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and precious metals is converted to rubles using the period average USDRUB exchange rate. Mortgage loans net of claims acquired by banks. Source: Bank of

restrictions can further weaken demand for Russian exports, contributing to inflation through exchange rate movements. Moreover, the increasing complexity of production, supply chains and payments

raw and other materials as well as components and movements of the exchange rate as the main reasons for the expected growth of prices. Price

services exports (right-hand scale) Real eective exchange rate (right-hand scale) Urals crude price (right-hand scale) Real eective exchange rate (right-hand scale) Sources: Bank of Russia,

volatility. Exchange rate The depreciation of the ruble against the main traded foreign currencies continued in March 2023. Over the month, the average exchange rate

SEGMENTS 1. Exchange rate (foreign exchange channel) The ruble continued to depreciate during March. By the end of the month, the ruble exchange rate decreased

predictable business conditions. Those decisions also helped stabilise the foreign exchange market. The exchange rate of the ruble, after very strong fluctuations, returned to the

the sanctions in February–March 2022, the situation changed drastically: the ruble exchange rate declined, the output of a number of goods and imports contracted,

Exchange Rate of US Dollar Against Ruble*........................................................................................................... 61 3.2.2. Official Exchange Rate of Euro Against Ruble*.................................................................................................................. 63 3.2.3. Official Exchange Rate: