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ИД «Финансы и кредит»






Finance and Credit

Changes in the ruble exchange rate during the economic crisis: Consequences and effectiveness of the efforts undertaken

Vol. 27, Iss. 1, JANUARY 2021

Received: 3 December 2020

Received in revised form: 21 December 2020

Accepted: 11 January 2021

Available online: 28 January 2021


JEL Classification: O24

Pages: 113–128


Radima G. MAL'SAGOVA Moscow University for Industry and Finance “Synergy”, Moscow, Russian Federation


Tat'yana P. LISKOVETSKAYA Moscow University for Industry and Finance “Synergy”, Moscow, Russian Federation


Il'ya N. LENKOV Lomonosov Moscow State University, Moscow, Russian Federation


Subject. We consider the main trends and factors of changes in the Ruble exchange rate.
Objectives. The purpose of the study is to identify the consequences and effectiveness of measures taken to stabilize the Ruble exchange rate during the economic crisis, and reveal factors of Ruble appreciation.
Methods. The study rests on methods of systems analysis and synthesis, estimation techniques, the content analysis of literature and analytical data on the topic, statistical data analysis, graphical and regulatory methods.
Results. We considered the specifics of the exchange rate in Russia, its advantages and benefits for the economy. The paper considers the behavior of the Ruble to Dollar and Ruble to Euro exchange rates over the past ten years, and identifies the factors of changes. We analyze the dynamics of currency interventions by the Central Bank of Russia as a tool to support the Ruble exchange rate. We also review important factors of exchange rate formation in Russia, which can contribute to the strengthening of the Ruble exchange rate.
Conclusions. To stabilize the Ruble exchange rate, it is important to determine the main factors of exchange rate formation and the mechanism of their influence. In particular, we highlight such factors as the development of the country's export potential, attraction of investors to the purchase of Federal bonded loans, control over capital outflow abroad, liberalization of currency control, and greater public confidence in the national currency.

Keywords: exchange rate, economic crisis, currency intervention, Bank of Russia


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ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

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Vol. 27, Iss. 2
February 2021