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effect of the exchange rate on foreign trade as a J-shaped curve, assuming that the import and export flows adjust to exchange rate moves with

are not discussing any target exchange rates because our exchange rate regime is floating. It is a floating exchange rate that enables independent monetary policy,

of the economic situation and sentiment expectations as to future incomes, inflation, exchange rates, and interest rates • employment • the amount and structure of financial assets

AN ACCOUNT .......... 2 INCOME FROM TAX DEDUCTION................................................................................................. 3 INCOME FROM CHANGES IN EXCHANGE RATES ...................................................................... 4 NO INCOME, BUT THERE IS RISK OF LOSING ONE’S

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

USD/RUB exchange rate calculated based on the over-the-counter quotations and the cross rate calculated through the USD/CNY and USD/CNH exchange rates remained

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

the real effective exchange rate. The model includes only the internal values of this variable, since its nature already accounts for exchange rate movements in

Exchange Rate of US Dollar Against Ruble*...........................................................................................................73 3.2.2. Official Exchange Rate of Euro Against Ruble*.................................................................................................................. 75 3.2.3. Official Exchange Rate:

account the change in the monetary policy regime, the impact of the exchange rate and relative prices on the inflation of CPI components, as well