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raw materials and components due in part to fluctuations in the ruble exchange rate. Companies’ price expectations were generally increasing for the fourth consecutive month

of their movements is complicated so far. Exchange rate In November 2024, the monthly decrease in the exchange rate of the ruble against the Chinese

rate was calculated based on the Bank of Russia’s official exchange rates. Sources: Bank of Russia, Investing.com. restrictions, the ratio between exchange rates

changes in economic price indicators following shocks to the economy (e.g. exchange rate fluctuations in the case of a terms-of-trade shock or price changes

the exchange rate). In terms of relative prices Pt Pt Pt , RERt St Pt d d imp Pt (relative domestic price and real exchange rate

nominal exchange rate, which is defined as the quantity of home currency units per one foreign currency unit. Hence, under freely floating exchange rate, the

Figure 7. Median CPI (% MoM SAAR) and US % WoW dollar to ruble exchange rate (%) 6 12 18 4 8 12 4 6 2 0 0

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

temporary exchange rate fluctuations, that is, when the exchange rate shifts during one month and then goes back. Of course, if the exchange rate shifts

Exchange Rate of US Dollar Against Ruble*.......................................................................................................... 68 3.2.2. Official Exchange Rate of Euro Against Ruble*.................................................................................................................. 70 3.2.3. Official Exchange Rate: