BUDGET RULE AND ITS IMPACT ON THE RUSSIAN RUBLE EXCHANGE RATE

Abstract

The article examines the theoretical aspects of the application of the budget rule in the state economic policy aimed at preventing excessive dependence of the economy on the volatility of world commodity markets and preventing sharp fluctuations in the national currency exchange rate in the context of a changing external economic situation. The purpose of the research is to study the theoretical foundations of the budget rule, its evolution and mechanisms, as well as its impact on the Russian ruble exchange rate. The use of dialectical and logical methods, generalization, analysis, synthesis allowed us to reveal that the application of the budget rule in the context of the Russian economy has a direct impact on the ruble exchange rate. The study showed that restrictions on the amount of state expenses related to income from oil and gas exports allow maintaining the country's foreign exchange reserves at a high level and mitigating the impact of external economic shocks, and if the budget rule is observed, the national currency exchange rate becomes more predictable and less susceptible to sharp fluctuations.