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by 15.6% on the back of a tax manoeuvre. effective ruble exchange rate against 2018 Q3. Natural gas. The value of exports of natural

fluctuations and other external factors. It is ensured owing to the floating exchange rate of the ruble and the implementation of the fiscal rule. 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:

MOST OTHER CURRENCIES* Chart 9 (03.01.2017 = 100) Exchange rates in advanced economies Exchange rates in emerging market economies 120 120 110 115 100

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

exporter on one hand and raising the rate in order to fight inflationary pressures caused by an exchange rate depreciation. Hamann et al. (2016) estimate

expectations and consumer sentiment 4 No. 10 (34) October 2019 Firstly, favourable exchange rate dynamics Business price expectations Chart 5 (BANK OF RUSSIA) had brought