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This article examines the implementation of monetary policy in Russia in the context of significant revenues from commodity exports. It argues that a strong balance of payments forces the Central Bank to choose between an appreciating ruble and inflation. The Russian government has at its disposal a powerful tool that allows it to simultaneously prevent ruble appreciation and contain inflation. These two objectives are achieved by saving a portion of oil and gas revenues in reserve funds when the market is strong. Such a policy lays the foundation for macroeconomic stability and enhances the attractiveness of the Russian economy for investors.
Alexei Kudrin (Thu,) studied this question.