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Reserve Fund based on the results of 2013. In line with current exchange rate policy mechanism, the Bank of Russia will adjust its interventions by

conjuncture. Source: Thomson Reuters Eikon High foreign exchange risks persist despite apprecia- Chart 6. EM Foreign Exchange Rate Change against US tion of most currencies

on Russia Chart 16. Ruble/US Dollar and Ruble/Euro Exchange Factors Influencing Ruble Exchange Rate Dynamics Amid Rate Dynamics Global Trends (rubles per US

Official Exchange Rate of US Dollar Against Ruble* .......................................................................... 84 2.18 Official Exchange Rate of Euro Against Ruble* ................................................................................ 86 2.19 Official Exchange Rate: Rubles

the Bank of Russia’s priority is to contain the effect of exchange rate dynamics on inflation and to maintain financial stability. Hence, the Bank

Official Exchange Rate of US Dollar Against Ruble* .......................................................................... 84 2.18 Official Exchange Rate of Euro Against Ruble* ................................................................................ 86 2.19 Official Exchange Rate: Rubles

of transiting to the inflation targeting regime. We will further increase the exchange rate flexibility. But, as we have stated earlier, we will conduct foreign

35 Exchange rate pass-through effect According to estimates of the exchange rate pass-through effect on inflation using the vector autoregression model, the rouble exchange rate

freely floating exchange rate, fearing further market destabilisation. Many countries loosened the reins gradually, maintaining interventions for the purpose of influencing the exchange rate: some

into the operational band Volume of the interventions aimed at smoothing rouble exchange rate fluctuations*, millions of US dollars (1) Volume of the Federal Treasury