Analysis of influence of factors on the exchange rate and his importance for monetary policys of bank of Russia

Reviewed influence of ruble exchange rate dynamics on monetary policy peculiarities, also was reviewed factors of his formation. Highlighted main correlations of monetary policy and exchange rate and changes after transition to inflation targeting. Been made econometric model for main factor of exchange rate analysis that helped highlighted key factors of exchange rates. Also been studied influence of new budget rule, that was developed in 2017, on money supply and exchange rate dynamics. Was made conclusions about strong correlation between exchange rate and technologic, economic level of country and economic structure. Was noted importance of free float exchange rate on economic structure and influence of productivity growth on real exchange rate.