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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

this reassessment. The domestic foreign exchange market has largely stabilised, and ruble exchange rate volatility this year is at its lowest since 2022. First, tight

9 Floating exchange rate of the ruble The Bank of Russia pursues a floating exchange rate regime. This means that the exchange rates of foreign

only be possible no earlier than 2029. Floating exchange rate of the ruble A floating exchange rate smooths out the impact of external factors on

a stronger ruble as compared to last year’s levels. EXCHANGE RATE The ruble exchange rate against the main currencies had been fluctuating within broadly