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Food Non-food goods RUB/USD exchange rate Services Weakly responsive to exchange rate Inflation target Strongly responsive to exchange rate Sources: Rosstat, R&F Department

stabilising component of the rule, namely its indirect effect of stabilising the exchange rate, in our opinion. I think that this would force us to

Exchange Rate of US Dollar Against Ruble*........................................................................................................... 81 3.2.2. Official Exchange Rate of Euro Against Ruble*.................................................................................................................. 83 3.2.3. Official Exchange Rate:

official exchange rates The official exchange rates set monthly (till 11.01.2010) The Gosbank of the USSR official exchange rates The official exchange rates

foreign currency in the ruble equivalent at the Bank of Russia’s exchange rate as of the payment date. If the transaction amount, regardless of

period when inflation stays close to its 4% target. EXCHANGE RATE In April, the exchange rate of the ruble against the main foreign currencies stayed

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

services. Contrastingly, foreign tourism prices fell as they partly depend on the exchange rate. Annual inflation slowed down in the overwhelming majority of the Russian

households. 10 Monetary Conditions and Monetary Transmission • Exchange rate (foreign exchange channel) In April, the ruble exchange rate rebounded, totally offsetting its March decline, and