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a level of the exchange rate. The exchange rate is defined by export revenues, import demand and interest rates. The exchange rate is also influenced

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:

prices slowed down considerably, which was associated not only with the ruble exchange rate (to which they are more sensitive than the overall consumer price

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

exchange rate developments in Russia. We estimate the model empirically and show that the reaction of households to exchange rate appreciation weakens when exchange rate

values since October 2021. *** SAAR – seasonally adjusted annualised rate. Sources: InFOM, Rosstat, Bank of Russia, Interfax, Moscow Exchange. Inflation Expectations and Consumer Sentiment 3 No.

less steeply than across Russia as a whole. Companies tended to mention exchange rate fluctuations as a reason for expected price rises less often. Retail

Over the 12-month period (the average exchange rate in February 2025 vs February 2024), changes in the ruble exchange rate were minor: the ruble strengthened