Finance and credit ISSN 2311-8709 (Online) ISSN 2071-4688 (Print) THE ROLE OF DOMESTIC SAVINGS IN FINANCING THE RUSSIAN ECONOMY Aleksandr N. SUKHAREV, Aleksandr A. GOLUBEV Abstract The aim of the article is to discuss the processes of formation, redistribution and use of domestic sources of the Russian economy financing. <...> Today Russia has a high level of domestic savings and adequate levels of domestic financial resources. <...> The paper shows the role of the banking system (including individual lending institutions and the Central Bank of the Russian Federation) in redistributing financial resources in the economy, including the formation of net foreign investment. <...> In this regard, the paper includes a presentation of aggregate statistical data, which demonstrate the generation and use of financial resources by credit institutions, the Bank of Russia, and by the entire Russian banking system. <...> The authors emphasize the role of the Bank of Russia in accumulating domestic financial resources and their use in the regime of international reserves, which does not allow organizing an effective system of domestic lending to the national economy. <...> The authors provide statistical data characterizing the amount of savings in the budget system of the Russian Federation. <...> Today State financial reserves of the Government of the Russian Federation are accumulated in the Reserve Fund and the National Welfare Fund of the Russian Federation and placed with the Bank of Russia and Vnesheconombank. <...> Alferov V.T., Navoi A.V. Zoloto v strukture mezhdunarodnykh rezervov Rossiiskoi Federatsii: transformatsiya podkhodov k upravleniyu [Gold in the structure of international reserves of the Russian Federation: the transformation of management approaches]. <...> Bauer V.P., Litvinova E.M. Ekonomicheskaya bezopasnost’ i mezhdunarodnye rezervy Banka Rossii [Economic security and international reserves of the Bank of Russia]. <...> Bulatov A.S. K voprosu o transformatsii sberezhenii v investitsii [On the question of the transformation of savings into investments]. <...> Bulgakova L.G. Istochniki finansirovaniya investitsii v rossiiskoi ekonomike: tendentsii formirovaniya i napravleniya razvitiya [Sources of financing investments in the Russian economy: trends in building and areas of development]. <...> Ibatullin N.F. Usloviya i rezul’taty transformatsii sberezhenii naseleniya v investitsii [The conditions and results of transformation of household savings into investments]. <...> Segodnya i zavtra Rossiiskoi ekonomiki = Today and tomorrow of Russian economy, 2010, no. 37 <...>