Question

Помогите перевести на нормальный английский)) сам не смогу! В 2014 году экономическое развитие России претерпело большую неудачу, столкнувшись с многочисленными фундаментальными факторами, как внутреннего, так и внешнего характера проявления, что привело к ухудшению роста ВВП. В первую очередь, речь идет о влияние таких факторов, как курс российского рубля и цены на нефть. Первый привел к тому, что внутри экономики страны начался резкий рост индекса потребительских цен (инфляция), а объем ВВП начал изменяться в сторону снижения. Помимо этого, Банку России пришлось принять экстренные меры, к которым относились: повышение уровня процентной ставки (например, 15 декабря 2014 года было экстренное заседание ЦБ РФ, на котором было повышенно процентную ставку до 17%) [4]; интервенции на межбанковском валютном рынке, что привело к снижению международных резервов Банка России с 500 млрд. долларов до 350 млрд. долларов. Банковский регулятор задался целью стабилизировать валютный курс, но для решения данной проблемы ему пришлось действовать в одиночку, поскольку другие органы аппарата государственного управления были заняты вопросом снижения экспортной выручки России из-за обвала цен на нефть. В результате, экономика страны недополучила миллиарды долларов налогов. Выручка энергетического сектора РФ снизилась в разы, а это, в свою очередь, продолжало давить на макроэкономические показатели: ВВП, инфляция, личные финансы. По всем вышеперечисленным причинам денежно-кредитная политика Банка России изменилась кардинальным образом, ведь после стабильного периода восстановления экономики и финансовых рынков страны со временем мирового экономического кризиса 2008 – 2009 годов наступил неожиданный период «финансового шока». По этой причине, Банку России пришлось изменить свои ориентиры по поводу денежно-кредитной политики, где применялись различные инструменты в сумме, входящие в каналы трансмиссионного механизма. Ведь с учетом всего этого Банку России предстояла нелегкая задача, а именно: стабилизировать валютный курс российского рубля и снизить уровень инфляции в экономике страны. В конечном итоге, по итогам 2016 года, можно сделать смелые выводы о том, что ЦБ РФ удалось выполнить эту задачу. Каналы трансмиссионного механизма – это система показателей, изменяющихся под воздействием центрального банка и характеризующих влияние денежного предложения на экономику страны. Иными словами, трансмиссионный механизм денежно-кредитного регулирования - это механизм, посредством которого применение инструментов центрального банка влияет на экономику в целом и уровень инфляции, в частности. Банк России, согласно своей денежно-кредитной политике, применяет к действию четыре основных канала трансмиссионного механизма. К ним относятся: монетарный канал (изменение объема денежной массы); канал процентной ставки (изменение динамики процентной ставки); канал кредитования; канал валютного курса. Исходя из этого, ЦБ РФ использует инструменты денежно-кредитной политики, с помощью которых происходит стабилизация валютного курса рубля, сдерживает рост инфляции и стимулирует рост кредитования в банковском секторе страны. В первую очередь, Банк России использует уровни процентных ставок, с помощью которых идет сдерживающая или стимулирующая монетарная политика

Answer 1

In 2014, Russia's economic development has suffered a great setback, faced with numerous fundamental factors, both internal and external, which led to a deterioration in GDP growth.

First of all, we are talking about the influence of such factors as the exchange rate of the Russian ruble and the price of oil. The first led to a sharp increase in the consumer price index (inflation) within the country's economy, and the volume of GDP began to change towards a decrease. In addition, the Bank of Russia had to take emergency measures, which included:

an increase in the interest rate (for example, on December 15, 2014 there was an emergency meeting of the Central Bank of the Russian Federation, at which the interest rate was raised to 17%)

intervention in the interbank foreign exchange market, which led to a decrease in the international reserves of the Bank of Russia from 500 billion dollars to 350 billion dollars.

The bank regulator set out to stabilize the exchange rate, but to solve this problem, he had to act alone, because other government bodies were concerned with the issue of reducing Russia's export earnings due to a collapse in oil prices. As a result, the country's economy has lost billions of dollars in taxes. The revenue of the energy sector of the Russian Federation has decreased many times, and this, in turn, continued to put pressure on macroeconomic indicators: GDP, inflation, personal finance.

For all of the above reasons, the monetary policy of the Bank of Russia has changed dramatically, because after a stable period of economic recovery and financial markets of the country, with the time of the global economic crisis of 2008-2009, an unexpected period of "financial shock" has come.

For this reason, the Bank of Russia had to change its guidelines for monetary policy, where various instruments were used, in the amount included in the transmission mechanism channels. After all, taking into account all this, the Bank of Russia faced a difficult task, namely: to stabilize the exchange rate of the Russian ruble and reduce the level of inflation in the country's economy. Ultimately, following the results of 2016, it is possible to draw bold conclusions that the Central Bank of the Russian Federation managed to accomplish this task.

Transmission mechanism channels are a system of indicators that change under the influence of the central bank and characterize the impact of money supply on the economy of the country. In other words, the transmission mechanism of monetary regulation is the mechanism through which the application of central bank instruments affects the economy as a whole and the level of inflation, in particular.

The Bank of Russia, according to its monetary policy, applies to action the four main channels of the transmission mechanism. These include:

monetary channel (change in the volume of money supply);

interest rate channel (change in interest rate dynamics);

lending channel;

exchange rate channel.

Based on this, the CBR uses monetary policy tools that help stabilize the ruble's exchange rate, restrain inflation and stimulate credit growth in the country's banking sector.

First of all, the Bank of Russia uses interest rate levels, with which a restraining or stimulating monetary policy

Answer 2

In 2014, Russia's economic development has suffered a great setback, faced with numerous fundamental factors, both internal and external, which led to a deterioration in GDP growth.


First of all, we are talking about the influence of such factors as the exchange rate of the Russian ruble and the price of oil. The first led to a sharp increase in the consumer price index (inflation) within the country's economy, and the volume of GDP began to change towards a decrease. In addition, the Bank of Russia had to take emergency measures, which included:


an increase in the interest rate (for example, on December 15, 2014 there was an emergency meeting of the Central Bank of the Russian Federation, at which the interest rate was raised to 17%)
intervention in the interbank foreign exchange market, which led to a decrease in the international reserves of the Bank of Russia from 500 billion dollars to 350 billion dollars.

The bank regulator set out to stabilize the exchange rate, but to solve this problem, he had to act alone, because other government bodies were concerned with the issue of reducing Russia's export earnings due to a collapse in oil prices. As a result, the country's economy has lost billions of dollars in taxes. The revenue of the energy sector of the Russian Federation has decreased many times, and this, in turn, continued to put pressure on macroeconomic indicators: GDP, inflation, personal finance.


For all of the above reasons, the monetary policy of the Bank of Russia has changed dramatically, because after a stable period of economic recovery and financial markets of the country, with the time of the global economic crisis of 2008-2009, an unexpected period of "financial shock" has come.


For this reason, the Bank of Russia had to change its guidelines for monetary policy, where various instruments were used, in the amount included in the transmission mechanism channels. After all, taking into account all this, the Bank of Russia faced a difficult task, namely: to stabilize the exchange rate of the Russian ruble and reduce the level of inflation in the country's economy. Ultimately, following the results of 2016, it is possible to draw bold conclusions that the Central Bank of the Russian Federation managed to accomplish this task.


Transmission mechanism channels are a system of indicators that change under the influence of the central bank and characterize the impact of money supply on the economy of the country. In other words, the transmission mechanism of monetary regulation is the mechanism through which the application of central bank instruments affects the economy as a whole and the level of inflation, in particular.


The Bank of Russia, according to its monetary policy, applies to action the four main channels of the transmission mechanism. These include:


monetary channel (change in the volume of money supply);

interest rate channel (change in interest rate dynamics);

lending channel;

exchange rate channel.

Based on this, the CBR uses monetary policy tools that help stabilize the ruble's exchange rate, restrain inflation and stimulate credit growth in the country's banking sector.


First of all, the Bank of Russia uses interest rate levels, with which help is a restraining or stimulating monetary policy.

Answer 3

In 2014, Russia experienced a significant setback in its economic development, facing numerous fundamental factors of both internal and external nature, which led to a decline in GDP growth. The primary factors were the impact of the Russian ruble exchange rate and oil prices. The depreciation of the ruble caused a sharp increase in the consumer price index (inflation) within the country's economy, and the GDP started to decline. As a response, the Central Bank of Russia (CBR) had to take urgent measures, including raising the interest rates (for example, on December 15, 2014, there was an emergency meeting where the interest rate was raised to 17%) [4], and intervening in the interbank foreign exchange market, resulting in a decrease in Russia's international reserves from 500 billion dollars to 350 billion dollars.

The Central Bank aimed to stabilize the exchange rate, but it had to act alone as other government institutions were focused on addressing the decline in Russia's export revenues due to the plummeting oil prices. Consequently, the country lost billions of dollars in tax revenue, and the earnings of the Russian energy sector declined significantly, further pressuring macroeconomic indicators such as GDP, inflation, and personal finances. Due to all these reasons, the monetary policy of the Central Bank of Russia underwent a radical change, transitioning from a stable period of economic and financial market recovery after the global economic crisis of 2008-2009 to an unexpected period of "financial shock."

As a result, the Central Bank had to adjust its monetary policy goals and employ various instruments within the channels of the transmission mechanism. The transmission mechanism is a system of indicators that change under the influence of the central bank and characterize the impact of money supply on the country's economy. In other words, the monetary policy transmission mechanism is the mechanism through which the central bank's tools influence the overall economy and, in particular, the inflation level. The Central Bank of Russia, following its monetary policy, implements four main channels of the transmission mechanism: the monetary channel (changing the money supply), the interest rate channel (altering the dynamics of interest rates), the credit channel, and the exchange rate channel.

Thus, the Central Bank of Russia uses monetary policy instruments to stabilize the ruble's exchange rate, contain inflation growth, and stimulate credit expansion, ultimately aiming to foster economic growth. As a result, by the end of 2016, it can be boldly concluded that the CBR managed to achieve these objectives.