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prices exerted additional pressure. Car prices increased on the back of the exchange rate fluctuations. The autumn rise in the coronavirus incidence did not lead

will continue to be influenced by short-term proinflationary factors such as the exchange rate pass-through, global food prices and supply-side constraints. In the medium-term, the

a year ago, opting for foreign and foreign exchange instruments, which in turn may impact the exchange rate. This sentiment should be closely monitored, including

movements. As before, -5 intermediate goods output was supported by -10 the exchange rate (Annex; Charts 1 and 2). -15 Investment goods. In October, the

Inflation targeting Active inflation Liquidity Transition deadline Key rate Floating exchange announced targeting management set introduced rate introduced Dec 2018 Dec 2019 Oct 2020 communications

still hard to assess. The inflation targeting policy reduces the effect of exchange rate pass-through to prices, lengthening the duration of this pass-through. As a

while converting merchandise values to a single currency, countries may use different exchange rates; c) geographical classification of transactions in the case of imports of

financial intermediaries, and cross-border capital flows. Moreover, they show that a floating exchange rate regime does not insulate an economy from these spillovers. Gerko and