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caused by, among other factors, various geopolitical events, intensified, which may affect exchange rate and inflation expectations. Given further intensification of inflationary pressure in the

Companies noted a rise in the cost of raw materials due to exchange rate fluctuations, an increase in transportation and wage costs, as well as

external economic environment on internal conditions, including the dynamics of the ruble exchange rate, which reduces its volatility. Moreover, the fiscal rule ensures a transparent

10) 2021 Q4 EXPORTS AND OIL PRICE Chart 1 IMPORTS AND RUBLE EXCHANGE RATE Chart 2 63х82 63х82 Billions of US dollars % YoY Billions of

exchange market. As in the previous month, the ruble exchange rate predominantly declined throughout December, dropping to RUB/USD 74.68 (-0.8%). The exchange

12 (72) December 2021 Contribution of exchange rate to inflation in December was neutral In December, the ruble exchange rate slightly declined against the US

spurred by speculative demand and expectations of a further rise in their exchange rates, which is creating a bubble in the market. Cryptocurrencies also have

Bank of Russia’s estimates 13 Ruble exchange rate Nominal ruble exchange rate Real effective ruble exchange rate 50 7.5 160 55 8.0