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row, the share of
enterprises that mentioned the change in
the ruble exchange rate as the reason for the
expected increase in prices continued to
Inflation targeting Active inflation Liquidity Transition deadline Key rate Floating exchange
announced targeting management set introduced rate introduced Dec 2018 Dec 2019 Dec 2020
communications
a 14% YoY decline in the real exchange
in 2020 Q4 (vs +2% YoY in 2020 Q3). Their
rate of the ruble, subdued economic activity
975
27.01.2021
in under upward pressure from rising input costs in part due to exchange rate changes. Rises in energy costs, due to the cold winter, fed
Chart 10
(02.01.2018 = 100)
Размер графика – 2x60х82
EXCHANGE RATES IN ADVANCED ECONOMIES* EXCHANGE RATES IN EMERGING MARKET ECONOMIES*
115 120
110 110
105
978
20.01.2021
that tend to fluctuate widely.
One-off factors in individual food markets and exchange rate movements may put longer-lasting pressure on prices amid a rise in
the National RUONIA Ruble Overnight Interbank Lending Rate” document (hereinafter,
seek to achieve, and result in an Foreign Exchange Association in 2010. The aim was
was explained by
reintroduction of a range of restrictions, as a the exchange rate pass-through and price
result of which the supply of services growth