Author(s)

Tianqi Wang ¹

Affiliation(s)

¹ Beijing Wuzi University, No. 1 Fuhe Street, Tongzhou District, Beijing, China

Corresponding Author

Tianqi Wang

ABSTRACT

This paper first analyses the strengths and weaknesses of the Central Bank of Russia from two perspectives, the organisational structure and the decision-making mechanism. Crude oil prices rose under the influence of the Russian-Ukrainian war, and for the Russian economy, which is highly tied to the price of oil. The main objective of the policy implementation of the Central Bank of Russia is to adjust the exchange rate and to position the inflation rate in Russia at 4% to keep the economy running smoothly. Finally, the paper concludes that the Central Bank of Russia has to adopt both centralised and decentralised decision-making strategies, both of which are crucial as they help to make effective and accurate decisions that help to achieve the bank's goals and objectives.

KEYWORDS

Central Bank of Russia, Decision-Making Process, Monetary Policy, Independence Economic Impacts

CITE THIS PAPER

Tianqi Wang, The Central Bank of the Russian Federation. Financial Engineering and Risk Management (2024) Vol. 7: 1-4. DOI: http://dx.doi.org/10.23977/ferm.2024.070101.

REFERENCES

[1] Canuto, O. (2022). War in Ukraine and risks of stagflation. Policy Center for the New South. https://www. policycenter. ma/sites/default/files/2022-03/PB_18-22_Canuto_0. pdf.
[2] Bank of Russia (2023). Organisational Structure, Structural Units of the Bank of Russia. https://www. cbr. ru/eng/about_br/publ/ondkp/on_2024_2026/
[3] Kotova, V. G. (2002). The Central Bank of the Russian Federation: Status, Functions, and Authority. Problems of Economic Transition, 45(6), 6-37.
[4] Cline, W. (2023). Fighting the pandemic inflation surge of 2021-2022. Economics International Inc., Working Paper, DOI:10.2139/ssrn.4408811.
[5] OECD (2023). The intergovernmental fiscal outlook and the implications of Russia's war against Ukraine, high energy prices and inflation. OECD Working Papers on Fiscal Federalism, https://doi.org/10.1787/3623ab61-en.
[6] Macchiarelli, C., Naisbitt, B., Boshoff, J., Hurst, I., Liadze, I., Mao, X., ... & Thamotheram, C. (2022). Global Economic Outlook Inflation prompts policy normalisation. National Institute Economic Review, 259.
[7] Malakhovskaya, O., & Minabutdinov, A. (2014). Are commodity price shocks important? A Bayesian estimation of a DSGE model for Russia. International Journal of Computational Economics and Econometrics, 4, 148–180.
[8] Frankel, J. A. (2005). Peg the export price index: A proposed monetary regime for small countries. Journal of Policy Modeling, 27, 495–508.
[9] Andrej Drygalla, Monetary policy in an oil-dependent economy in the presence of multiple shocks Accepted: 8 April 2022 / Published online: 12 May 2022 © The Author(s) 2022 Review of World Economics (2023) 159:185–214 https://doi.org/10.1007/s10290-022-00466-1.
[10] Benzaabar, Y. (2023). Short-and long-term implications of economic sanctions against Russia imposed after 24-th of February 2022 (based on the Business Media Network case) (Doctoral dissertation, Private Higher Educational Establishment-Institute "Ukrainian-American Concordia University"). 
[11] Bank of Russia (2023). Annual inflation speeds up in most regions in October. 20 November 2023 News.

Sponsors, Associates, and Links

---

• Information Systems and Economics
  
  
• Accounting, Auditing and Finance
  
  
• Industrial Engineering and Innovation Management
  
  
• Tourism Management and Technology Economy
  
  
• Journal of Computational and Financial Econometrics
  
  
• Accounting and Corporate Management
  
  
• Social Security and Administration Management
  
  
• Population, Resources & Environmental Economics
  
  
• Statistics & Quantitative Economics
  
  
• Agricultural & Forestry Economics and Management
  
  
• Social Medicine and Health Management
  
  
• Land Resource Management
  
  
• Information, Library and Archival Science
  
  
• Journal of Human Resource Development
  
  
• Manufacturing and Service Operations Management
  
  
• Operational Research and Cybernetics