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unchanged in August vs July.
20
10
Influence of the ruble’s
exchange rate
0
As anti-epidemic measures were relaxed
-10
and trade in non-food
Exchange Rate of US Dollar Against Ruble*.......................................................................................................... 87
3.2.2. Official Exchange Rate of Euro Against Ruble*.................................................................................................................. 89
3.2.3. Official Exchange Rate:
Inflation targeting Active inflation Liquidity Transition deadline Key rate Floating exchange
announced targeting management set introduced rate introduced Dec. 2018 Dec. 2019 July 2020
communications
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10.09.2020
fully floating ruble exchange rate, therefore its dynamics depend on a lot of factors. Moreover, it is important to note that exchange rate fluctuations are
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10.09.2020
ruble exchange rate?”).
How does the exchange rate impact the economy?
Exchange rate can impact the economy through different channels.
First, the exchange rate directly
1106
03.09.2020
dedollarisation of banks' balance sheets, which has reduced the risks associated with exchange rate fluctuations. All this ensured that banks were able to support their
Source: Bloomberg. in the exchange rates of many currencies.
Interest rates. In most advanced economies,
DYNAMICS OF US DOLLAR EXCHANGE RATE AGAINST Chart 3.1.
2020
NON-FOOD PRICES Chart 4 Influence of the ruble
(% growth MoM, SA)
exchange rate
6
Beginning from May, as the short-term
5
effects of elevated