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Analysis of Unconventional Liquidity Providing Facilities of the Bank of Russia


  • Trunin, Pavel

    () (Russian Presidential Academy of National Economy and Public Administration (RANEPA), Gaidar Institute for Economic Policy)

  • Vashelyuk, Natalia

    () (Russian Presidential Academy of National Economy and Public Administration (RANEPA))


The article examines the correspondence of present-day system of nonstandard refinancing tools used by Bank of Russia to the best practices of other central banks. We consider two main types of facilities: specialized Bank’s of Russia loans to commercial banks and longer-term operations. The study of nonstandard liquidity provision measures undertaken by the Bank of Russia revealed that the main challenges for the monetary policy implementation are enhancing the transparency of monetary policy, minimizing its distortional effects and appropriate risk management. Improvement in policy transparency could increase the level of credibility of monetary policy measures.

Suggested Citation

  • Trunin, Pavel & Vashelyuk, Natalia, 2015. "Analysis of Unconventional Liquidity Providing Facilities of the Bank of Russia," Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 1, pages 41-57, February.
  • Handle: RePEc:rnp:ecopol:e15111

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    References listed on IDEAS

    1. K. Yudaeva., 2014. "On the Opportunities, Targets and Mechanisms of Monetary Policy under the Current Conditions," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 9.
    2. Claudio Borio & Piti Disyatat, 2010. "Unconventional Monetary Policies: An Appraisal," Manchester School, University of Manchester, vol. 78(s1), pages 53-89, September.
    3. S. Drobyshevsky & P. Kadochnikov & S. Sinelnikov-Murylev., 2007. "Some Issues of Monetary and Exchange Rate Policy in Russia in 2000—2006 and in the Short-term Outlook," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 2.
    4. Kotaro Ishi & Kenji Fujita & Mark R. Stone, 2011. "Should Unconventional Balance Sheet Policies Be Added to the Central Bank toolkit? a Review of the Experience so Far," IMF Working Papers 11/145, International Monetary Fund.
    5. Bindseil, Ulrich, 2004. "Monetary Policy Implementation: Theory, past, and present," OUP Catalogue, Oxford University Press, number 9780199274543.
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