REGULATORY ASPECTS OF THE RUBLE EXCHANGE RATE IN THE RUSSIAN REALITIES OF INFLATION TARGETING

Abstract

The study is devoted to a comprehensive analysis of the transformation in Russia of approaches to the regulation of such a traditionally actual for Russian financial system sphere as formation of the national currency exchange rate. The key changes in the regulatory aspects of its formation with the transition in 2014 to the inflation targeting regime within the framework of a floating exchange rate are highlighted in the study. The article analyzes, for the significance of regulatory aspects, the relationship between the ruble exchange rate and the state of public finances, including within the framework of the budget rule. The degree of "floating" of the ruble rate is investigated, considering its significance for the stability of the financial system and the opportunities of public finance in the context of crisis. Conclusions are drawn about the effectiveness of the authorities' actions to overcome systemic shocks in the foreign exchange market while maintaining commitment to inflation targeting. At the same time, the relevance is noted, as more than 20 years ago, of fundamental factors that determine the importance of regulatory aspects of the formation of the exchange rate and, as a consequence, the limited possibilities of the ruble in terms of its truly free "floating". It is also noted that, according to the author, there is a potential to strengthen proactive risk management of financial stability.