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Fig. 3 (BILLION RUBLES) 600 502 500 September 2020 release of 168 billion July 2021 release 417 of 124 billion rubles rubles 400 373 354

be made in rubles or, if there is a corresponding licence of the Bank of Russia, in foreign currency as well. The rules for the

May 2022, it is recommended to convert foreign currency mortgages into Russian rubles at the official exchange rate as of 18 February 2022. The recalculation

volume of such operations will be reduced and will total one trillion rubles starting from 30 March 2022. Starting the same date, fine-tuning deposit auctions

in companies’ price expectations was primarily explained by the depreciation of the ruble and higher input prices. Price expectations rose across all industries, except utility