Evaluation of the Impact of the Bank of Russia Key Rate on the Commercial Banks’ Deposit Policy
https://doi.org/10.22394/1726-1139-2020-8-99-111
Abstract
The monetary policy of the Central Bank is in the sphere of interests of economists of various specializations. Determining the value of money in the economy, the money supply, and ensuring the effective functioning of the national payment system, the regulator has a significant impact on the state of the economy and determines the prospects for its development. One of the most important monetary policy instruments is the key rate. However, the efficiency of its application in different economies at different historical periods is different.
At the same time, commercial banks, being the core of the credit system, are extremely dependent on the volume and quality characteristics of accumulated deposits. Private clients’ deposits are an important resource for both short-term and long-term operations of credit organizations. In Russia, banks play a leading role in the financial market. In this regard, the evaluation of the impact of a key rate as an important monetary policy instrument on the banks’ deposit policy is of particular relevance in the current state of the Russian economy. Therefore, determining as an aim of the research the evaluation of the current impact of the Bank of Russia key rate on the Russian credit organizations’ deposit policy, the authors sorted out the necessary relevant data on interest rates and deposit volumes in Russian commercial banks in 2014–2018, assessed the strength of the relationship between the Bank of Russia key rate and banks’ deposit rates and the volume of deposits in the country, identified the problems of implementing monetary policy in Russia and evaluated the effectiveness of the key rate as the monetary policy tool.
About the Authors
M. N. Konyagina
Russian Presidential Academy of National Economy and Public Administration (North-West Institute of Management of RANEPA)
Russian Federation
Russian Federation
Maria N. Konyagina, Doctor of Science (Economics), Professor of Chair of Economics, Faculty of Economics and Finance
Saint-Petersburg
I. R. Meurmishvili
Russian Presidential Academy of National Economy and Public Administration (North-West Institute of Management of RANEPA)
Russian Federation
Russian Federation
Inga R. Meurmishvili, Master’s Degree student, Chair of Economics, Faculty of Economics and Finance
Saint-Petersburg
A. A. Dochkina
Russian Presidential Academy of National Economy and Public Administration (North-West Institute of Management of RANEPA)
Russian Federation
Russian Federation
Anna A. Dochkina, PhD in Economics, Associate Professor, Dean of the Secondary Vocational Education Faculty
Saint-Petersburg
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Review
For citations:
Konyagina M.N., Meurmishvili I.R., Dochkina A.A. Evaluation of the Impact of the Bank of Russia Key Rate on the Commercial Banks’ Deposit Policy. Administrative Consulting. 2020;(8):99-111. (In Russ.) https://doi.org/10.22394/1726-1139-2020-8-99-111
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