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the Bank of Russia’s official exchange rates as of corresponding dates. 31 BANK OF RUSSIA US dollar exchange rate CHART 2.5 dynamics 27.

made stability of the exchange rate of the Belorussian ruble as against the US dollar the target of its exchange rate policy for 2008. The

by different dynamics accompanied 1.9%). The nominal rate of the ruble against by technical exchange rate readjustments. Despite the bi currency basket fell by

the Bank of Russia and improvement of their execution • exchange rate policy certain aspects of exchange rate policy Use of money demand model in the

the dollar/ruble exchange rate data. fluctuated slightly, sometimes due to technical On the domestic forex market the Bank of exchange rate readjustments, until the

2006). 2007 Q3 13 Quarterly Inflation Review Monetary Conditions Exchange rate operational benchmark of its exchange rate policy. The supply demand situation on the domes

underwriters. rencies exchange rates on the world currency market. Government debt market. With a budget surplus in The official US dollar/ruble exchange rate tended

conditions for further price growth. 12 2007 Q2 Monetary Conditions Monetary Conditions Exchange rate month on month. The continued rise of the ruble Favourable trends

in October December 2006. ioning fluctuations in the exchange rate of the The ruble/euro nominal exchange rate ruble against the dollar and the euro.

against 5% in 2005. This 2006 Q4 12 Inflation Dynamics Monetary Conditions Exchange Rate The ruble/euro dynamics on the domestic High energy prices in