Bank of Russia Signals Conservative Budget Forecast, Low Risk of Exceeding Deficit

The Central Bank of Russia has adopted a conservative approach to federal budget parameters for 2026-2028, with the director of monetary policy, Andrey Ganagan, stating the probability of exceeding the primary structural deficit forecast is low. This suggests the central bank sees fiscal policy as broadly aligned with its monetary stance, reducing near-term inflationary pressure from fiscal expansion. The statement is a signal of policy continuity, but the actual budget figures remain undisclosed, leaving room for revision.