Refinancing commercial banks as a tool of the money and credit policy of the bank of Russia

This article is devoted to the issues related to the modern approaches of the Central Bank of Russia to the refinancing of commercial banks. The author examines in detail the essence of such an instrument of monetary policy as refinancing, including its forms and types. The article presents an analysis of the volume of loans to commercial banks through refinancing for 2015-2017. And also the problems preventing more effective use of the considered instrument of monetary policy of the Bank of Russia are analyzed in detail.