Валютная Политика России в Современных Экономических Условиях (Russian Exchange Rate Policy in Modern Economic Conditions)

Russian exchange rate policy has changed significantly over the past decades, which was manifested, among other things, in amount of use of certain policy instruments, depending on the exchange rate regime. The results of quantitative analysis show that during the period of inflation targeting, in comparison with the earlier period, there was an improvement in response of ruble to key interest rate and a decrease in dependence of ruble on the world commodity market. However, the macroeconomic shock, happened in the end of February 2022 had a significant impact on both exchange rate policy and sensitivity of exchange rate to its factors. In context of unbalanced influence of balance of payments items on the exchange rate, the effect of external and internal restrictions on cross-border capital movement and a pause in usage of usual monetary policy instruments, ruble exchange rate has become less interpretable indicator. Nevertheless, the authors believe that significance of ruble as an important parameter of monetary policy will remain as the acute phase of the economic crisis is overcome. The article was written on the basis of the RANEPA state assignment research programme