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2020, ‘On the Procedure for the Bank of Russia to Set Official Exchange Rates of Foreign Currencies Against the Ruble on Non-work Days’ (becomes effective

rubles, so the monthly data were converted to US dollars based on exchange rates published by the Bank of Russia at: http://www.cbr.ru

data is exchange rate fluctuations and its pass-through into domestic prices. From the DHFM perspective, price changes associated with a country’s exchange rate movements

currency, we seek to avoid influencing the exchange rate in any way. We have a floating exchange rate, and we do not target it. Currently,

days. From 4 through 30 April 2020, except Saturdays and Sundays, official exchange rates of foreign currencies against the Russian ruble and official prices for

by changes in foreign exchange rates Gold price changes 20.8 against the US dollar and the decrease in the Exchange rates changes -13.0

these correspond to wedges In small open economies, observable exogenous shocks (real exchange rates/interest rates) have been studied at least since Mendoza (1995) Relative

averages for G7 economies plus China based on rolling GDP and PPP exchange rates. Sources: Borio and Disyatat (2014), updated. Restricted 22 ANNEX Restricted 23

Inflation targeting Active inflation Liquidity Transition deadline Key rate introduced Floating exchange announced targeting management set rate introduced Dec. 2017 Dec. 2018 Dec. 2019 communications

by depreciating exchange rate Sterilized FX intervention by selling FX to buy bonds relaxes ELB Positive effect of QE prevails over exchange rate appreciation Forward