Subject. The system of monetary policy instruments of the Bank of Russia in the context of an adaptive economy characterized by a high degree of uncertainty, structural imbalances, and variability in the functioning regimes of the money market. Objectives. Comprehensive theoretical and methodological substantiation of the directions for the integrated development of monetary policy instruments in an adaptive economy, and the formation of approaches to enhancing the effectiveness of monetary regulation through the coordinated application of key instruments for influencing the money market. Methods. Polymorphic, comparative, structural?functional, institutional, organizational, adaptive, and other tools of scientific cognition were employed. Results. It is substantiated that, in an adaptive economy, the effectiveness of monetary policy is determined not by the magnitude of a one?off interest rate signal, but by the quality of integration between liquidity regulation instruments, interest rate measures, and exchange rate measures. It is demonstrated that the integrated application of instruments makes it possible to minimize the deviations of short?term market rates from the key rate and to enhance the resilience of the money market in an unstable external environment. Conclusions. The key directions for improving the effectiveness of monetary regulation are the modernization of repo operations and deposit mechanisms, the expansion of the practice of issuing Bank of Russia bonds, the adaptive use of foreign exchange interventions, and the strengthening of coordination between monetary and fiscal policies.
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