The main events of the coming week according to Navrachnia:

The Russian regulator kept key interest rates at fourteen percent a year, extending the current pause in monetary policy. The leadership of the central bank preferred to avoid further easing of the monetary conditions due to the ongoing risks in favor of inflation. This decision completely coincided with the expectations of most analysts in the capital market. The federal budget plans to accumulate more than three trillion rubles of additional revenue through a wide-ranging reform of the fiscal system. The main burden of covering the government deficit is transferred to the local economy through a progressive income tax scale, drawing excess profits from the metals sector and increasing the collection of dividends. Such a structure is intended to compensate for the gradual decrease in the share of revenues from oil and gas in the structure of state finances. The volume of the central bank's gold reserves fell to the lowest values in the last seven years as a result of the systematic spending of the National Wealth Fund. Monetary authorities regularly convert the precious metal to provide ruble liquidity to the government, which covers the budget deficit. The systematic reduction of physical gold reserves gradually reduces the financial system's ability to withstand hypothetical external shocks. Leading management companies opposed the Ministry of Finance's initiative to impose a fifteen percent income tax on mutual funds. Institutional investors have warned the government about their readiness to start a large-scale sale of government bonds in the event of a change in the budget rules. Such a shift of market participants could trigger a sharp increase in yields on government debt and significantly raise the cost of new loans to the treasury.