SYSTEM DRIVERS OF THE RUBLE
Based on the author's conceptual approach to modeling the equilibrium exchange rate based on international flows (international flows equilibrium exchange rate, IFEER) in the medium term, we focus on the dynamic dependence of the ruble exchange rate in the system of fundamental macroeconomic factors. It is highlighted as the main reasons for the fall of the ruble during the reporting periods, a significant drop in the actual export price of oil in international markets as a result of worsening global conditions. Also a significant impact on the result had the increase in consumer prices and decline in real GDP. The application of the results for macroeconomic regulation is discussed.