Importance The article analyzes the decisions taken by the Central Bank of Russia in terms of the Russian monetary policy. The article illustrates negative consequences and implications leading to appreciation of loans, influence on price growth and inflation expectations, further conversion of money into commodities as part of the expanded reproduction process. Results The research reveals that economic slowdown originates from ineffective structure of the economy, and inability to manufacture competitive products. Notwithstanding that economic restructuring goals have been set since 2000 through full technological renewal, there were no results that would be statistically significant. The existing methods and tools used to achieve the goals proved to be inefficient and inappropriate. The policy of the Central Bank, in the mid-run, will make a majority of responsible and large enterprises to terminate their business activity, with medium-sized and smaller businesses tending to the shadow economy. In this respect, we outline the principle aspects for further economic development of the Russian entrepreneurship. Conclusions and Relevance It is necessary to note an increase in the Russian economic potential locally and regionally, and in relation to medium-sized and smaller businesses. It is important to improve the autonomy of executive authorities in Russia and reduce the dependence of consolidated budgets of the Russian regions on financial aid from the federal budget. Pursuing target indicators needed to ensure the market regulation of the relevant activities, there is a need in making decisions to upgrade the production and to set up hi-tech workplaces on this basis. As for the most challenging issues, we should mention the absence of economic motivation to raise private funds in the segment of professional and hi-tech talent, restricted access to the distribution markets for small and medium-sized businesses, mostly, as part of State orders, and administrative barriers to domestic manufacturers.
Keywords: ruble devaluation, key interest rate, Central Bank, business stagnation, monetary policy, budgetary and fiscal policy, small and medium-sized businesses
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