Debates Around the Monetary Policy of the Bank of Russia

DOI: 10.33917/es-2.188.2023.50-55

Examines the monetary policy features in the context of the investment agenda. Current policy of the Bank of Russia is analyzed. Business profitability accounting in the monetary policy of the financial regulator contribute to the growth of Russian companies’ investment activity.


1. Lutsenko S.I. Dokhodnost’ biznesa i denezhno-kreditnaya politika [Profitability of Business and Monetary Policy]. Strategicheskie resheniya i riskmenedzhment, 2022, no 4, pp. 326–332.

2. Konstitutsiya Rossiiskoi Federatsii (prinyata vsenarodnym golosovaniem 12 dekabrya 1993 g. s izmeneniyami, odobrennymi v khode obshcherossiiskogo golosovaniya 1 iyulya 2020 g.) [The Constitution of the Russian Federation (adopted by popular vote on 12/12/1993 with amendments approved during the all-Russian vote on 07/01/2020)]. Ofitsial’nyi sait Prezidenta RF, available at:

3. Opredelenie Konstitutsionnogo suda RF ot 14 dekabrya 2000 g. no 268-O [Determination of the Constitutional Court of the Russian Federation of December 14, 2000 No. 268-O]. Vestnik Konstitutsionnogo suda RF, 2001, no 2.

4. Opredelenie Konstitutsionnogo suda RF ot 15 yanvarya 2003 g. no 45-O [Determination of the Constitutional Court of the Russian Federation of January 15, 2003 No. 45-O]. Vestnik Konstitutsionnogo suda RF, 2003, no 3.

5. Federal’nyi zakon ot 10 iyulya 2002 g. no 86-FZ “O Tsentral’nom banke Rossiiskoi Federatsii (Banke Rossii)” [Federal Law of July 10, 2002 No. 86-FZ “On the Central Bank of the Russian Federation (Bank of Russia)”]. Sobranie zakonodatel’stva RF, 2002, no 28.

6. Osnovnye napravleniya edinoi gosudarstvennoi denezhno-kreditnoi politiki na 2023 god i period 2024 i 2025 godov (utv. Bankom Rossii) [The main directions of the unified state monetary policy for 2023 and the period of 2024 and 2025 (approved by the Bank of Russia)]. Konsul’tantPlyus, available at:

7. Informatsiya Banka Rossii ot 24 maya 2019 g. “MVF nazval targetirovanie inflyatsii i gibkii obmennyi kurs odnimi iz klyuchevykh predposylok dlya povysheniya potentsiala rosta rossiiskoi ekonomiki” [Information from the Bank of Russia dated May 24, 2019 “The IMF called inflation targeting and a flexible exchange rate one of the key prerequisites for increasing the growth potential of the Russian economy”]. Vestnik Banka Rossii, 2019, no 34.

8. Informatsionnoe soobshchenie Banka Rossii ot 21 noyabrya 2019 g. “Missiya MVF zayavila o vazhnosti sokhraneniya v Rossii prochnoi makroekonomicheskoi osnovy” [Information message of the Bank of Russia dated November 21, 2019 “The IMF mission declared the importance of maintaining a solid macroeconomic foundation in Russia”]. Vestnik Banka Rossii, 2019, no 74.

9. Prikaz Minsel’khoza Rossii ot 19 marta 2014 g. no 83 “Ob utverzhdenii otraslevoi tselevoi programmy “Razvitie khlebopekarnoi promyshlennosti Rossiiskoi Federatsii na 2014–2016 gody” [Order of the Ministry of Agriculture of Russia dated March 19, 2014 no. 83 “On approval of the sectoral target program “Development of the baking industry of the Russian Federation for 2014-2016”]. Konsul’tantPlyus, available at:

Possibilities of investment support of the Republic of Uzbekistan and its regions

DOI: 10.33917/mic-5.94.2020.82-92

The article analyzes the current trends in the policy of investment support and its regional features. Conclusions are given on the level of development of the current state of investment activity in the Republic of Uzbekistan. The article analyzes the indicators characterizing the financial sources of investment in fixed assets: budgetary and extrabudgetary funds, investments guaranteed by the state, funds of enterprises and households, loans from commercial banks, foreign direct investment. As well as the results of investment activities in the regions of the country. Suggestions and recommendations are given to improve the efficiency of investment policy in the country. The results of the study can be used in the analysis and forecasting of structural changes in the country’s investment policy. It is concluded that investment support is a more voluminous economic concept than investment activity, representing a state of the economy, in which the possibility of satisfying the entire country is ensured. While investment support is a system and process that acts as a tool for achieving investment policy indicators. If it is organized correctly, then the conditions for sustainable economic development of the country and its regions are achieved.

Tax Burden as an Efficiency Indicator of Tax Incentives for Russia’s Modernization

#1. Choice of Identity
Tax Burden as an Efficiency Indicator of Tax Incentives for Russia’s Modernization

The article presents the author’s calculations of the tax burden in specific sectors of Russia’s economy. In result of the industry analysis of the tax burden in Russia the author identifies tendencies of inter-branch tax burden distribution. The article classifies directions of strategic tax reforms in Russia to implement the strategy of real innovative development and to enhance investment attractiveness of the economy.

Regions on the Edge of a Debtor’s Prison

#6. Territory Without Aims?
Regions on the Edge of a Debtor’s Prison

In developing the Russian regions rating methodological apparatus of “Strategic Matrix of the Russian Federation region” was used, developed by the International League of strategic management, assessment and accounting in partnership with the Institute for Economic Strategies. Its functional purpose is not simply to reflect the current level of the regions development. The main objective is to ensure the strategic planning process, allowing to take account of the market situation variability and to choose with high degree of reliability the optimal strategies of regional development from the number of available alternatives.

Forming Current Macroeconomic Policies Subject to Expectations (by the Example of the U.S. Federal Reserve System)

#2. The Ice Age

The crisis has shown that government together with the central bank can secure financial market stabilization by allocating additional funds to credit institutions for increasing risk reserves and mitigating effects of “toxic” assets accumulation.