Importance The article deals with evaluation of the efficiency of the Russian monetary system and its indicators, which depend on changes in population's income, loans the Central Bank grants to commercial banks, changes in prices for goods and services, structure of raised funds, condition of cashless payment system, and interbank loans. Objectives Based on the analysis of macroeconomic indicators of the Russian monetary system, trends in the ratio of growth in money supply, money multiplier and its dependence on the compulsory reserve standard, we devised a method to make a comprehensive evaluation whether the Russian monetary system effectively functioned. Methods The research relies upon such general and special research methods as an analysis, synthesis, modeling, estimation and construction, economic and statistical method, systematization and generalization of theoretical and practical materials. Results We evaluated the efficiency of the Russian monetary system for the five recent years and determined its quantitative parameters. As the indicators show, the monetary policy tools are more flexible and adaptable to economic changes as compared with the State fiscal policy. In this respect, ongoing monitoring of money multipliers will help build the banking system mechanism and improve the efficiency of the entire monetary system, thus influencing the amount of investment, gross domestic product and money supply. Conclusions and Relevance The results of the research may be used by the Central Bank of Russia, Ministry of Finance of the Russian Federation for purposes of ongoing monitoring of the monetary system and evaluating its efficiency.
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