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outstanding amounts due to the federal budget, budgets of relevant constituent territories of the Russian Federation, relevant local budgets, and government extra- budgetary funds; compliance

0 trillion. The deviation is due to a smaller- than-expected inflow of budget funds in 2024. A part of the expenditures funded in late December

would also be a return to normal fiscal policy and fiscal rule-based budgeting of expenses. Summary of the Key Rate Discussion 4 MONETARY CONDITIONS MAIN

would also be a return to normal fiscal policy and fiscal rule-based budgeting of expenses. Monetary conditions Main facts Money market rates and yields on

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

the world. Households Households maximize the expected utility function (1) with a budget restriction (2). DO WE NEED TAYLOR-TYPE RULES IN DSGE? JANUARY 2025 6

net profit allocated to the R&D of products and processes respectively budget to total R&D and capex • revenue from technology licensing investments made

the budget deficit was RUB 1.1 trillion). The marked decline in the budget deficit during this period was facilitated by a surge in budget

December 2024 and the amount of NWF resources spent on financing the budget deficit outside the fiscal rule in 2024 (Р1,300.0 billion). The

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