During January, the ruble remained within a range similar to that of December. The ruble’s exchange rate strengthened towards the end of the month, reaching 90 rubles/$ (-0.4%), 97.6 rubles/euro (-2.1%), and 12.5 rubles/yuan (-0.9%). The average monthly exchange rate of the ruble experienced a more significant strengthening (-1.7% month-on-month). Despite the decline in export revenue caused by previous months’ decreasing commodity prices, the ruble did not depreciate, as noted by the Central Bank in one of its assessments: the ruble was supported by currency sales within the scope of reflection operations using the National Welfare Fund’s funds. As of midday on February 16, the dollar is at 92.48 rubles/$, the euro at 99.3 rubles/euro, and the yuan at 12.72 rubles/yuan on the Moscow Exchange.