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Bank of Russia operations in securities market Bank of Russia exchange rate policy Exchange rate policy as an essential part of the Bank of Russia

operational target of the Bank of Russia monetary policy, the model of exchange rate volatility assessment, as well as the analysis of a pass-through effect

and minimum margins. Portfolio valuations should employ data including the current foreign exchange rate, the balance of monetary funds in the customer portfolio, the amount

was ‘shallower’ than previous recessions as the authorities’ economic package (a flexible exchange rate regime, banking sector capital and liquidity injection, limited fiscal stimulus and

which are not subsequently 2 We used monthly seasonally adjusted growth rates. The exchange rate needs to be included in the set of indicators in

Russian financial assets and a strengthened ruble. The gradual decline in ruble exchange rate volatility was ongoing in April, with May on track to show

Official Exchange Rate of US Dollar Against Ruble* ............................................................................................................ 81 2.17 Official Exchange Rate of Euro Against Ruble* .................................................................................................................... 83 2.18 Official Exchange Rate: Rubles

resistance of the Russian economy to fluctuations in oil prices. The floating exchange rate partially sets off the negative impact of external shocks. The development

Official Exchange Rate of US Dollar Against Ruble* ............................................................................................................ 81 2.17 Official Exchange Rate of Euro Against Ruble* .................................................................................................................... 83 2.18 Official Exchange Rate: Rubles

downturn) rate on the back of fluctuating oil prices and enhances exchange rate volatility. The mechanism is clear: in the periods of exchange rate fluctuations,