+7 495 989 9610, 9am6pm (GMT+3), Monday – Friday
ИД «Финансы и кредит»

JOURNALS

  

FOR AUTHORS

  

SUBSCRIBE

    
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

Subject Heading: MONETARY AND CREDIT RELATIONS

JEL Classification: O24

Pages: 113–128

https://doi.org/10.24891/fc.27.1.113

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

https://orcid.org/0000-0002-8004-178X

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

https://orcid.org/0000-0002-5078-0303

Il'ya N. LENKOV Lomonosov Moscow State University, Moscow, Russian Federation
Lenkov@spa.msu.ru

https://orcid.org/0000-0002-6094-3743

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

References:

  1. Samuilov N.S. [Factor analysis of the dynamics of the Ruble exchange rate]. Ekonomika i biznes: teoriya i praktika = Economy and Business: Theory and Practice, 2020, no. 11-3, pp. 63–68. (In Russ.) URL: Link
  2. Tetyushin A.V. [CBR Currency Interventions under the Conditions of the Coronavirus Pandemic and Drop of Oil Prices]. Ekonomika i biznes: teoriya I praktika = Economy and Business: Theory and Practice, 2020, no. 4-3, pp. 93–97. URL: Link (In Russ.)
  3. Bicheva E.E., Korosteleva M.N. [Special aspects of currency interventions in Russia under the coronavirus pandemic]. Modern Science, 2020, no. 12-4, pp. 38–40. (In Russ.)
  4. Sagin A.S. [The impact of the coronavirus pandemic on the Ruble exchange rate]. Nauchnyi elektronnyi zhurnal Meridian, 2020, no. 14, pp. 321–323. (In Russ.) URL: Link
  5. Barinov E.A. [Coronavirus: Impact on the economy and financial markets]. Putevoditel' predprinimatelya = Entrepreneur’s Guide, 2020, vol. 13, no. 2, pp. 111–118. (In Russ.) URL: Link
  6. Mironov D.S., Gorbunov A.A. [Place and role of innovation projects in overcoming raw material economic dependence]. Moskovskii ekonomicheskii zhurnal = Moscow Economic Journal, 2017, no. 3, p. 54. URL: Link (In Russ.)
  7. Shvetsova A.A. [Features of international reserves management in Russia]. Ekonomicheskie nauki = Economic Sciences, 2020, no. 186, pp. 26–32. URL: Link (In Russ.)
  8. Shvetsova A.A. [Management of international reserves of Russia in conditions of modern reality]. Studencheskii vestnik, 2019, no. 19-5, pp. 32–36. URL: Link.pdf (In Russ.)
  9. Bozhechkova A.V., Trunin P.V. [Russia's balance of payments in Q3 2020]. Ekonomicheskoe razvitie Rossii = Russian Economic Developments, 2020, vol. 27, no. 10, pp. 4–8. URL: Link (In Russ.)
  10. Bozhechkova A.V., Knobel' A.Yu., Trunin P.V. [Balance of Payments in 2019]. Ekonomicheskoe razvitie Rossii = Russian Economic Developments, 2020, vol. 27, no. 3, pp. 9–12. URL: Link (In Russ.)

View all articles of issue

 

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

Journal current issue

Vol. 27, Iss. 2
February 2021

Archive