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might lead to strengthened volatility in global commodity and financial markets, affecting exchange rate and inflation expectations. Supply-side factors in the oil market may amplify

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

of individuals As inflation declined and after the transition to a floating exchange rate regime, the attractiveness of FX borrowing and FX savings in Russia

investors. Following the year. restriction imposed by Russia’s Ministry of Foreign exchange rate. In June, the ruble Finance on auction-based securities offering at strengthened

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:

of funds from sovereign Eurobond placements. FOREIGN CURRENCY MARKET Ruble exchange rate. The ruble exchange rate remained relatively stable in April – June, Source: Thomson Reuters.

to exchange rate appreciation25. Moreover, the exchange rate appreciation may be less pronounced in DEs. DEs may have lower elasticity of their exchange rates to

in petrol prices 47 48 47 52 registered in December 2018. Ruble exchange rate fluctuations 36 39 41 40 Current change in food prices 33

involved in foreign exchange and gold funds, based on the rate of return on indices asset management. Bank of Russia foreign exchange and gold asset

for goods and MoM services that are strongly and less sensitive to exchange rate fluctuations 1.2 1.0 10 1.0 0.8 5