Monetary policy plays a key role in the country's economy, influencing the rate of economic growth. This necessitates specialized research to assess the effectiveness of the Bank of Russia's financial instruments in terms of their impact on economic stability and growth. The first part of the article highlights the need for additional research to assess the impact of the Bank of Russia's policy on economic growth, given the current ambiguity in the assessment of the Bank of Russia's monetary policy by various researchers. In the second part of the article, the author explains the purpose of the study, which was to assess the impact of the Bank of Russia's financial instruments on inflation to support recommendations for improving monetary policy. The third part of the article presents the materials and methods used to obtain the scientific results. In the fourth part, the author presents the results of a study assessing the impact of the key rate and money supply on inflation and economic growth. The author concludes that currently, increases in the key rate are accompanied by rising inflation and a decline in economic growth. Higher borrowing costs for businesses most likely contribute to higher production costs and subsequent price increases, which reduces the purchasing power of individuals and businesses and, possibly, leads to a further decline in demand. Higher deposit rates, coupled with high inflation, ultimately lead not to an increase in savings in household and business deposit accounts, but rather to an increase in their accounts payable for urgent payments. The excess of money supply growth over GDP growth exacerbates the country's inflation situation. The existing methodology for calculating inflation in the country is imperfect, requiring a revision by the Bank of Russia. In the fifth section of the article, the author provides recommendations for improving the Bank of Russia's monetary policy, including the need to assess the critical points of the key interest rate, which, when reached, do not encourage savings behavior but rather reduce the purchasing power of households and businesses, leading to higher prices and further inflation; stricter control over money supply issuance; monitoring the relationship between economic growth and money supply growth; and revising the Bank of Russia's inflation calculation methodology.