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is important to focus on the indicators of the fiscal system as a whole rather than on federal budget data alone. The Annex to the

certain sectors facing serious constraints in their export activities. A faster-than-expected recovery is associated with a more robust domestic demand (public and private, including consumer

decreased owing to a drop in global commodity prices. A lower physical volume of supplies due to external restrictions also made a negative contribution. • The

4%’ and ‘Significantly below 4%’) Significantly above 4% a year Approximately 4% a year Significantly below 4% a year Sources: InFOM, Bank of Russia calculations.

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and expert communities and universities concerning education and research. Ksenia Yudaeva remains a member of the Bank of Russia Board of Directors and Financial Stability

effective provided certain conditions are fulfilled (regular bank card turnover, a permanent minimum balance on a bank card, etc.) are not taken into account. — Combined

the materiality thresholds include absolute amounts, namely a Р100 million individual limit for each improper asset and a Р10 billion aggregate limit for all such

Introducing limitations on leverage for novice investors 26 July 2023 News Share VKontakte WhatsApp Telegram The Bank of Russia initiative introduces a new category of