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bank’s monetary decisions as they are heterogeneous in terms of inflation, budget expenditures, the sectoral structures of their economies, their involvement in foreign economic

budget deficits exceeded 3 trillion (2.1% and 1.9% of GDP, respectively). In the coming years, Russia’s Ministry of Finance also anticipates budget

to changes in the international prices of the exportable good. The external budget constraints (the balance-of-payment relationships) for t = 1 and t = 2 are b2

2017—2019. The credit channel and the fiscal channel (financing of the budget deficit) pour much more money into the economy than it can absorb,

appetite for Bank of Russia loans. Competition between banks for client and budget funds also remained high, including in order to comply with the liquidity

that were associated with budget operations. At first, the Ministry of Finance increased borrowings through government bond offerings, while the main budget expenditures were scheduled

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

was budgeted at 3.1% of GDP in 2023/24 as against the limit of 3.5% set by the CG. In the Union budget

ever. I wonder how we would have navigated 2022 without a sustainable budget acting as a cushion to ramp up spending, if not for inflation

that have emerged since July 2024, including the announced updates in federal budget parameters and the decisions made regarding the indexation of administered prices and