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This paper analyzes the evolution of monetary policy in Russia, focusing on the period January 1992–December 1995. Special attention is given to the role of monetary policy instruments. Initially, policy was completely dominated by flows of credit from the Central Bank of the Russian Federation (CBR) to the budget, to enterprises, and to other republics in the ruble area. Over time these flows have been reduced and indirect monetary instruments have become key elements of monetary policy implementation.

Banks and Banking --- Money and Monetary Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: Government Policy and Regulation --- Economic History: Macroeconomics --- Growth and Fluctuations: Europe: 1913 --- -Socialist Institutions and Their Transitions: Financial Economics --- Comparative Studies of Particular Economies --- International Lending and Debt Problems --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Monetary Policy --- Banking --- Monetary economics --- Correspondent banking --- Credit --- Reserve requirements --- Bank credit --- Financial services --- Money --- Monetary policy --- Commercial banks --- Financial institutions --- Correspondent banks --- Banks and banking --- Russian Federation