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average exchange rate of the ruble against the above currencies over 2025 was 6–11% stronger than in 2024. The real effective exchange rate of

exchange rate for the funds credited to the account before 9 September 2022. Funds credited after 9 September 2022 are paid out at the exchange

exchange rate tends to adjust to a ratio which is consistent with low inflation and balanced growth, given the external environment. Of course, temporary exchange

more notably than usual this month. EXCHANGE RATE Exchange rate fluctuations increased in recent months, but overall, the exchange rate remained within the same narrow

2021 2022 2023 2024 2025 2026 Ruble real eective exchange rate index Ruble nominal eective exchange rate index Source: Bank of Russia. 9 Russia’s

2026). 10 Monetary Conditions and Monetary Transmission • Exchange rate (foreign exchange channel) In July, the average monthly exchange rate of the ruble weakened against all

Exchange Rate of US Dollar Against Ruble*.......................................................................................................... 85 3.2.2. Official Exchange Rate of Euro Against Ruble*.................................................................................................................. 87 3.2.3. Official Exchange Rate:

precious metals is recalculated into rubles at the period average RUB/USD exchange rate. Source: Bank of Russia. RUSSIA’S BALANCE OF PAYMENTS INDICATORS IN

vegetables and motor fuels (supply-side factors) as well as foreign tourism services (exchange rate volatility). Over the past three months, average price growth (SA) in