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the budget projections, the structural primary budget deficit is expected to be zero next year, which will have a restraining effect on inflation. Additional budget

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

households, firms and government. Households Households maximize expected utility function (A1) with budget restriction (A2). Z C , t s C t s / Z trY , t

Monetary conditions and credit and deposit markets No. 39 15 October Regional budgets 2025 Industry focus. Harvest of 2025 Producer prices and price expectations No.

amount over 2026 H1). No transactions using NWF resources to cover the budget deficit outside the fiscal rule have been conducted in 2025. Taking into

of the budget for 2025. The target for OFZ offerings in 2025 Q4 has been revised to 3.8 trillion. Nevertheless, the budget parameters approved

cooperate with the investigation and pay a certain amount to the state budget. In return, their case is closed, while the investor preserves their business

for market liquidity were caused by the outflow of funds through the budget channel due to the Bank of Russia operations to mirror the Russian

These tax changes were introduced due to higher budget expenditure. The alternative option was increasing the budget deficit, i.e. public debt. Based on the

demand is backed up by rising household incomes, expanding lending activity, and budget expenditures. The labour market tightness is gradually decreasing. According to surveys, the