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unfriendly countries. The exchange rate was supported by the end-of-month tax period and fiscal rule-based sales of foreign currency.16 The exchange rate volatility of

acceleration. The exchange rate, which played a disinflationary role in H2 2022, may become a pro- inflationary factor this year. The current exchange rate level

is associated with the fact that these prices are less sensitive to exchange rate movements and one-off factors in certain markets and are revised less

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

the conversion of foreign currency mortgage loans into rubles at the official exchange rate as of 18 February 2022. In addition, the adopted legislative amendments

Exchange Rate of US Dollar Against Ruble*.......................................................................................................... 53 3.2.2. Official Exchange Rate of Euro Against Ruble*.................................................................................................................. 55 3.2.3. Official Exchange Rate:

stabilise the exchange rate of the ruble. INDICES OF THE NOMINAL EXCHANGE RATE OF Chart 18 INDEX OF THE REAL EFFECTIVE EXCHANGE RATE Chart 19

as of the date of withdrawal at the Bank of Russia’s exchange rate for the funds credited to the account before 9 September 2022.

for blocked assets. Another 400 billion rubles is a loss due to exchange rate volatility and the inability of the sector to hedge foreign currency

growth of prices for services. Exchange rate Both December and January witnessed a weaker ruble. The growth of exchange rates of foreign currencies against the