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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 unchanged tight monetary policy stance is invariably a major contributor to exchange rate stability. 4 TALKING TRENDS No. 5 (80) / July 2025 1. Inflation

a committee comprising representatives of the Bank of Russia, Moscow Exchange, and Analytical Credit Rating Agency. The committee evaluates issuers’ corporate governance practices, information transparency,

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:

silver (SILV-6.22 and SILV-12.22); • for natural gas (NG-2.21); • for exchange rates: EUR/RUB (Eu-6.21), CNY/RUB (CNY-9.22), and USD/RUB

stronger exchange rate, this changes bank’s preferences for making domestic loans against investing abroad and additionally reduces supply of lending by banks. Exchange rate

the exchange rate of 94.3 rubles per US dollar and the export price of Russian crude equalling $56 per barrel. However, the exchange rate

not be fully attributed to the effects of monetary policy. The ruble exchange rate was influenced by other factors as well, including expectations of geopolitical

not be fully attributed to the effects of monetary policy. The ruble exchange rate was influenced by other factors as well, including expectations of geopolitical

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