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3 The nominal exchange rate in Russia was fixed for most of the period we consider as the country switched from exchange rate targeting only

As you know, we do not provide any exchange rate forecasts. We have a floating exchange rate, and as the Central Bank we may not

returns (14.3%) primarily as a result of increases in foreign currency exchange rates, while Russian equity funds’ returns declined the most (—19.3%). Open-end

2019 2020 FOREIGN EXCHANGE MARKET Ruble EMCI (JP Morgan) Ruble exchange rate. In February – the first half of March, the ruble exchange rate weakened Source:

the rouble exchange rate to oil price fluctuations and the tax manoeuvre. A notable decrease in the dependence of the rouble exchange rate on oil

Exchange Rate of US Dollar Against Ruble*.......................................................................................................... 87 3.2.2. Official Exchange Rate of Euro Against Ruble*.................................................................................................................. 89 3.2.3. Official Exchange Rate:

month. That said, estimates of the pace of inflation acceleration amid lower exchange rate volatility have remained almost unchanged against the first half of April.

and precious metals is converted to rubles using the period average USDRUB exchange rate. Source: Press release following the Bank of Russia’s Board of