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implications for inflation trends? ELVIRA NABIULLINA: As you are well aware, our exchange rate is floating and shaped by multiple factors. Undoubtedly, the favourable global

and precious metals is converted to rubles using the period average USDRUB exchange rate. Mortgage loans net of claims acquired by banks. Source: Bank of

by, among other factors, a range of geopolitical events, which may affect exchange rate and inflation expectations. Should inflation pressures in the global economy strengthen

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:

August 2021, ‘On Defining the List of News Agencies Publishing Foreign Currency Exchange Rates in Pursuance of Clause 1 of Part 13 of Article 11

Inflation targeting regime with 4% medium-term target rate 2001 – Law on AML/CFT – Introduction of a floating exchange rate regime – Approval of a new corporate

Bound, ZLB; Eggertsson and Krugman 2012), expansionary fiscal policy becomes effective. Fixed exchange rates or ‘fear of floating’ (Calvo and Reinhart 2002; Davila and Korinek

minimum credit rating of A under the Fitch of foreign exchange assets. Ratings and S&P Global Ratings classifications The objective of foreign exchange asset

for access to trading is calculated on each trading day based on exchange rate fluctuations over the past year. The new requirements are intended to