For example, if there is a strong balance of payments and the Central Bank doesn’t allow nominal appreciation of the ruble, this will inevitably lead to growth in foreign exchange reserves, a rise in money supply, and eventually, after a certain period, to higher inflation. This means a real strengthening of the national currency.
Current Economic Situation and Outlook In the second quarter of last year, the COVID-19 pandemic and the mitigation efforts put in place to contain it delivered the most severe blow to the U.S. economy since the Great Depression.