The first principal goal is to gradually reduce inflation. The second task is to prevent a sharp real effective appreciation of the ruble, so as not to harm the conditions for economic growth. I would like to stress that we understand that the Central Bank can only exert a temporary influence on the real effective exchange rate of the national currency.
For example, if there is a strong balance of payments and the Central Bank doesn’t allow nominal appreciation of the ruble, this will inevitably lead to growth in foreign exchange reserves, a rise in money supply, and eventually, after a certain period, to higher inflation. This means a real strengthening of the national currency.