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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

Q2–Q3. Furthermore, the exchange rate became less volatile, the difference between the highest and lowest values of the ruble exchange rate against the US

to a stronger ruble compared to the end of 2024. EXCHANGE RATE The ruble exchange rate against the main currencies had been fluctuating within broadly

1%. 10 Monetary Conditions and Monetary Transmission • Exchange rate (foreign exchange channel) In November, the monthly average exchange rate of the ruble against the US

impact materialises over a longer-term horizon. In the short run, the ruble exchange rate is affected by expectations regarding geopolitical developments. The ruble appreciation that

harvest than in the previous year. That said, the effect of the exchange rate on prices in Octo- 5 TALKING TRENDS No. 8 (83) / December

Exchange Rate of US Dollar Against Ruble*.......................................................................................................... 87 3.2.2. Official Exchange Rate of Euro Against Ruble*.................................................................................................................. 89 3.2.3. Official Exchange Rate:

the value of the underlying asset, such as a stock index, an exchange rate, or bonds/shares of one or several issuers. Structured bonds do

2024 2025 Current account balance Ruble real effective exchange rate index (right-hand scale)* Ruble nominal effective exchange rate index (right-hand scale)* * 2014 Q4 = 100%. Source:

domestic FX market has largely stabilised, with the volatility of the ruble exchange rate in 2025 staying at the minimum levels recorded since 2022. In