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economic fragile situation, the SNB did not raise interest rates in the last years. Minimum exchange rate (September 2011- January 2015) Negative interest rates since

Inflation targeting Active inflation Liquidity Transition deadline Key rate Floating exchange announced targeting management set introduced rate introduced Dec 2018 Dec 2019 May 2021 communications

7% of GDP. Source: Federal Treasury 14 Ruble exchange rate Ruble exchange rate Real effective ruble exchange rate 50 7.5 160 55 8.0

goal ensure the stability of Exchange rate. By the end of the month, the long-term interest rates. ruble-to-US dollar exchange rate rose by 2.4

exchange rate developments in Russia. We estimate the model empirically and show that the reaction of households to exchange rate appreciation weakens when exchange rate

rule leads to a decrease in output volatility, a slight decrease in exchange rate volatility and a stronger disinflationary effect in response to a positive

at current foreign exchange rates and market prices. Values are converted to the US dollars on the base of official exchange rates of foreign currencies

Exchange Rate of US Dollar Against Ruble*.......................................................................................................... 86 3.2.2. Official Exchange Rate of Euro Against Ruble*.................................................................................................................. 88 3.2.3. Official Exchange Rate: