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low. Before the pandemic, banks extended loans at 8–9% without any budget support or the costly [subsidised] programmes. As this new surge in inflation

expecting payments from the budget. And, of course, another important factor has been subsidised mortgage lending programmes. These changes in budget expenditures have entailed a

under which the budget gets balanced. Government-subsidised lending programmes have enabled a credit lever to be created, heightening the impact of budget spending on the

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

deposit base. The impact of budget operations on liquidity was almost neutral in June. The Federal Treasury’s operations offset budget revenues and expenditures. The

rank government-owned MFOs more efficiently. Based on this ranking, MFOs receive additional budget support to subsidise lending to SMEs. The Corporation will in turn provide

Expansion of the budget deficit and the emergence of secondary effects associated with the structure of extra revenues and expenditures of the budget system. The

Expansion of the budget deficit and the emergence of secondary effects associated with the structure of extra revenues and expenditures of the budget system. The

the state budget (about 2% of GDP) was recalled after a wave of protest. New draft provides for a more modest increase of budget funds

in 2022. The main reason why the budget deficit remained high was the continuing increase in federal budget expenditures that rose by 4.0% YoY