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in the main senders; 2) oil price dynamics; and 3) changes in exchange rates of national currencies. The drop in oil prices and the consequent

have increased, 10 9.7 which is mainly related to 9.6 exchange rate volatility. 8 Analysts’ expectations of inflation for the year ahead 6

5) 2020 Q3 EXPORTS AND OIL PRICE Chart 1 IMPORTS AND RUBLE EXCHANGE RATE Chart 2 Billions of US dollars % YoY Billions of US dollars

and precious metals is converted to rubles using the period average USDRUB exchange rate. Source: Bank of Russia. Russia’s balance of payments indicators in

of Russia? ELVIRA NABIULLINA: As regards exchange rate movements, we can see no financial stability risks. The exchange rate is driven by a range of

expectations of households and businesses have increased which is largely related to exchange rate fluctuations. Although disinflationary risks still prevail over the medium-term horizon, the

rubles (vs planned 1 trillion Exchange rate. Over the month, the ruble rubles). In September, the Ministry of Finance exchange rate dropped by 4.8

of the ruble’s PRICES FOR CERTAIN DURABLE NON-FOOD GOODS Chart 3 exchange rate % growth, on the same month last year The ruble’s depreciation,