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3-month inflation, SA, annualised, % (right-hand scale)
it was also affected by ruble exchange rate
Sources: IHS Markit PMI, Rosstat.
movements. The continuing growth of output
using forecast combination approach February 2021
of Russia’s forecasts (oil prices, exchange rate, etc.) and a vast array of monthly statistics, which
allows us
Exchange Rate of US Dollar Against Ruble*.......................................................................................................... 88
3.2.2. Official Exchange Rate of Euro Against Ruble*.................................................................................................................. 90
3.2.3. Official Exchange Rate:
stability, the economy demonstrates better resilience to external shocks.
FLOATING EXCHANGE RATE REGIME
An exchange rate regime, under which the central bank does not set
Inflation targeting Active inflation Liquidity Transition deadline Key rate Floating exchange
announced targeting management set introduced rate introduced Dec 2018 Dec 2019 Jan 2021
communications
Russian market. expectations that the Bank of Russia would not
Exchange rate. The ruble exchange rate continue monetary policy easing in the near
fluctuated between
growth
0
in prices for cars and telephones, which are
sensitive to exchange rate dynamics, slowed
-0.3
down; and the one for clothing and
the respondents,
the impact of exchange rate movements and price hikes by suppliers.
The respondents’ emphasis on the exchange rate factor even amid ruble strengthening