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the exchange rate sped up in September month-on-month (Chart A-28). However, the three-month moving average growth in prices with low sensitivity to the exchange rate,

5 percentage points for every 10% of exchange rate fluctuations. However, if we look at more long-term exchange rate trends, it becomes clear that the

and precious metals is converted to rubles using the period average USDRUB exchange rate. Source: Bank of Russia. Russia’s balance of payments indicators in

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:

depreciation of the ruble would have a weak proinflationary effect. Overall, the exchange rate remains stable: the ruble has returned to the level of May

depreciation of the ruble would have a weak proinflationary effect. Overall, the exchange rate remains stable: the ruble has returned to the level of May

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.

cases — a bank’s transactions in the foreign exchange market may really cause volatility of the exchange rate. I have already heard comments from some

on the average exchange rate. Source: Bank of Russia. PRICES FOR GOODS AND SERVICES CHARACTERISED BY HIGH AND LOW SENSITIVITY TO EXCHANGE RATE Chart A-28