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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:

SEGMENTS 1. Exchange rate (foreign exchange channel) In November, the ruble continued to strengthen. By the end of the month, the exchange rate was 89.

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

economy after the Bank of Russia changed the monetary policy rule from exchange rate management to inflation targeting. Various monetary and macroprudential policy rules applied

movements of the foreign exchange rate shows that the foreign exchange market became thinner in Q3 2023 (a shift in exchange rates can be caused