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increased lending. Should fiscal pol- icy normalise in line with the three-year budget, the public sector will make a smaller contribution to aggregate demand and

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

decreased by Р214 billion. In the future, a balanced structure of the budget and sustainable disinflation will be the key factors mitigating interest rate risks.

the budget, which will produce a disinflationary effect as compared to a situation where a rise in budget revenues would fail to cover growing budget

increase in 2026–2027. • Fiscal policy normalisation and the return to expenditure budgeting in accordance with the long-term parameters of the fiscal rule from 2026

1991–1994: President, JSC Odissei. 1994–2001: Head of Office, Committee on Budget, Tax Policy, Financial, Foreign Currency and Customs Regulation and Banking, the Federation

coins of the Bank of Russia; ensuring the servicing of budget accounts of the Russian budget system at Bank of Russia regional branches; organising and

2025. The disinflationary effect of the 2025 budget will be notably less significant than expected. The updated 2025 budget projections factor in a smaller amount

Law on the Federal Budget for 2025 and the 2026–2027 Planning Period, the draft Federal Law on the Federal Budget for 2026 and the

2025. The disinflationary effect of the 2025 budget will be notably less significant than expected. The updated 2025 budget projections factor in a smaller amount