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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:

to sell foreign currency. At the beginning of December 2024, the ruble exchange rate bounced back. As of the end of November 2024, the MOEX

ruble exchange rate. Before 2022, when there were no restrictions on cross-border capital flows, decisions on the key rate translated into the ruble exchange rate

beginning of this year. ** SAAR – seasonally adjusted annualised rate. Sources: InFOM, Rosstat, Bank of Russia, Interfax, Moscow Exchange. Inflation Expectations and Consumer Sentiment 3 No.

of Russia, billion yuan * The cross exchange rate is calculated based on the Bank of Russia's official exchange rates. Source: Bank of Russia, Investing.

operations. However, in the medium to long term, the dynamics of the exchange rate are driven by fundamental factors. For example, the depreciation of the

components from their dynamics. Exchange rate The ruble continued to depreciate in October 2024. The monthly decrease in the exchange rate of the ruble against