+7 925 966 4690, 9am6pm (GMT+3), Monday – Friday
ИД «Финансы и кредит»






Finance and Credit

On the need to transform the Central Bank of the Russian Federation

Vol. 29, Iss. 10, OCTOBER 2023

Received: 3 July 2023

Received in revised form: 27 July 2023

Accepted: 10 August 2023

Available online: 30 October 2023

Subject Heading: INVESTING

JEL Classification: E58

Pages: 2239–2252


Yurii A. KROPIN Financial University under Government of Russian Federation, Moscow, Russian Federation


Subject. This article deals with the issues related to the need to transform the institution of the central bank in the conditions of the modern monetary system, in particular, the Central Bank of the Russian Federation.
Objectives. The article aims to identify scientifically grounded ways of overcoming the existing contradictions in the regulatory framework of the Central Bank of the Russian Federation.
Methods. For the study, I used the methods of deduction and induction, integral sequence, the unity of the historical and the logical, and a number of other scientific methods.
Results. The article makes proposals to overcome the existing contradictions in the activities of the Central Bank of the Russian Federation, in particular, for example, that the Bank of Russia should protect and ensure the stability not of the ruble only, but of the entire monetary system of the country in accordance with the realities of contemporary times.
Relevance. The proposals made can be used as the basis for new regulatory documents regulating the activities of the Bank of Russia, and their implementation can significantly help intensify the economic activities of the Russian Federation.

Keywords: cash, monetary system, central bank, Bank of Russia, market monetary control


  1. Urazalieva D.Kh. [Central banks of foreign countries in the modern world]. Ekonomika i sotsium, 2020, no. 1, pp. 1043–1047. (In Russ.) URL: Link
  2. Gur'ev A.N. Denezhnoe obrashchenie v Rossii v XIX stoletii: istoricheskii ocherk [Money circulation in Russia in the nineteenth century: a historical essay]. Moscow, URSS Publ., 2nd ed., 2015, 264 p.
  3. Marx K. Kritika Gotskoi programmy [Kritik des Gothaer Programms]. Moscow, Politizdat Publ., 1980, 48 p.
  4. Lenin V.I. Gosudarstvo i revolyutsiya. Uchenie marksizma o gosudarstve i zadachi proletariata v revolyutsii [The State and Revolution]. Moscow, Politizdat Publ., 1973, 160 p.
  5. Kropin Yu.A. [To the issue of the “validity” of the Marxist Labor Value theory]. Finansy: teoriya i praktika = Finance: Theory and Practice, 2017, vol. 21, no. 4, pp. 22–29. URL: Link (In Russ.)
  6. Shpotov B.M. Rol' amerikanskogo kapitala v ekonomicheskom razvitii Germanii i SSSR v 1920–1930 gody. V kn.: Ekonomicheskie teorii i rynochnye reformy. Vyp. 5 [The role of American capital in the economic development of Germany and the USSR in 1920–1930. In: Economic theories and market reforms. Iss. 5]. Moscow, Institute of Economics RAS Publ., 2016, pp. 330–333.
  7. Klochkov D.A. [Legal nature of the Russian Central Bank]. Innovatsionnaya nauka, 2017, no. 2-2, pp. 113–118. (In Russ.) URL: Link
  8. Friedman M. Esli by den'gi zagovorili… [If Money Would Talk…]. Moscow, Delo Publ., 2nd ed., 2002, 160 p.
  9. Heyne P. Ekonomicheskii obraz myshleniya [The Economic Way of Thinking]. Moscow, Novosti, Catallaxy Publ., 1991, 704 p.
  10. Hayek F.A. Pagubnaya samonadeyannost'. Oshibki sotsializma [The Fatal Conceit: The Errors of Socialism]. Moscow, Novosti Publ., 1992, 302 p.
  11. Krolivetskaya V.E. [Modern money]. Zhurnal pravovykh i ekonomicheskikh issledovanii = Journal of Legal and Economic Studies, 2018, no. 3, pp. 18–20. URL: Link (In Russ.)
  12. Osipova O.G. [The role of foreign exchange reserves in the Russian macroeconomic policy]. Vestnik Tverskogo gosudarstvennogo universiteta. Seriya: Ekonomika i upravlenie = Bulletin of Tver State University. Series: Economy and Management, 2015, no. 3, pp. 170–175. URL: Link (In Russ.)
  13. Borisova A.I. [Problems of effective use of gold and foreign exchange reserves of Russia]. Via Scientiarum – Doroga Znanii, 2016, no. 1, pp. 7–13. URL: Link (In Russ.)
  14. Andryushin S.A., Rubinshtein A.A. [Monetary policy of the Bank of Russia in the context of new financial technologies]. Vestnik Instituta ekonomiki Rossiiskoi akademii nauk = Bulletin of the IE RAS, 2018, no. 5, pp. 37–50. URL: Link (In Russ.)
  15. Kropin Yu.A. Den'gi i sovremennaya denezhnaya sistema (s pozitsii rossiiskoi i nekotorykh drugikh shkol ekonomicheskoi mysli) [Money and the modern monetary system (from the standpoint of Russian and some other schools of economic thought)]. Moscow, KnoRus Publ., 2020, 194 p.
  16. Sokolinskaya N.E. (Ed.). Sovremennye problemy i perspektivy razvitiya finansovykh rynkov i bankov: monografiya [Modern problems and prospects for the development of financial markets and banks: a monograph]. Moscow, KnoRus Publ., 2021, 242 p.
  17. Shaker I.E. (Ed.). Sovremennaya teoriya i problemy razvitiya finansovykh rynkov i bankov: monografiya [Modern theory and problems of the development of financial markets and banks: a monograph]. Moscow, KnoRus Publ., 2023, 340 p.

View all articles of issue


ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

Journal current issue

Vol. 30, Iss. 5
May 2024