Rouble and dollar

Abstract

The article deals with the problems of relationship and dependency of rouble and Russia’s economy on dollar. The importance of stable national currency for effective monetary policy and economic development is stressed. Rouble is a commodity currency and its exchange rate follows the trend of oil price. As oil worldwide is priced in dollars, rouble also depends on dollar exchange rate. The emission of roubles is based on foreign currency income from oil and gas and accounts for the main part of the monetary base, which is the fundament of the whole monetary system.
The author considers Russia’s economic problems, the role and prospects for the use of rouble in international settlements.