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РОССИИ’ (BANK OF RUSSIA), the denomination of the coin ‘3 РУБЛЯ’ (3 RUBLES), the year of issue ‘2023 г.’ (2023), the chemical symbol of the

Declining exports, coupled with growing imports, were the key factor underlying the ruble weakening since the beginning of 2023. Key forecast parameters Growth, % YoY, unless

respondents both with and without savings rose on the back of the ruble depreciation (Annex, Chart 3). The median of inflation expectations of the subgroup

2 (15) 2023 Q2 EXPORTS AND OIL PRICE Chart 1 IMPORTS AND RUBLE EXCHANGE RATE Chart 2 63х82 63х82 Billions of US dollars % YoY Billions