The Influence of Oil and Gas Exports on Russia’s Monetary Policy

The article studies the problems of implementing monetary policy in the environment of a significant inflow of foreign currency revenues from exports of commodities into the country. It shows that in the conditions of strong balance of payments the Central Bank is forced to accept either the appreciation of the ruble or inflation. Only the government of Russia has at its disposal a powerful tool that allows both to prevent the appreciation of the local currency and to contain inflation at the same time. This dual task is solved by means of saving some part of oil and gas revenues in reserve funds during favorable situations on foreign markets. Such a policy lays the foundation for macroeconomic stability and ensures investment attractiveness of the Russian economy.