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depreciation of the ruble; ‘-’ – appreciation of the ruble.
Sources: Moscow Exchange, Bank of Russia calculations.
The real effective exchange rate of the ruble (REER), calculated
RATE
The ruble exchange rate against the main currencies had been fluctuating within broadly stable
ranges since May. In December 2025, the ruble appreciated against
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28.01.2026
discussions on the security of digital and payment technologies, including the digital ruble and Open APIs; the use of biometrics by microfinance organisations; and international
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26.01.2026
of the monitoring of the maximum interest rates on deposits1 in Russian rubles of the top 10 credit institutions2 attracting the largest amount of household