Central Bank of Russia
In his book “"The Unknown Policy of the Bank of Russia"” (2004), Dr. Martynenko made an overall analysis of the aims and methods used by Russia in a monetary policy in the early 1990s and of its socio-economic and political aftermath. He criticized the activity and ideology of the Central Bank of Russia and the Russian Government in a monetary sphere including the formation of an effective banking system and interaction of the Central Bank of Russia with commercial banks. The author suggests an entirely new concept for carrying out a currency issue which supposes a refusal of any provision for a currency issue by the Central Bank of Russia. On the contrary, the volumes of currency issue released by the Central Bank of Russia must themselves serve as a provision (through refunding and deposit insurance) for credit-and-monetary issues of commercial banks. The currency issue of the Central Bank of Russia must be used to meet the current monetary liabilities of commercial banks before creditors and depositors.