MOSCOW, February 26. /TASS/. The Bank of Russia has identified the factors influencing the ruble exchange rate, including tight monetary policy, according to materials published by the regulator.

"The ruble exchange rate continued to be shaped by cyclical and structural factors. Among the cyclical factors, participants [in the Bank of Russia Board of Directors meeting] cited the tightness of monetary policy, which restrained import demand growth and supported the attractiveness of ruble-denominated assets for savings," the regulator said.

Among structural factors, the central bank highlighted residents’ limited ability to invest in foreign assets, the development of domestic production substituting imports, and tighter import restrictions. In addition, amid lower oil prices, the ruble’s dynamics were also influenced by rising prices for other Russian export commodities and foreign currency sales conducted under the fiscal rule.