Budget expenditures continue to remain at an excessive level, which pushes monetary aggregates to grow.

Figure 1 and 2.

In addition, the reduction in the Central Bank's key rate has led to a flow of funds into short-term liabilities and cash.

Figure 3 and 4.

This is a dangerous situation that creates a liquidity shortage and leads to an increase in the reserve obligations of the Central Bank.

... Читать дальше »