Nabiullina: the impact of the ruble exchange rate on inflation in Russia has weakened

Changes in the ruble exchange rate previously did not have a very strong impact on inflation in Russia, but recently this impact has become even weaker. The head of the regulator, Elvira Nabiullina, announced this on Friday at a press conference following a meeting of the Board of Directors of the Bank of Russia, TASS reports.

According to her, historically, a weakening of the effective exchange rate by one percentage point led to an increase in prices by a maximum of 0.1 percentage point. Now this effect of transfer of currency fluctuations has slowed down.

At the same time, business expectations regarding the value of the currency have a much stronger influence on the final price tags than the current market dynamics, Nabiullina made it clear. The head of the Central Bank added that today's ruble quotes are almost completely consistent with internal calculations and forecasts of the enterprises themselves.