«Fight against Inflation» and Problem of Investment Process in Our Country

The article examines the fact of chronical investment crisis in the real sector of the Russian economy and considers the main directions of anti-inflation policy of the Central Bank of Russia (CB) which exert downward pressure on the investment process in the country (understated amounts of the money supply that do not provide the real needs of the commodity circulation; almost non-regulated spillover from real sector into the financial gambling; non-working function of the banking system in transformation of savings into investments; ambiguity of the CB status and an increased level of ambiguity for Russian investors; mass closing of domestic commercial banks and stimulation of the inflow of foreign ones; lengthy ignorance of of possibilities of using emission means of financing investment processes in the country). The article gives acritical estimation of the success gained by CB in fight against inflation during the crisis period of 2013-2017. It examines two possible scenarios of CB activity reorganization depending on possible evaluations of this activity by the Russian government.