Modern Exchange Rate Formation in a Resource-Oriented Economy: The Institutional Dimension
There is an increasing need for in-depth theoretical and applied studies of the essence, structure and features of the formation of the exchange rate, the development of the mechanism of currency regulation in the Russian Federation, determining the degree of state regulation of currency relations, including due to the introduction of currency restrictions, clarifying the main criteria for the effectiveness of their application, as well as developing directions for improving the mechanism of currency regulation in the conditions of post-crisis economic development. The exchange rate is important for export- and resource-oriented economies, since it is significantly dependent on the conditions of foreign markets, and the receipt of foreign exchange earnings from exports is the most important fundamental factor in the supply of foreign currency in the domestic market. In this connection, the topic of this work is relevant and has practical significance at the present stage of the development of the Russian economy. The main purpose of this article was to consider the peculiarities of the formation of the exchange rate in a resource-oriented economy, which includes the Russian economy. The article uses general scientific methods analysis, synthesis, comparison, as well as a systematic approach to the study of information. The information base of the work was scientific publications on the formation of the exchange rate and currency policy, as well as information, analytical and statistical materials of the Bank of Russia. The value of the exchange rate for the economy is indicated. The main indicators of exchange rates and the main groups of factors affecting the national currency rate are described. The peculiarities of the formation of the exchange rate in the conditions of a resource oriented economy are revealed. The article describes the specifics of the formation of the exchange rate in the Russian Federation at the present stage.