Differentiation of interest rates of the Russian banking system as a reflection of the transmission mechanism of monetary policy

The aim of the work is to analyze the impact of differentiation of bank interest rates on the expansion of the degree of influence of the transmission mechanism of the monetary policy of the Bank of Russia. These changes also reflect the interest rates of the banking system, various research methods have been used: based on the methods of analysis and synthesis, trends in changes in deposit, credit and interbank interest rates have been identified; from the standpoint of the dialectical transition of quantity to quality, the differentiation of interest rates in the banking system is considered as a way to increase the degree of action of the transmission mechanism; statistical and correlation analysis are used to research on the role of the main types of interest rates in the functioning of banks. There is an increase in the Bank of Russia’s attention to controlling inflation, primarily through changes in the key rate. The key rate of the Bank of Russia has a direct impact on deposit rates. Next, loan rates and interbank interest rates are formed. All these changes affect the structure of monetary aggregates and the amount of money supply. Inflationary processes and the situation in the real sector of the economy also have an impact on the differentiation of interest rates, creating conditions for the flow of funds from economic entities from the money market to the financial market, increasing demand for securities and vice versa. Rates, in turn, affect the attractiveness of savings, consumption and investment. On this basis, the impact on the real sector of the economy is formed, ultimately changing the value of gross domestic product. All these relationships reflect the transmission mechanism of monetary policy. The basis of this mechanism is bank interest rates.