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crisis emerged: Russia has steadily low inflation, small public debt, a floating exchange rate, a well-balanced budget, and the effective fiscal rule reducing the country

dependence of inflation on exchange rate dynamics, and the application of the fiscal rule has reduced the dependence of the exchange rate on the dynamics

one or another trend of the exchange rate. In my opinion, the advantage of a market-based floating exchange rate is exactly that it is balancing

The periods of strengthened volatility in global markets can be reflected in exchange rate and inflation expectations. Medium-term inflation dynamics will be significantly impacted by

market. auctions in May since the expected reduction in Exchange rate. Over May, the exchange rate the key rate almost completely passed through of the

Exchange Rate of US Dollar Against Ruble*.......................................................................................................... 87 3.2.2. Official Exchange Rate of Euro Against Ruble*.................................................................................................................. 89 3.2.3. Official Exchange Rate:

especially pronounced in the services sector whose costs are less sensitive to exchange rate fluctuations and which suffered a heavier fall in demand than manufacturing

markets were accompanied by a decline in implied volatility of the ruble exchange rate, Russia’s country risk premiums and OFZ yields against the backdrop

movements of the exchange rate and securities prices, since they were also altering rather dramatically. We can see that the exchange rate and asset prices