Tight monetary policy has not yet stopped the growth of lending, since a significant part of it is accounted for by preferential programs with non-market rates. This is one of the arguments in favor of further increasing the key rate, that is, the price of money for those who do not have access to benefits and operate on market conditions. The Central Bank admits that subsidized loans can be justified as an anti-crisis measure, but in the long term their economic effectiveness is questionable.

Tight monetary policy has not yet stopped the growth of lending, as a significant portion is tied to preferential programs with below-market rates. This is one of the arguments for further raising the key interest rate, which raises the cost of borrowing for those without access to subsidies and who operate under market conditions. The Central Bank acknowledges that subsidised loans may be justified as a crisis management tool, but their long-term economic efficiency is questionable.

Russia’s 2025 budget contains three pieces of bad news. The first is that next year’s increased budgetary expenses will be paid directly by businesses and citizens from their own pockets. The second is that, despite its formal balance, the budget remains inflationary. And the third – this is now forever. Total budget spending will increase by 12% next year, mainly due to military expenditures.

The Russian budget for 2025 contains three bad news. The first - the growth of budget expenditures next year will be paid by enterprises and citizens directly from their pockets. The second - despite the formal balance, the budget is still incredible. And the third is now forever. The total budget expenditures next year will increase by 12%. Basically - due to military expenses. Only under the article “National Defense” it is planned to spend 13.5 trillion rubles - a quarter more than this year.