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which reached up to 4 trillion rubles last year. Now, as the budget spends the reserve funds, the Bank of Russia will absorb this liquidity

seasonal shrinking of cash in circulation. Further inflow of funds from the budget is possible in June, but the credit institutions’ demand for refinancing may

indexation of tariffs of natural monopolies Low capital expenditures To finance federal budget deficit the Ministry of Finance intends to use revenues from privatization besides

on what the budget strategy is. Whilst we treat the Ministry’s option as realistic enough to base our assumptions on, budget risks are still

on what the budget strategy is. Whilst we treat the Ministry’s option as realistic enough to base our assumptions on, budget risks are still

level. This primarily stems from inflation expectation inertness, the lack of mid-term budget consolidation strategy and the uncertainty in the parameters of future indexation of

of state and municipal tional leader among the sources of borrowing for budgets, and funding received from controlling en- Russian enterprises. In 2015, the corporate

Dated 29 August 2013, ‘On the Procedure for Administering Certain Types of Budget Revenues by the Central Bank of the Russian Federation’ (becomes effective 10

and finance. Application of information and communication technologies in payment systems................................................................................64 Budgeting and controlling in central (national) banks.................................................................................66 Central (national) banks public communication

to contract as the Reserve Fund is being spent to finance a budget deficit. However, the sustainable demand for Bank of Russia repo auctions is