Master class for students of accounting and financial faculty with representatives of the Bank of Russia

On February 22, 2019 a master class was held for future financiers and tax specialists - students of the accounting and finance department, with the participation of representatives of the Bank of Russia. The leccturers of the department of financial management and banking professor Yulia Mikhailovna Sklyarova, associate professors Lyudmila Anatolyevna Latysheva and Elena Nikolaevna Lapina took part in the work.

A master class on the topic “Bank of Russia: the monetary policy of the Central Bank of Russia, key rate” was held by the head of the economic department of the Stavropol South Central Administration of the Central Bank of the Russian Federation Elena Viktorovna Yurkina. The expert told about the features of the monetary policy of the Bank of Russia, the existing risks and how to avoid them.

The students were presented a film about the history of the Bank of Russia, which next year marks 160 years, and about the first manager of the bank, Baron Alexander Ludvigovich von Stieglitz. The State Bank - the main bank in pre-revolutionary Russia - was established in 1860 in accordance with the decree of Alexander II on the basis of the reorganization of the State Commercial Bank. Simultaneously with the establishment of the State Bank, the emperor approved its Charter.

During the consideration of this topic, students have acquired competence in the field of monetary policy management, as part of the state economic policy aimed at improving the well-being of Russian citizens.

The Bank of Russia implements its monetary policy under the inflation targeting regime, and its priority is to ensure price stability, that is, consistently low inflation. Taking into account the specifics of the Russian economy, a goal has been set - inflation is about 4% constantly.

Elena Viktorovna said that monetary policy affects the economy through interest rates, its main parameter is the key rate of the Bank of Russia. Due to the time-bound nature of the monetary policy on the economy, the Bank of Russia, when making decisions, proceeds from the forecast of economic development and risk assessment to achieve the inflation target in the medium-term time horizon, and also takes into account possible risks to the sustainability of economic growth and financial stability.

The Bank of Russia conducts an active information policy, explaining the reasons and expected results of its decisions in the field of monetary policy, the understanding of which by the general public is of great importance for increasing the effectiveness of Bank of Russia measures.

Then Elena Viktorovna summed up the conversation and answered the questions of interest, the students thanked her for the informative presentation. In turn, Elena Viktorovna invited them on a tour and to practice at the Stavropol Branch of the Southern Central Administration of the Central Bank of the Russian Federation. 

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