The purpose of the research is to identify the impact of a variety of government instruments on the exchange rate.

The methodology of the research –such methods as scientific abstraction, system analysis, and logical generalization are used in the article.

The practical importance of the research - the results of the study are of particular interest from the point of view of state regulation of exchange rates.

The results of the research - identifying the impact of state regulatory levers on the exchange rate.

The originality and scientific novelty of the research: it explains the contradictory effect of state mechanisms on the exchange rate and other important macroeconomic indicators, and provides recommendations for using tools in various situations.

Keywords: real exchange rate, economic growth, government regulation, Mandell-Fleming trilemma