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and precious metals is converted to rubles using the period average USDRUB exchange rate. Source: Bank of Russia. Russia’s balance of payments indicators in

of Russia? ELVIRA NABIULLINA: As regards exchange rate movements, we can see no financial stability risks. The exchange rate is driven by a range of

expectations of households and businesses have increased which is largely related to exchange rate fluctuations. Although disinflationary risks still prevail over the medium-term horizon, the

rubles (vs planned 1 trillion Exchange rate. Over the month, the ruble rubles). In September, the Ministry of Finance exchange rate dropped by 4.8

of the ruble’s PRICES FOR CERTAIN DURABLE NON-FOOD GOODS Chart 3 exchange rate % growth, on the same month last year The ruble’s depreciation,

25, 2–11. Burstein, A. and G. Gopinath (2014): “International Prices and Exchange Rates,” in Handbook of International Economics, vol. 4, ed. by G. Gopinath,

Exchange Rates and Reference Prices of Precious Metals 3.2.1. Official Exchange Rate of US Dollar Against Ruble*.......................................................................................................... 84 3.2.2. Official Exchange

Mundell R.A. Capital Mobility and Stabilization Policy under Fixed and Flexible Exchange Rates, Canadian Journal of Economics and Political Science, 1963, no. 29, pp.

and issuers, which of foreign exchange assets. must have a minimum credit rating of A under The objective of foreign exchange asset the Fitch Ratings