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stablecoins mean a type of cryptocurrency with built-in mechanisms for stabilising its exchange rate against other assets or cryptocurrencies secured by other assets. National Payment

loans (%); YoY growth rate of corporate lending in national and foreign currencies (net of exchange rate effect) (%); logarithm of the nominal exchange rate of the

17:00 Session 2 Chair: Andrey Sinyakov Firms’ debt: currency choice and exchange rate pass-through (Anna Burova, Konstantin Egorov, Dmitry Mukhin) Konstantin Egorov, NES Discussant:

series. – New York, 2001. – № 131. – 33 p. 24. Martinez-Hernandez, F. A. Real Exchange Rate, Effective Demand, and Economic Growth: The- ory and Empirical Evidence for

exchanging data on the location of banks’ ATMs and branches, working hours, exchange rates and other information, as well as the format for providing such

and issuers, which of foreign exchange assets. must have a minimum credit rating of A under The objective of foreign exchange asset the Fitch Ratings

economic fragile situation, the SNB did not raise interest rates in the last years. Minimum exchange rate (September 2011- January 2015) Negative interest rates since

Inflation targeting Active inflation Liquidity Transition deadline Key rate Floating exchange announced targeting management set introduced rate introduced Dec 2018 Dec 2019 May 2021 communications

7% of GDP. Source: Federal Treasury 14 Ruble exchange rate Ruble exchange rate Real effective ruble exchange rate 50 7.5 160 55 8.0