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welfare channel), and the ruble exchange rate (the foreign exchange channel).1 Through any of these channels, higher market rates constrain demand and inflation, while

slower growth in prices for goods and services that were susceptible to exchange rate fluctuations. The persistent tightness in the labour market remained a key

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:

significant interest rate differential between ruble and foreign exchange financial instruments. This has, in particular, involved deposit and money market rates, anticipatory foreign exchange sales

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,

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

case of escalating trade tensions may have proinflationary effects through the ruble exchange rate dynamics. Disinflationary risks involve a more significant slowdown in lending growth

case of escalating trade tensions may have proinflationary effects through the ruble exchange rate dynamics. Disinflationary risks involve a more significant slowdown in lending growth

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

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