Subject. This article examines the currency relations formed under the influence of the monetary policy of the Bank of Russia, and the dynamics of the official exchange rate of the ruble against the US dollar and the exchange rate at purchasing power parity. Objectives. The article aims to investigate the impact of changes in exchange rates on the development of the Russian economy. Methods. For the study I used the methods of correlation, logical, and statistical analyses. Results. The article identifies the main objectives of the monetary policy of the Bank of Russia related to the strengthening of the devaluation of the Russian ruble. It reveals a correlation between the dynamics of the official ruble exchange rate and changes in macroeconomic indicators characterizing the economic security of Russia. Conclusions and Relevance. The current monetary policy of the Bank of Russia restrains the country's economic advancement. The results obtained can be used by government authorities when developing currency policy measures.
Keynes J.M. Obshchaya teoriya zanyatosti, protsenta i deneg. Izbrannoe [The General Theory of Employment, Interest and Money]. Moscow, Eksmo Publ., 2007, 960 p.
Brunet A., Guichard J.-P. Geopolitika merkantilizma: novyi vzglyad na mirovuyu ekonomiku i mezhdunarodnye otnosheniya [Geopolitics of Mercantilism: A New View on the World Economy and International Relations]. Moscow, Novyi khronograf Publ., 2012, 232 p.
Vasil'ev V.L., Mel'nikova M.I. [The role of currency exchange rate in the stabilization of macroeconomics]. Novaum.ru, 2018, no. 11, pp. 66–68. (In Russ.) URL: Link
Gergova Z.Kh., Akhobekova-Sonova R.V. [Factors influencing the change in exchange rates]. Tendentsii razvitiya nauki i obrazovaniya, 2020, no. 61-4, pp. 24–26. (In Russ.)
Gololobova V.S. [The role of monetary policy in the system of macroeconomic stability of the State]. Innovatsionnaya nauka = Innovation Science, 2021, no. 2, pp. 48–50. URL: Link (In Russ.)
Polivach A. [Influence of exchange rate on foreign trade indicators: methodological issues]. Mirovaya ekonomika i mezhdunarodnye otnosheniya = World Economy and International Relations, 2019, vol. 63, no. 11, pp. 17–25. URL: Link (In Russ.)
Bunevich K.G., Gorbacheva T.A. [The mechanism of currency regulation in modern conditions: theoretical aspect]. Vestnik Universiteta, 2021, no. 2, pp. 136–143. (In Russ.) URL: Link
Shcherbinin T.A. [The system of regulative instruments to ensure the financial sustainability of the national economy in the context of globalization]. Izvestiya vuzov. Severo-Kavkazskii region. Obshchestvennye nauki = University News. North-Caucasian Region. Social Sciences Series, 2015, no. 3, pp. 103–108. URL: Link (In Russ.)
Demidenko T.I., Zharkova Yu.S., Brichka E.I. [Indicators of economic risks in the indicator system of the Russian financial market: dynamics and role in ensuring the country’s economic security]. Putevoditel' predprinimatelya = Entrepreneur’s Guide, 2020, vol. 13, no. 2, pp. 69–78. (In Russ.) URL: Link
Abakumova D.M., Kalashnikova E.Yu., Latchina K.V. [Economic security of currency during pandemic period]. Vestnik Severo-Kavkazskogo federal’nogo universiteta, 2020, no. 2, pp. 17–24. URL: Link (In Russ.)
Tereladze D.I., Ekimova K.V. [Mechanisms for forming currency-financial crises in developing markets]. Uchenye zapiski Mezhdunarodnogo bankovskogo instituta = Proceedings of the International Banking Institute, 2020, no. 2, pp. 104–121. URL: Link (In Russ.)
Alifanova E.N., Evlakhova Yu.S. [Research of the structure of population savings and its operations in the credit and currency markets for assessment of Russian financial safety]. Finansovye issledovaniya = Financial Research, 2017, no. 3, pp. 23–32. URL: Link (In Russ.)
Poltoradneva N.L., Latypova M.V. [Foreign exchange difference as a source of finance for fiscal deficit of the Russian Federation]. Natsional'nye interesy: prioritety i bezopasnost' = National Interests: Priorities and Security, 2016, vol. 12, iss. 10, pp. 98–111. URL: Link (In Russ.)
Ermakova E.R. [Financial security in system of national security of the State]. Fundamental'nye issledovaniya = Fundamental Research, 2016, no. 5, pp. 324–328. URL: Link (In Russ.)
Arbuzov S.G., Golovnin M.Yu. [Stabilization of Russian foreign exchange market and economic security under current conditions]. Ekonomicheskoe vozrozhdenie Rossii = The Economic Revival of Russia, 2016, no. 2, pp. 104–110. URL: Link (In Russ.)
Ruchkina E.V., Lazarenko A.L. [Financial security of currency market]. Obrazovanie i nauka bez granits: fundamental'nye i prikladnye issledovaniya, 2016, no. 4, pp. 167–173. URL: Link (In Russ.)
Redina Yu.N. [Monetary power as a measure of soft power in the transformation of international monetary system]. Vestnik Bryanskogo gosudarstvennogo universiteta = Bryansk State University Herald, 2013, no. 3, pp. 229–232. URL: Link (In Russ.)
Kaigorodtsev A.A. [Some aspects of the maintenance of financial security of Russia]. Teoreticheskaya ekonomika = Theoretical Economics, 2019, no. 1, pp. 67–77. URL: Link (In Russ.)
Kucherov I.I. [The system of monetary circulation as object of financial security]. Vestnik Universiteta imeni O.E. Kutafina (MGYuA) = Courier of Kutafin Moscow State Law University (MSAL), 2017, no. 8, pp. 147–153. (In Russ.) URL: Link
Chernov V.A. [Geopolitical factors and financial policy of Russia]. Natsional'nye interesy: prioritety i bezopasnost' = National Interests: Priorities and Security, 2015, vol. 11, iss. 7, pp. 2–15. URL: Link (In Russ.)
Ricardo D. Nachala politicheskoi ekonomii i nalogovogo oblozheniya. Izbrannoe [On the Principles of Political Economy and Taxation]. Moscow, Eksmo Publ., 2007, 960 p.
