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In order to minimise the impact of the above operations on the exchange rate dynamics, the Bank of Russia will, as before, buy or sell

disinflationary influence in the first half of 2018. The contribution of the exchange rate dynamics to annual inflation slowdown diminishes and will be exhausted in

translated into prices and is expected to fade away in early 2018. Exchange rate fluctuations are not a thing of the past, they will happen.

2018-2020 GLOSSARY Ruble nominal effective exchange rate index The ruble nominal effective exchange rate index reflects changes in the exchange rate of the ruble against

Official Exchange Rate of US Dollar Against Ruble*..................................................................................................................83 2.17. Official Exchange Rate of Euro Against Ruble*.........................................................................................................................85 2.18. Official Exchange Rate: Rubles

attractiveness is high in unstable macroeconomic conditions with high inflation rates and volatile foreign exchange rate (see Ize, Yeyati (2003)). Besides macroeconomic stability, development of

of low inflation), prices are generally more stable against cost shocks, including exchange rate shocks (Correa et al., 2016; Greenslade, Parker, 2008; Fabiani et al.

Breau S., Lpez Villavicencio A., Mignon V. Nonlinear adjustment of the real exchange rate towards its equilibrium value: A panel smooth transition error correction modeling

committed to the floating exchange rate regime of the ruble. This is also outlined in the Guidelines. The floating exchange rate regime allows our economy

the ruble was supported by oil price growth. Decline in the ruble exchange rate volatility to an all-time low also contributed to the appeal of