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of this issue are monetary conditions and credit and deposit markets, regional budgets, and the 2025 harvest. Further details are available in the October issue

manifested itself yet. Inflation risks related to the budget increased. Since the beginning of 2025, federal budget spending has been close to the trajectory of

manifested itself yet. Inflation risks related to the budget increased. Since the beginning of 2025, federal budget spending has been close to the trajectory of

in the budgets of the government extra-budgetary funds, budgets of the constituent territories of the Russian Federation and local budgets. Article 23. Federal budget funds

did not change even on the days of large payments to the budget. 1 From 9 July to 12 August 2025. 2 From 13 August

7 Borrowings from third 20 parties 0 Budget funds 2025 H1 2024 H1 Five-year average Other Other Budget funds Borrowings from third parties -4 -2

Regional and local budget funds are treasury accounts balances of the regional budgets and local budgets. Table 4.1.8 Other budget funds are total

budget. The Minister of Finance has already stated that borrowings this year might somewhat exceed the target currently stipulated in the law on the budget.

policy effects on inflation after the Government submits the 2025 budget amendments and new budget projections for the medium-term horizon to the State Duma. Changes

to aggregate demand continues to come from the government sector via continued budget spending growth in real terms and investment of the National Wealth Fund