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THE RUSSIAN RUBLE

THE RUSSIAN RUBLE. The Bank of Russia Market Operations Department. Toward more flexible exchange rate (1). Source: IMF (2009). Toward more flexible exchange rate (2). Source: IMF (2009). Results of different exchange rate regimes. Summary:

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THE RUSSIAN RUBLE

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  1. THE RUSSIAN RUBLE The Bank of Russia Market Operations Department

  2. Toward more flexible exchange rate (1) Source: IMF (2009)

  3. Toward more flexible exchange rate (2) Source: IMF (2009)

  4. Results of different exchange rate regimes • Summary: • for inflation float exchange rate is the best choice • for growth intermediate regime maybe the best choice Source: IMF (2009)

  5. REER strengthening of commodity-countries(from january 2009)

  6. Still huge ruble dependence on oil price

  7. Bicurrency basket floating bands

  8. Volatility of bilateral exchange rates(day-to-day basis, %) maximum volatility for «row» currency across «column» currencies minimum volatility for «row» currency across «column» currencies

  9. CBR foreign currency interventions

  10. Significant decrease of households demand and investments is the main factor of disinflation now The effect of exchange rate pass-through after ruble depreciation has been fully translated into domestic prices. Current appreciation of ruble is a factor of disinflation for a short-term perspective Monetary policy easing will determine growing inflation risks in 2nd half 2010 Factors of inflation in Russia

  11. CPI and monetary aggregate dynamics

  12. International money market interest rates

  13. CBR interest rate band

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