It is essential to create a system based on specific criteria to assess the effectiveness of the monetary policy implemented by the Central Bank. A broad-spectrum methodology based on both quantitative and qualitative indicators should be applied for efficiency evaluation. These indicators should encompass the functionality of the operational mechanism of monetary policy, the level of liquidity in the banking sector, the management of inflation expectations, the regulation of economic activity, and the impact of interest rate policy on the real sector. The Central Bank guides financial markets by influencing the growth rate of the monetary base, the interest rates on refinancing instruments for banks, reserve requirement norms, and prudential regulations. Furthermore, by regulating banks' active operations through administrative measures, it influences the demand and supply in financial markets, exchange rate dynamics, as well as the efficient allocation of economic resources through interest rate policy. This approach, in turn, serves to ensure the sustainability of economic growth, control inflation, and maintain overall macroeconomic stability. The evaluation of the effectiveness of monetary policy should not be limited to nominal indicators but should also consider the long-term dynamics of key macroeconomic indicators such as economic growth, inflation, and unemployment.