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increased returns on temporarily available budget funds deposited by treasury authorities. Over 2024, the budget system and the federal budget significantly increased overall revenues both

well as bliss point on consumption for simplicity. If , then and the budget constraint is . Then the first-order condition is and the size of the

and return to expenditure budgeting in accordance with the long-term parameters of the fiscal rule from 2025. The effect of budget operations on the banking

situation with liquidity might vary in 2024–2026 as well. Depending on budget operations and seasonal dynamics of other factors, there might be both a

maximum amount of federal budget expenditures. The situation in the Russian economy required a considerable easing of fiscal policy, and federal budget expenditures exceeded the

parameters stipulated in the amendments to the Federal Law on the Federal Budget for 2025 and the 2026–2027 Planning Period, the Guidelines for Fiscal,

Russian exports might decline. • A larger budget deficit and the emergence of second-round effects associated with the structure of budget revenues and expenditures. An easing

Russian exports might decline. • A larger budget deficit and the emergence of second-round effects associated with the structure of budget revenues and expenditures. An easing

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

ruble transactions to pay student allowances from the federal budget and fines to the federal budget using experimental digital rubles. Concurrently, the Bank of Russia,