Reaction of Financial Markets to Changes in the Bank of Russia's Exchange Rate Policy Model since 2014

Student: Lokshina Faina

Supervisor: Anton Valeryevich Tabakh

Educational Programme: Economics (Bachelor)

Year of Graduation: 2020

This study focuses on the impact of changes in the Bank of Russia's exchange rate policy regime in 2014 on the financial market and specifically on debt market. Although the regulator has been striving for this goal since 2007, radical changes in the mechanism of exchange rate formation followed only after the sharp deterioration of the foreign economic situation in 2008-2009. The paper considers how interest rates on OFZs and corporate bonds reacted to the Bank of Russia's policy in 2013-2015, as well as nowadays, when the Central Bank's policy is directly dependent on the epidemiological situation in the world. Keywords: exchange rate, debt market, Bank of Russia

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