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and precious metals is converted to rubles using the period average USDRUB exchange rate. Source: Press release following the Bank of Russia’s Board of

the nominal effective of exports of commodities, other than oil and gas, exchange rate of the ruble went up to 6% in declined by 3

end of the month, the As opposed to the exchange rate indices, the ruble exchange rate dropped by 3.0%, returning MOEX Index went up

intensified volatility in global commodity and financial markets, which may affect the exchange rate and inflation expectations. The coronavirus situation will be an additional uncertainty

the ruble exchange rate and inflation: Firstly, the influence of the exchange rate on inflation as such will never be exhausted; the exchange rate channel

which was caused by, among other factors, a diverse impact of the exchange rate movements in 2018 and 2019. The second major contributor was the

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

of which depends on movements in the foreign exchange rate against the ruble (hereinafter, the foreign exchange rate) and (or) prices of precious metals established