Data published by the Central Bank of Russia showed that the real effective exchange rate (the real trade-weighted exchange rate) of the ruble had only modestly increased 4.9% during the first half (H1) of 2002 compared with H1 of 2001 and a smaller 1.2% compared with H2 of 2001. The data are suggestive of a possible shift in direction, from real appreciation of the ruble to real depreciation of the ruble.