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8%). Government funds increased as well (+4.5%), predominantly owing to regional budgets. The banking sector’s net profit totalled 164 billion rubles in January

in general. Source: Bank of Russia 17 Fiscal policy Federal budget revenues and spending, Federal budget balance, 12 month moving sum, as % of GDP 12

Metals-Denominated Budget Funds in Accounts of Credit Institutions1 (millions of rubles) 31.12.2021 Federal Regional and local budget Other Extra-budgetary budget funds funds budget

Figure 6: Strong fiscal position: budget consolidation and fiscal rule amounted to USD 120 bn in 2021 Russian Federal Budget Balance, % of GDP, lhs Urals,

transfers will serve as a new tool for earmarked payments and for budget payment administration’, noted Olga Skorobogatova, First Deputy Governor of the Bank of

Murmansk Region will subsidise the interest rate on such loans from the budget by reducing commercial banks’ mortgage rates by 3 pp. Higher interest rates

the scale of their activities, as well as accounts for federal budget funds, budget funds of the constituent territories of the Russian Federation and government

Profit tax * Funds transfers from credit institutions’ accounts to the budget system’s accounts with budget classification codes corresponding to the above taxes. Source: Bank

2013 2014 2015 2016 2017 2018Е 9 / 520181.11 6 Russian Federal Budget Balance, % of GDP, lhs % / Urals, $/bbl, rhs 120 111 12 120 100

of lending. Source: Bank of Russia 17 Fiscal policy Federal budget revenues and spending, Federal budget balance, 12 month moving sum, as % of GDP 12