of the Russian Federation compared to the previous year
of which: Government of the Russian Federation
Growth rate of funds of the Government of the Russian Federation compared to December 1, 2014
Growth rate of funds of the Government of the Russian Federation compared to the previous year
resident credit institutions
Growth rate of funds from resident credit institutions compared to December 1, 2014
Growth rate of funds from resident credit institutions compared to the previous year
3. Funds in settlements
Growth rate of funds in calculations to the indicator of December 1, 2014
Growth rate of funds in calculations compared to the previous year
4. Obligations to the IMF
Growth rate of liabilities to the IMF compared to December 1, 2014
Growth rate of obligations to the IMF compared to the previous year
5. Other liabilities
Growth rate of other liabilities compared to December 1, 2014
Growth rate of other liabilities compared to the previous year
6. Capital
Capital growth rate compared to December 1, 2014
Capital growth rate compared to the previous year
Total liabilities

In the balance sheet liabilities of the Central Bank of the Russian Federation for the period 2014-2016. There was an increase in cash in circulation (by 2.77%), liabilities to the IMF (by 116.63%), and capital (by 294.82%). There was also a decrease in funds in accounts with the Central Bank of the Russian Federation (by 9.71%), funds in settlements (by 55.47%), and other liabilities (by 95.25%).

This is explained by the improvement of the situation in the foreign exchange market of the state, a decrease in fluctuations in the exchange rate of foreign currency against the ruble, as well as the floating exchange rate policy of the Central Bank of the Russian Federation. All of the above allowed the Central Bank of the Russian Federation to increase gold and foreign exchange reserves and increase the level of its sustainability and stability.

Dynamics of operations of the Central Bank of the Russian Federation to provide secured loans for the period 2014-2016. presented in Table 3.

Table 3

Dynamics of operations of the Central Bank of the Russian Federation to provide secured loans for the period 2014-2016.

Indicators
Intraday loans total, million rubles.
Growth rate of intraday loans compared to December 1, 2014
Growth rate of intraday loans compared to the previous year
Total overnight loans, million rubles.
Growth rate of overnight loans compared to December 1, 2014
Growth rate of overnight loans compared to the previous year
Lombard loans total, million rubles.
Growth rate of pawnshop loans compared to December 1, 2014
Growth rate of pawnshop loans compared to the previous year
Loans secured by assets and guarantees total, million rubles.
Growth rate of loans secured by assets and guarantees compared to December 1, 2014
Growth rate of loans secured by assets and guarantees compared to the previous year
Loans secured by gold total, million rubles.
Growth rate of loans secured by gold compared to December 1, 2014
Growth rate of gold-backed loans compared to the previous year