In this paper we build a model that describes the interaction between the government and the central bank in an export-oriented economy. In our model we investigate the impact of macroeconomic policies on the dynamics of the exchange rate, inflation, output and stabilization fund. In the modern Russian economy fiscal policy is contractionary, while monetary policy is excessively loose. Our analysis shows that this situation is not optimal for society: social loss can be more effectively decreased by having moderately expansionary policies pursued by both the central bank and the government.