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expectations are associated with the changes in both actual inflation and the exchange rate. The Bank of Russia’s policy is aimed at decreasing inflation

put option on the USD/RUB exchange rate futures contract (Si74000BP2D, Si68000BQ2B), call option on the EUR/USD exchange rate futures contract (ED1.1BF2), call

global prices. Exchange rate In July 2023, the ruble weakened against the three major traded foreign currencies. In monthly terms, the exchange rate of the

SEGMENTS 1. Exchange rate (foreign exchange channel) The ruble continued to depreciate in July. By the end of the month, the exchange rate was 91.

Exchange Rate of US Dollar Against Ruble*.......................................................................................................... 65 3.2.2. Official Exchange Rate of Euro Against Ruble*.................................................................................................................. 67 3.2.3. Official Exchange Rate:

yuan Nominal eective exchange rate of the ruble (NEER) Sources: Moscow Exchange, Bank of Russia calculations. INDEX OF THE REAL EFFECTIVE EXCHANGE RATE OF THE

amplifies the underlying inflationary pressure and has impact on the ruble’s exchange rate dynamics through elevated demand for imports. Consequently, the pass-through of the

mechanism. Besides, the effect of the key rate on a number of variables, specifically the ruble exchange rate, has transformed. Today, the effect of the