"Corridor" exchange rate system(19951998)
Through administrative means to limit the scope of the ruble exchange rate fluctuations, Belong to a more flexible floating exchange rate system, The Russian government regulations dollar rubles boundaries of floating exchange rate Reason • To curb inflation • increase investors' confidence Bad effect • Foreign exchange reserve is insufficient, • issued too much debt to borrow money • Financial crisis in Russia, the ruble is heavy selling, cause inflation
A managed floating exchange rate system (1998-)
A managed floating exchange rate system (1998-)
The official exchange rate of the ruble Russian bank every day, and promulgated, the rubles' official exchange rate against the dollar on the basis of the domestic foreign exchange market price under the state council. Reason: Russian Banks in the inter-bank foreign exchange market intervention, the main target for maintaining the stability of the currency, to create a good environment for the development of Russia's foreign exchange market. Reduce the ruble exchange rate fluctuations reducing in inflation
The exchange rate systoating exchange rate system(1992-1995)
Since July 1, 1992, Russia began to internal convertibility of the rubles and rubles float. Promulgated in 1992, Russian foreign exchange regulation law and the regulation of foreign exchange and the surveillance law begins to implement system of rubles "internal convertibility" Bad effect • Strong speculative foreign exchange market, • the amount of capital flight and serious economic dollarization, • continued the rubble devaluation, • vicious inflation