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and tourism services was up (SA). Exchange rate In March 2025, the ruble continued to strengthen. It grew by 7.0% against the Chinese yuan,

in case of escalating trade tensions may have proinflationary effects through the ruble exchange rate dynamics. Disinflationary risks involve a more significant slowdown in lending

5–10 5–10 7–12 Claims on organisations and households in rubles and foreign currency3 16.3 6–11 6–11 8–13 – on

Source: Bank of Russia. EXPORTS AND OIL PRICE Chart 3 IMPORTS AND RUBLE EXCHANGE RATE Chart 4 $ bn % YoY $ bn % YoY 175 150 125 60

policy contains the demand for imports and makes ruble assets more attractive. This contributed to the ruble strengthening in the first quarter of the year,

This is evidenced by a more pronounced pass-through of ruble strengthening to prices. Whether the recent ruble strengthening will be sustainable is so far unclear

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

of the ruble; ‘-’ – appreciation of the ruble. Sources: Moscow Exchange, Bank of Russia calculations. The real effective exchange rate (REER) of the ruble calculated against

РОССИИ’ (BANK OF RUSSIA), the denomination of the coin ‘2 РУБЛЯ’ (2 RUBLES), the year of issue ‘2025 г.’ (2025), the chemical symbol of the

of rubles (works, services), to individuals, billions of rubles (including customs duties), billions of rubles billions of rubles billions of rubles billions of rubles 1