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exchange rate set by the Bank of Russia increased by 27.5%, the EUR/RUB exchange rate – by 31.1%, the CNY/RUB exchange rate

beginning of this year. ** SAAR – seasonally adjusted annualised rate. Sources: InFOM, Bank of Russia, Interfax, Moscow Exchange. Inflation Expectations and Consumer Sentiment 3 No. 8

our decisions. The level of the key rate drives loan and deposit rates as well as the exchange rate of the ruble. As it changes

Price Dynamics 5 No. 7 (103) • July 2024 Exchange rate In July 2024, the average ruble exchange rate against the three main foreign currencies traded

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

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