ИСТИНА

The paper investigates interrelations between the dynamics of national central banks’ interest rat es and international trade within the BRIC countries . It shows that countries with lower interest rates experience growth of the share of machinery industry exports rather than agriculture and food products, and, on the contrary, in countries with higher i nterest rates the share of agriculture and food exports increases and the share of machinery industry products declines. The investigation has shown that a relative shift in the interest rate can affect the specialization of countries.