PRIORITY DIRECTIONS OF NATIONAL MONETARY POLICY IN THE CURRENT ECONOMIC CLIMATE

Abstract

Today's world economy is cyclical. Economic growth are followed by recessions or crises, caused by both negative phenomena in the economy, and various political solutions affecting the economic sector. The sanctions on Russia and decline in the world energy prices have caused a cut in budget funding and falls in foreign exchange earnings. Such negative changes in macroeconomic indicators have led to an increase in inflation, a reduction in lending operations, a decrease in real incomes of the population, an increase in the cost of imported equipment and components for domestic enterprises. Opposition to these negative phenomena can be reached by implementing indirect instruments of monetary policy efficiently. In today's difficult economic conditions, national development and recovery in the Russian economy recession directly depend on monetary policy. The challenges posed by the external environment require the rules and procedures improvements of monetary policy development and implementation in Russia and bringing them in line with the current development of world economic processes, the changing role of the domestic economy in the world and the domestic economic situation in the country. At the present stage, the main task of monetary policy is to ensure conditions for increasing business activity, reducing inflation and maintaining balance-of-payments, ensuring national macroeconomic balance. The sensitivity of the Russian economy to external influence manifested itself not only in the economic recession, but also in the reduction of GDP growth rates when there were good world commodity markets. Therefore, the further development of the Russian economy will depend on on the rapidity with which the economy can be reoriented to an investment-innovative growth model. To achieve the set goals, it is necessary to make a fundamental difference in the effectiveness of management and the level of responsibility for the management decisions made. It is extremely necessary to resuscitate the domestic production of the means of production, taking into account the most advanced technologies. The means of production must become competitive tahnks to the national scientific rearch. This should further contribute to the renewal of key productive assets and the reduction of dependence on restrictive measures with respect to access to advanced foreign technologies. The country will never become one of the top world economies unless it develops its science, its technologies and ensures national production with their achievements. Naturally, under capitalism only the owner of production decides how to organize his production process, but the state has indirect levers of influence on its decisions. The effectiveness of the measures developed depends to a large extent on the overall strategy of macroeconomic policy, the prospects for overcoming the sanctions restrictions in the economy. If a positive indicator is achieved, such as a structural shift in Russian exports from raw materials and energy in favor of the final product, and in the future science-intensive products and technologies, the priority objectives of monetary policy should be adjusted.