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the ruble exchange rate and inflation: Firstly, the influence of the exchange rate on inflation as such will never be exhausted; the exchange rate channel

which was caused by, among other factors, a diverse impact of the exchange rate movements in 2018 and 2019. The second major contributor was the

Inflation targeting Active inflation Liquidity Transition deadline Key rate introduced Floating exchange announced targeting management set rate introduced Dec. 2017 Dec. 2018 Inflation targeting is

of which depends on movements in the foreign exchange rate against the ruble (hereinafter, the foreign exchange rate) and (or) prices of precious metals established

INCREASING RISK APPETITE Chart 10 (03.01.2017 = 100) Exchange rates in advanced economies Exchange rates in emerging market economies 120 120 110 115 100

overall influence of concentration risk, credit spread risk, interest rate risk, equity price risk, exchange rate risk, real estate price risk, credit risk and the

operational framework, thus creating an environment for a smooth transition from the exchange rate management regime to inflation targeting. We consider both the concept of