Subject The article addresses inflation targeting as one of the tools of monetary policy. The international practice of the inflation targeting regime is rather relevant to modern Russia. Objectives In connection with the planned transition of Russia to inflation targeting regime in early 2015s, it is crucial to consider the nature of inflation targeting, the process of establishing the monetary system of the Russian Federation under financial instability. Methods We analyze major financials and their impact on the economic stability, the application of the inflation targeting regime in present-day Russia. The paper employs official statistics of the Bank of Russia, the Ministry of Finance of the Russian Federation, the Federal State Statistics Service, as well as academic studies on inflation targeting. Results The current international monetary system is unable to provide stability at both the national and the global level. Inflation targeting includes price stability as a long-term objective of the economic policy, public announcement of medium-term inflation rates, high-level transparency of implementing the plans of monetary authorities, enhanced responsibility of the Central Bank for attaining the ultimate goal of monetary control, and the proper information strategy. Conclusions Despite certain difficulties that emerged during the implementation of inflation targeting, this regime is indispensable for the Russian Federation in view of prompt measures to perfect it.
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