The dollar exchange rate has a perfect relationship with the broad monetary base.

Yandex is not doing very well, despite analysts' songs.

Figure 1.

A huge part of Yandex's cash flow comes from stock options that the company pays to employees.

As a sense it is loans that company takes not in bank but from its staffs.  

And a loan cannot be an income.

But okay, let's consider it income.

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Weekly inflation returns to the average, which is about 10%.

Government spending remains at a high level, which hinders a reduction in the key rate.

It doesn't look like the company is doing well.

The FCF before the change in working capital decreased to 104 rubles. per share.

Thus, the annual dividends cannot be higher.

Average daily budget expenditures set a record.

So far, the Central Bank's key rate is solving its main task.

The money is carefully returned to the banking system.

Inflation in the Russian Federation remains at a good level, above the average for this period.

I think the Central Bank's key rate will remain at the same level.

Looks like someone has repaid a large loan to Sber.

I think this is one of the government contractors.