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policy influences demand and, ruble exchange rate stability (foreign exchange accordingly, inflation. This mechanism is based channel).1 on rates and yields in the key

resumption of price growth for imported fruit. RUBLE EXCHANGE RATE AGAINST FOREIGN Chart 13 RUBLE EXCHANGE RATE AGAINST FOREIGN Chart 14 CURRENCIES* CURRENCIES* (THREE-MONTH MOVING

deposit market indicators. Increased volatility in the foreign exchange market and the growth in short-term money market rates at the end of September were the

Exchange Rate of US Dollar Against Ruble*.......................................................................................................... 60 3.2.2. Official Exchange Rate of Euro Against Ruble*.................................................................................................................. 62 3.2.3. Official Exchange Rate:

and interest rates swaps. A cross-currency and interest rate swap is an agreement under which the parties exchange interest payments in different currencies for the

funds transfer systems. The amounts of transfers are calculated at the official exchange rate of foreign currencies against the ruble as of the date when

demand and, and the ruble exchange rate stability (foreign accordingly, inflation. This mechanism is based exchange channel).1 on rates and yields in the key

RUONIA Zero coupon yield curve EURIBOR Inflation rate in Russia Nevertheless, participants in the exchange market of interest rate derivatives still preferred the MosPrime benchmark

at times. As shown by Victoria Bannikova (Lomonosov Moscow State University), this exchange rate puzzle is explained by revisions of market participants’ expectations based on

the timelag effect, the exchange rate movements contained price growth, as before. RUBLE EXCHANGE RATE AGAINST FOREIGN Chart 10 RUBLE EXCHANGE RATE AGAINST FOREIGN Chart