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stability, the economy demonstrates better resilience to external shocks. FLOATING EXCHANGE RATE REGIME An exchange rate regime, under which the central bank does not set

the external sector involve not only the liquidity risk but also the exchange rate risk. In this context, it may not be entirely correct to

in oil prices, now — thanks to the fiscal rule and a floating exchange rate — oil prices are making a lower impact on the economy, so

sensitive to ruble exchange rate fluctuations. For indicative purposes, the Bank of Russia calculates credit gaps based on a fixed ruble exchange rate as well

services associated with transactions with clients’ financial assets and liabilities, credit rating services, stock exchange services, trust services, bank safe deposit box rentals, and also

non-official to official channels of transfers; and also growing oil prices and exchange rate movements. An increase in remittance inflows was registered in Latin America

Rosstat, Monetary policy department’s calculations 14 Ruble exchange rate Ruble exchange rate Real effective ruble exchange rate 50 7,5 160 55 8,0

reporting year. Realised exchange rate differences that arise in foreign exchange transactions conducted at exchange rates that differ from official exchange rates are calculated individually

9) 2021 Q3 EXPORTS AND OIL PRICE Chart 1 IMPORTS AND RUBLE EXCHANGE RATE Chart 2 63х82 63х82 Billion US dollars % YoY Billion US dollars

of trade shock, the exchange rate strengthens. Inflation with a domestic component and a foreign component determined by the exchange rate falls, forcing the regulator