EXCHANGE RATE POLICY OF BANK OF RUSSIA: EFFICIENCY OF IMPLEMENTATION
In modern conditions, a sound exchange rate policy of the state plays a central role. Its efficiency is the main factor in the stability of the national currency, the stability of the financial and credit system and the financial market, as well as the formation of the investment climate in the country and the development of international economic integration. Subject: the article examines the exchange rate policy of the Bank of Russia. Goal: the study of the main forms of implementation of the exchange rate policy of the Bank of Russia, such as discount, motto, currency restrictions, choice of the exchange rate regime, devaluation and revaluation, to analyze its effectiveness. Methodology: the methodological basis of the research was formed by formal logic and a systematic approach to the analysis of complex macroeconomic phenomena and processes. Result: the most effective instrument of the exchange rate policy of the Bank of Russia has been identified, it is the choice of the exchange rate regime. A floating exchange rate allows the Bank of Russia to conduct an independent monetary policy aimed at solving internal problems. Under the floating exchange rate regime, it becomes an integrated stabilizer: an increase in demand for currency or its supply from market participants as a result of a change in the interest differential lead to a corresponding change in the exchange rate, making speculative transactions unprofitable. A floating exchange rate also reduces the sensitivity of the economy to external shocks, softening its adaptation to changing external conditions.