The Russian Economic Society has done a study of the relative amount of rubles and dollars in Russia, in order to clarify how much influence Central Bank policy has on monetary processes in Russia and Russia's financial independence. The data used covered 1996 to 2002, and is expressed in US dollars at the corresponding exchange rates. Figures were based on Central Bank statistics. Since there is no exact information about dollars being hoarded by Russian citizens, RES analysts worked on the assumption that this money fluctuated between $20 billion and $50 billion during the period in question.
Based on this analysis, it can be concluded that starting from 1999, the amount of dollars in Russia significantly exceeded the amount of rubles: by 104% at the start of 1999, by 94% in 2000, by 47% in 2001, and by 26% at the start of this year. The difference is gradually decreasing, which is generally a positive sign. The same pattern is being observed in 2002.
The fact that the amount of dollars exceeds the amount of rubles means that the Russian economy is more dependent on the policies of the US Federal Reserve than the Central Bank of Russia; in other words, Russia's degree of financial independence in the monetary area remains low.