UDC 336.7
DOI: 10.36871/ek.up.p.r.2025.04.14.021
Authors
Stanislav V. Kurovsky,
Denis A. Mishin,
Higher School of Education
Olga L. Kozlova,
Krasnoznamensk City College, Moscow, Russia
Anastasia M. Kashirina,
Higher School of Entrepreneurship, Moscow, Russia
Daniil A. Arakelyan,
Synergy University, Moscow, Russia
Abstract
This article is devoted to the study of the realities and needs of the development of the national
monetary system of Russia. One of the areas of macroeconomic regulation for the purpose of a systemic
solution to urgent economic problems in Russia is the creation of a model of the financial and monetary
system that is adequate to the approaches to the transformation of the Russian economy and systemic
national modernization. It is also relevant to form a conceptual approach to creating an institutional basis
for the national monetary system of Russia, corresponding to the systemic national modernization of the
domestic financial system, the current concept of the impact of the national monetary system on reproduction. This allows us to take into account the macroeconomic goal of national modernization, as well as the content
of the concept of long-term socio-economic
development of the state, the main medium-term directions of
monetary policy. The purpose of the study is to identify the needs for changing the institutional basis of the
national monetary system of Russia. The main results of the study:
1) the parameters of the national monetary system of Russia are analyzed;
2) the current state of the national monetary system of Russia and the key directions of monetary policy
for 2025–2027 are characterized;
3) the needs for changing the institutional basis of the national monetary system of Russia are identified.
Research materials: statistical data of the Bank of Russia on the state of the money supply, monetary
aggregates, cash and non-cash money circulation for the time period 2000–2024, socio-economic
development
of Russia for the time period 2000–2024, key directions of monetary policy for 2025–2027 developed by the
Bank of Russia. Research methods: systematization, comparative analysis, contrastive analysis, analysis of
statistical time series, generalization, abstract logical method, induction, deduction, systems approach, data
conceptualization, graphical and tabular data visualization. Main conclusions of the study:
1) the stability of the national monetary system of Russia, the logic of its modern development, based
on the methodological and conceptual framework, are fundamental points for choosing the course of modern
and prospective development of the financial sector, creating effective directions for subsequent reform of the
national monetary system of Russia;
2) the main sources of broad money supply in the national system of Russia: claims of the domestic
banking sector on households and companies (on the real sector of the Russian economy), net claims of the
domestic banking sector on the public sector, net foreign assets of the Central Bank of the Russian Federation
and financial and credit institutions;
3) the basic scenario of the monetary policy of the Bank of Russia implies that the development of the
international economy will continue in the context of existing trends, a significant slowdown in the world
economy is not expected, and this will support domestic exports. At the same time, the ongoing international
pressure will to a certain extent restrain foreign trade activity, increase transaction costs;
4) the problems existing in the development of the national monetary system of Russia determine the need
to change the key institutional components in order to stimulate systemic national modernization. Through
functional institutions, the national monetary system of Russia influences the processes of reproduction. At
the same time, it is advisable to reflect the monetary system as a system-forming
factor contributing to the
establishment of isomorphism between the components of the institutional framework.
Keywords
national monetary system of Russia, current state, parameters of the monetary system, monetary aggregates, money supply, institutional basis, requirements of the domestic banking sector
