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year’s budget expenditures and the funds received in January that were not credited to banks in December 2023. This inflow through the budget channel

levels. The discussants noted that budget system spending in January was close to the historical norm. Most participants agreed that budget spending planned for the

SBP and expand payments for state, municipal, and other services to the budget. At FINOPOLIS 2023, as you remember, a number of banks suggested introducing

to the increase. The funding of regional budgets in the form of long-term budget loans from the federal budget soared to 2.5 trillion or

1 Kti, 1f Iti , f (7) Each household is restricted by a budget constraint: Dti , f St W i Li Di , f S Di Di

to the Russian budget. In the second scenario, companies pay a tax that is only applied to exports, but it replenishes the budgets of Russia

the federal budget; RB means a regional budget; GEBF and TEBF mean government and territorial extra-budgetary funds. To assess stand-alone balances of regional budgets, federal

2023 (+5.2%) caused by the significant inflow of funds to cover budget spending. The banking sector’s profit totalled Р354 billion and the return

both assume that households solve the task of maximising consumption given intertemporal budget constraints. In the first case, demand for credit arises when income temporarily

may have additionally increase loan demand ahead of the expected receipt of budget funds. Recent months have seen an increase in the share of floating