-

Management of the Short-Term Interest Rate of the Money Market by the Bank of Russia and Interaction of the Monetary Authorities

Vyacheslav I. Morgunov – Leading Researcher of the Russian Presidential Academy of National Economy and Public Administration, Doctor of Economic Sciences, Professor (Moscow, Russia). E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

The management of the banking sector’s liquidity and the short-term money market interest rate by the Bank of Russia is influenced by the structural liquidity surplus and the operations of the Federal Treasury of Russia to place temporarily free budget funds in credit institutions. The interaction of the two branches of the monetary authorities in Russia can be improved in order to manage the short-term interest rate of the money market more effectively.

Key words: interest rate policy of the central bank, money market, key rate, Bank of Russia, Federal Treasury.

JEL-codes: E42, E43, E52, E58, E63.