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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

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

the exchange rate, but inflation. This is why we are not taking any measures to steer a level of the exchange rate. The exchange rate

Bank of Russia. EXPORTS AND OIL PRICE Chart 3 IMPORTS AND RUBLE EXCHANGE RATE Chart 4 $ bn % YoY $ bn % YoY 175 150 125 60 140

of sanctions were hindering international settlements and inducing spikes in the ruble exchange rate. These problems occurred not due to a lack of funding and,

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

fuelled by income growth and mostly unrelated to credit. The effect of exchange rate pass- through to the prices of most services is also weaker

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

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:

a change in the format of trading, but the calculation of official exchange rates was not interrupted for even a single day. Clearly, such a