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by reducing the burden on banks’ capital without additional financing from the budget. Materials Information letters Bank of Russia Information Letter No. IN-018-35/60, dated

to inflation risks stemming from the fiscal system and external environment. High budget expenditures in early 2026 might result in a more significant fiscal impulse

public procurement contracts were actively repaying their outstanding loans by using the budget funds received. According to high-frequency data, demand for corporate loans was weak

the fiscal impulse is expected to be weaker, taking into account the budget expenditure targets set for the year. As a result, money supply dynamics

Its individual blocks are not derived from solving an optimisation problem under budget constraints. For both the formal and graphical model, we use ready-made behavioural

expenditures and a more notable budget deficit for the year as a whole. We are now expecting the updated budget parameters for this year. The

mid-term horizon. In case of higher expenditures accompanied by growth in structural budget deficit, tighter monetary policy will be required than that under the baseline

mid-term horizon. In case of higher expenditures accompanied by growth in structural budget deficit, tighter monetary policy will be required than that under the baseline

impact on liquidity. The Federal Treasury effectively managed temporarily available balances in budget accounts and promptly deposited or withdrew funds from bank deposits depending on

Precious Metals-Denominated Budget Funds in Accounts of Credit Institutions1 (millions of rubles) of which Date Total regional and local federal budget funds other budget funds