MOSCOW, September 15. /TASS/. High demand for imports coupled with lower exports is the main factor behind the depreciation of the Russian currency since early 2023, the Central Bank said in a press release published following its board meeting.

"High demand for imports coupled with reduced exports is a key factor of the ruble’s depreciation since early 2023. Demand for imports will be adjusting to the weaker ruble and the adopted key rates decisions in the coming quarters," the regulator said.

The pass-through of the ruble’s weakening to prices is speeding up due to high inflation expectations, the Bank of Russia added. "Price expectations of businesses have increased most significantly in recent months. Households’ inflation expectations have also risen. Analysts’ inflation expectations for 2023 and 2024 have increased as well, but they are anchored close to 4% for the medium term," according to the press release.