Editor's Introduction: Russia's Monetary Policy

摘要

This issue of Problems of Economic Transition deals with various aspects of the monetary policy of the Central Bank of the Russian Federation and its effect on economic stability, inflation, and the structure of the Russian economy. Dramatic economic events in post-Soviet Russia led to periods of very high inflation rates followed by stabilization. The role of the Central Bank is not clearly defined in Russia's present economic environment. Due to a very low level of trust in the local currency (ruble), the Central Bank cannot afford to loosen monetary policy and has to fight devaluation expectations. To keep inflation rates low and the ruble exchange rate stable, the bank uses management of the money supply, rather than the interest rate, as the dominant monetary policy tool.