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national currency exchange rate, is referred to as
a foreign exchange channel of the transmission mechanism, or a currency channel. The
exchange rate may have
Chart В-1-3
EME CURRENCIES
2x63х82 = 100)
(02.01.2019
EXCHANGE RATES IN ADVANCED ECONOMIES* EXCHANGE RATES IN EMERGING MARKET ECONOMIES*
115 120
110
110
100
calculations. Sources: Rosstat, Bank of Russia calculations.
RUBLE EXCHANGE RATE AGAINST FOREIGN Chart 7 RUBLE EXCHANGE RATE AGAINST FOREIGN Chart 8
CURRENCIES* CURRENCIES*
63х82
(THREE-MONTH
Exchange Rate of US Dollar Against Ruble*.......................................................................................................... 88
3.2.2. Official Exchange Rate of Euro Against Ruble*.................................................................................................................. 90
3.2.3. Official Exchange Rate:
stability, the economy demonstrates better resilience to external shocks.
FLOATING EXCHANGE RATE REGIME
An exchange rate regime, under which the central bank does not set
the external sector involve not only the liquidity risk but also
the exchange rate risk. In this context, it may not be entirely correct to
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15.11.2021
in oil prices, now — thanks to the fiscal rule and a floating exchange rate — oil prices are making a lower impact on the economy, so
sensitive
to ruble exchange rate fluctuations. For indicative purposes, the Bank of Russia calculates credit
gaps based on a fixed ruble exchange rate as well
services
associated with transactions with clients’ financial assets and liabilities, credit rating services, stock exchange
services, trust services, bank safe deposit box rentals, and also
non-official to official channels of transfers; and also growing
oil prices and exchange rate movements.
An increase in remittance inflows was registered in Latin America