A retrospective analysis of the use of monetary policy instruments in Russia

Abstract

The economic transformations taking place under the influence of modern global trends in financial globalization and integration generate shifts in the structure of monetary regulation. The purpose of this article is to summarize the existing theoretical approaches to the problem of formation and regulation of the exchange rate based on the study of the evolution of relevant theories and concepts. The current instruments of the monetary policy of the Russian Federation are considered, the features of the modern practice of currency regulation are revealed. The foreign policy factors influencing the mechanism of coordination of currency relations are formulated. The specifics of conducting currency transactions based on the trends in the development of the world economy are substantiated. The relationship between the balance of payments and the exchange rate is investigated. A macroeconomical assessment of statistical data on the structure and dynamics of the balance of payments of the Russian Federation was carried out, as well as a retrospective analysis of the exchange rate policy was performed. The logical conclusion of the study was that in order to improve the economic situation in the Russian Federation and ensure the financial security of the state, it is necessary to optimize the mechanism of currency regulation.