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largely related to the increase in prices for certain everyday goods and exchange rate volatility. Sources: LLC “inFOM”, Rosstat 8 Price expectations – businesses Replies of

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:

for supporting individual credit institutions experiencing temporary liquidity shortages. Floating exchange rate regime An exchange rate regime, under which the central bank does not set

and precious metals is converted to rubles using the period average USDRUB exchange rate. Mortgage loans net of claims acquired by banks. Source: Bank of

markets. According to our estimates, the contribution of the pass-through of the exchange rate movements to annual inflation approximated one percentage point. The contribution of

largely related to the increase in prices for certain everyday goods and exchange rate volatility. Inflation expectations of businesses have not changed materially after growing

row, the share of enterprises that mentioned the change in the ruble exchange rate as the reason for the expected increase in prices continued to

Inflation targeting Active inflation Liquidity Transition deadline Key rate Floating exchange announced targeting management set introduced rate introduced Dec 2018 Dec 2019 Dec 2020 communications

a 14% YoY decline in the real exchange in 2020 Q4 (vs +2% YoY in 2020 Q3). Their rate of the ruble, subdued economic activity