The Central Bank of the Russian Federation Continues to Block Modernization and Development of the National Economy

The author argues that the policies of the Central Bank of the Russian Federation—in particular, its high refinancing rates, reliance on monetary means of fighting inflation, and use of the currency board system to regulate emission—contribute to the deindustrialization of the Russian economy, capital flight, and the investment and liquidity crises. He makes specific proposals for adapting the methods used by the CBRF to a nationally oriented macroeconomic policy, broadening its legally defined remit, and making it answerable to parliament and government.