The main topic at the moment is the printing press, whose efforts are already giving a fairly noticeable result.

Figure 1,2,3,4.

The excess of money manifests itself as a continuation of the budget deficit, which is covered by the reserve fund and borrowings in the money market.

This surplus, which is spent by the budget, eventually turns into money in the hands of people and accumulates on short-term deposits or in dollars.

At the same time, long-term government securities are falling in price, and interest income is rising.

Figure 5.

Based on the above, I can assume that the central bank rate does not reflect the real value of money and does not reflect the risk of inflation.