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Floating exchange rate of the russian ruble: myth or reality?
https://doi.org/10.32609/0042-8736-2014-2-50-67
Abstract
Active globalization of the Russian economy has required more flexible exchange rate policy. By 2015, the Bank of Russia plans to finish transition to the floating exchange rate. Though the regulator has been aspiring to achieve this goal since 2007, the exchange rate policy’s mechanism has been changed only after sharp deterioration of external economic conditions in 2008—2009. Expanding bounds of a currency corridor and reducing volumes of carried out interventions, the Bank of Russia continues to weaken the influence on internal currency market, limited to leveling the speculative expectations of economic agents. Stages and reached results of this major transformation of exchange rate policy are investigated in the article.
Keywords
exchange rate policy,
exchange rate regime,
currency interventions,
Bank of Russia,
money supply,
balance of payment
JEL: F31, E44, E52, E58
About the Author
A. Kiyutsevskaya
Gaidar Institute for Economic Policy (Moscow, Russia)
Russian Federation
Russian Federation
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Review
For citations:
Kiyutsevskaya A. Floating exchange rate of the russian ruble: myth or reality? Voprosy Ekonomiki. 2014;(2):50-67. (In Russ.) https://doi.org/10.32609/0042-8736-2014-2-50-67
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