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supply. Driven by February tax payments to the budget, on the one hand,
and by large budget spending, on the other hand, the contribution of
the Key Rate Discussion
5
The federal budget deficit was large in 2026 Q1 due to record-high budget spending.
The participants pointed out that such
forecast assumes a deficit of the consolidated budget over the entire horizon. None of the
analysts expects a budget surplus, while the variance of opinions
24
18.05.2026
more than in previous cycles.
The federal budget deficit was large in 2026 Q1 due to record-high budget spending. The participants pointed out that such
25
18.05.2026
corporate lending will grow at a moderate pace. Given the more active budget execution in 2026 Q1, the forecast range for money supply growth in
26
30.12.2025
Budget payments in digital rubles to be fee-free for everyone
30 December 2025
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The Bank of Russia has decided that