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about monetary policy tightening. Nevertheless, as market participants are concerned that the budget deficit and the amount of borrowings will remain elevated in the medium

path of the federal budget and the fiscal system as a whole. In case of a further expansion in the budget deficit, proinflationary risks will

path of the federal budget and the fiscal system as a whole. In case of a further expansion in the budget deficit, proinflationary risks will

budget. Will there be anything more from you, Mr Zabotkin? ALEXEY ZABOTKIN: Policymakers should always be mindful of fiscal dominance risks in their long-term budget

monetary aggregates accelerated due to increased lending and a positive contribution of budget operations. MONETARY POLICY TRANSMISSION The monetary policy transmission mechanism balance-sheet channels), as

Budget Funds in Accounts of Credit Institutions (millions of rubles) of which Total regional and local federal budget funds other budget funds extra-budgetary funds budget

production, freight logistics in the new conditions, and the state of regional budgets in 2023. More details are available in the new issue of the

no access to the financial market and their consumption is shaped by budget constraints rendering it more procyclical than that of the Non-HtM. This classification

the desired budget for consumption. If the desired consumption budget is less than current welfare, it is the consumption budget, otherwise the consumption budget is

5. Budget deficit and interest rate risk of the banking sector Amid escalating sanctions pressure from unfriendly countries, in January – April 2023, the budget deficit