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

Exchange Rate of US Dollar Against Ruble*.......................................................................................................... 83 3.2.2. Official Exchange Rate of Euro Against Ruble*.................................................................................................................. 85 3.2.3. Official Exchange Rate:

EFFECTIVE EXCHANGE RATE INDICES (%, 2019 Q1=100%) Chart 19 140 120 100 80 2019 2020 2021 2022 2023 2024 2025 Ruble real effective exchange rate

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

exchange rate (with fixed exchange rate expectations) Figure 19 links the exchange rate change with the exchange rate level required for a given expected exchange

modeled (taking into account its possible imperfections) and the role of the exchange rate in the transmission of MP is shown. A related task is

February. However, the influence of these additional export earnings on the ruble exchange rate will be largely offset by the fiscal rule mechanism. Thus, the

and precious metals is converted to rubles using the period average USDRUB exchange rate. Source: Bank of Russia. Russia’s balance of payments indicators in

services, and sightseeing tours rose more sharply than in February. EXCHANGE RATE The ruble exchange rate against the main currencies had been fluctuating within broadly

grow. 10 Monetary Conditions and Monetary Transmission • Exchange rate (foreign exchange channel) In March, the average monthly exchange rate of the ruble went down again