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Qualitative Monetary Indicators Exchange rate over the quarter or by 5.3% to 27.7487 In 2004 Q4, the ruble exchange rate rubles as of

of growth in the Exchange rate prices of goods and services included in the core inflation calculation in January The exchange rate policy pursued by

and revaluation (+), loss (—) Net income from operations with foreign exchange and foreign currency values, including exchange rate differences (+), loss (—) Net commission income (+), loss (—) Other net

process. tial output growth rates in Russia are cur Exchange rate rently faster than actual ones and a nega The exchange rate policy pursued by

8 First Quarter 2004 Inflation Review Exchange Rate mostly evident in the producer prices in food The exchange rate policy pursued by the industry, where

financial markets, banking sector liquidity drain and a rise in interest and exchange rate volatility. Reports of Russian banks were analysed as part of this

of deposits by the Bank of Russia. The criteria of the credit rating level for suspending a credit institution’s right to obtain the Bank

avoid shocks of the money (foreign exchange) market, as well as one-time changes of the Bank of Russia key rate. RUONIA Average also helps issuers

Russian Federation. Interest Rate Band of the Bank of Russia and Overnight Money Market Interest Rates Featured links Bank of Russia key rate decisions www.

2026 Maturity date 13.05.2026 Procedure for document exchange using Moscow Exchange trading system, Direct exchange of documents in electronic form using personal accounts