Increasing federal budget expenditures in certain months does not have a significant impact on the inflation level in the country. Deputy Governor of the Central Bank of Russia Alexey Zabotkin spoke about this, according to reports Interfax
According to him, inflation is primarily affected by the structural deficits of the consolidated budget and operations for the investment of funds from the National Welfare Fund.
“If the deficit remains the same for the whole year, if the general configuration of budget policy in the medium term remains the same, then aggregate demand will behave exactly as assumed when preparing the forecast and making a forecast. Zabotkin announced the decision on the key interest rate.
The head of the Central Bank, Elvira Nabiullina, also stated that the bank generates income from buildings where it is already known that decisions on monetary policy are taken. According to him, the dynamics of budget expenditures for the whole year are more important to calibrate the Central Bank policy.
Before that, it was known that at the beginning of 2024 there was an active increase in federal budget expenditures, which the Ministry of Finance announced with the need to advance a number of items. According to Electronic Budget monitoring data, as of February 14, expenditures amounted to 4.63 trillion rubles.
at the Central Bank stated about the worsening situation in foreign business payments.