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6 billion) and the amount of NWF resources spent to finance the budget deficit beyond the fiscal rule for 2024 (Р1,300.0 billion). The

2009. Before the crisis, macroeconomic stability (sustainably low inflation and a balanced budget) and resilient financial institutions were considered sufficient to ensure financial stability. The

infrastructure project investments,2 among other factors. Part of this inflow of budget funds offset the ongoing Bank of Russia operations to mirror the net

operations. Institution’. Regional and local budget funds are treasury accounts balances of the regional budgets and local budgets. Other budget funds are total funds of

market and mortgages in regions 2024 Industry focus. Harvest of 2024 Regional budgets No. 30 4 September Export opportunities for businesses 2024 Industry focus. Steel

expanding by 2.9% in 2024 Q4. These dynamics resulted from large budget expenditures under public procurement contracts in January—February 2025 and high loan

prices, the shortfall of the oil and gas revenues going to the budget under the fiscal rule will be com- pensated by revenues of the

observing. An important factor affecting our decision-making is fiscal policy. If the budget impact is less disinflationary than assumed in the announced plans, we will

on cigarettes and other nicotine-containing products may account for considerable portions of budgets of certain households. This question helps understand how much of the household

December and February. With fiscal spending rising at the time, recipients of budget funds were repaying previously taken loans. But by March—April, corporate lending