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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

households. 11 Monetary Conditions and Monetary Transmission • Exchange rate (foreign exchange channel) In October, the monthly average exchange rate of the ruble against the US

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

Exchange Rate of US Dollar Against Ruble*.......................................................................................................... 85 3.2.2. Official Exchange Rate of Euro Against Ruble*.................................................................................................................. 87 3.2.3. Official Exchange Rate:

the demand for foreign currency barely changed. As a result, the ruble exchange rate remained within the range of fluctuations recorded over the past six

multiplicatively and, as a rule, to low risk ratios. 17 At the exchange rate as of 1 October 2025. 18 In accordance with Bank of

stability. This stability of the exchange rate is achieved precisely when inflation is low. Low inflation benefits the exchange rate far more effectively than any

highly sensitive to exchange rate move- ments marginally declined, a gap with price movements in goods weakly dependent on the exchange rate is narrowing (Figure

the average exchange rate. Source: Bank of Russia. 2x63х82 PRICES FOR GOODS AND SERVICES CHARACTERISED BY HIGH AND LOW SENSITIVITY TO EXCHANGE RATE.................................. Chart 29