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with persistently high demand for imports might create risks to the ruble exchange rate and inflation dynamics. • High and unanchored inflation expectations sensitive to transitory

precious metals is converted into rubles at a period average USD/RUB exchange rate. Housing mortgage loans are net of claims acquired by banks. Source:

with persistently high demand for imports might create risks to the ruble exchange rate and inflation dynamics. • High and unanchored inflation expectations sensitive to transitory

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

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:

progressively eased the parameters of the exchange rate corridor. However, the exchange rate corridor policy resulted in slower exchange rate adjustments, encouraging speculative tendencies. Despite

requirement to fulfil the obligations under an agreement in rubles at the exchange rate or contain a clause entitling the creditor or the Bank of

of the end of the month, the exchange rate slightly declined. By the end of July, foreign exchange spreads contracted to the level of January

trends became more pronounced amid sanctions. This was largely associated with the exchange rate fluctuations and higher logistics costs, since the prices for a substantial

beginning of this year. ** SAAR – seasonally adjusted annualised rate. Sources: InFOM, Bank of Russia, Interfax, Moscow Exchange. Inflation Expectations and Consumer Sentiment 4 No. 7