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MOST OTHER CURRENCIES* Chart 9 (03.01.2017 = 100) Exchange rates in advanced economies Exchange rates in emerging market economies 120 120 110 115 100

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

exporter on one hand and raising the rate in order to fight inflationary pressures caused by an exchange rate depreciation. Hamann et al. (2016) estimate

expectations and consumer sentiment 4 No. 10 (34) October 2019 Firstly, favourable exchange rate dynamics Business price expectations Chart 5 (BANK OF RUSSIA) had brought

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

variables (Berger, Kempa (2011) use the system of output gap, inflation and exchange rate; Benes, N'Diaye (2004) use output gap, unemployment slack and inflation

might lead to strengthened volatility in global commodity and financial markets, affecting exchange rate and inflation expectations. A number of internal conditions continue to pose

2017 2018 2019 Nominal effective exchange rate* (right scale) Goods weakly dependent on exchange rate Goods heavily dependent on exchange rate Source: Rosstat, R&F

OF OTHER EMES* Chart 9 (03.01.2017 = 100) Exchange rates in advanced economies Exchange rates in emerging economies 120 120 110 115 100 110