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01.06.2026
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
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22.05.2026
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
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
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
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