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its regions. After 2014, when there was a transition to a floating exchange rate, inflation targeting policy, accelerated development of import-substituting agricultural production and the

part due to the monetary policy export duties tied to the ruble exchange rate, tightening and inventories accumulated in which were introduced on 1 October.

plans were based on other parameters, such as the key rate or the exchange rate. INFLATION RATE INCORPORATED IN COMPANIES’ BUSINESS PLANS Chart 12 (%) 14.

to the exchange rate was most noticeable. The current growth rate of prices (three-month average SAAR) with low sensitivity to the exchange rate also decreased,

of retail lending. OTHER FINANCIAL MARKET SEGMENTS 1. Exchange rate (foreign exchange channel) In December, the exchange rate was volatile. By the end of the

77, 15-20. Faust J., J. H. Rogers and J. H. Wright (2003). Exchange Rate Forecasting: The Errors We’ve Really Made. Journal of International Economics,

Exchange Rate of US Dollar Against Ruble*.......................................................................................................... 64 3.2.2. Official Exchange Rate of Euro Against Ruble*.................................................................................................................. 66 3.2.3. Official Exchange Rate:

sustainably to the midpoint of that target by 2025Q2. 7 The rouble exchange rate also started to depreciate in June–August on the back of