KEY RATE BANK OF RUSSIA AS AN INSTRUMENT REGULATING THE BANKING LIQUIDITY: CHALLENGES AND OPPORTUNITIES
The subject of this article is to study the application of the key rate in the process of regulation of bank liquidity, its participation in the elimination of the consequences of the deficit and surplus of liquidity, as well as the stabilization of rates in the interbank market. The efficiency of the use of the key rate in terms of monetary policy of the Bank of Russia was evaluated by using linear regression model. It was concluded on the absence of pronounced an autonomous effect of instrument, its weak influence on the money supply in circulation and loss of it effectiveness in terms of liquidity surplus. Recommendations aimed at overcoming the identified contradictions.