In July 2024, estimated inflation expected by households in one year rose to 12.4% from 11.9% a month earlier, according to InFOM’s survey. This increase was attributed to respondents without savings, while expectations of those with savings remained almost unchanged.
The Bank of Russia has outlined the procedure for payments on the Eurobonds of JSC Development Bank of the Republic of Belarus (ISIN XS1904731129 or US25161EAA91) to Russian investors. The issuer may fulfill its obligations in Belarusian rubles or buy back the Eurobonds, with payments bypassing foreign institutions.
The July 2024 results of the monitoring of the maximum interest rates on deposits in Russian rubles of the top ten credit institutions attracting the largest amount of household deposits are as follows:
On July 26, 2024, Bank of Russia Governor Elvira Nabiullina announced a decision to raise the key rate to 18% per annum. This decision was influenced by several factors that have materialized, including rising underlying inflation, persistent consumer activity, an unchanged positive output gap in the economy with growing labor market tightness, and new proinflationary risks associated with sanctions.
On July 26, 2024, the Bank of Russia's Board of Directors decided to increase the key rate by 200 basis points to 18.00% per annum. Inflation has accelerated and is developing significantly above the Bank of Russia’s April forecast. Growth in domestic demand continues to outstrip the capabilities to expand the supply of goods and services. To reduce inflation, monetary policy needs further tightening. Returning inflation to the target requires considerably tighter monetary conditions than previously anticipated. The Bank of Russia will consider the necessity of further key...
As of September 30, 2024, low-value electronic funds transfers (EFTs), debit, and credit payments made between Common Monetary Area (CMA) countries—Eswatini, Lesotho, Namibia, and South Africa—will be treated as cross-border transactions and subject to greater due diligence requirements.
WASHINGTON, D.C. – U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, has urged federal banking regulators to thoroughly evaluate all aspects of the proposed merger between Capital One and Discover. In a letter to Federal Reserve Vice Chair for Supervision Michael Barr and Acting Comptroller Michael Hsu, Brown emphasized that this transaction should prioritize families, households, and businesses deserving of a fair financial system. He called on regulators to investigate how the merging banks plan to lower costs for...
On July 25, 2024, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, delivered an opening statement at a hearing titled “Advancing National Security through Export Controls, Investment Security, and the Defense Production.”
Good morning. I’m pleased to be here with Senior Deputy Governor Carolyn Rogers to discuss the July Monetary Policy Report (MPR) and today’s policy announcement.
The law obliging banks to suspend money transfers for two days if information about payees is on the Bank of Russia’s database of actual and attempted fraudulent transactions will become effective on 25 July 2024. If a credit institution fails to do so, it will have to reimburse the client for the funds transferred within 30 calendar days.
The Bank of Canada has reduced its target for the overnight rate by 25 basis points to 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. The central bank continues its policy of balance sheet normalization.
Monetary policy is working to reduce price pressures in the Canadian economy. Core inflation is expected to ease gradually, while the path of CPI inflation will be bumpy. Inflation returns sustainably to the 2% target in the second half of 2025.
The Bank of Russia organized a seminar for the BRICS central banks on financial literacy and financial inclusion as part of the third meeting of the BRICS deputy finance ministers and central bank governors in Rio de Janeiro, Brazil.
Today, the House Financial Services Subcommittee on Housing and Insurance, led by Chairman Warren Davidson (OH-08), is holding a hearing entitled “Housing Solutions: Cutting Through Government Red Tape.”
The third regular meeting of the BRICS deputy finance ministers and central bank governors took place in Rio de Janeiro, Brazil, on July 23. The primary focus of the joint session was a report from the BRICS countries on improving the global monetary and financial system. The report offers practical solutions for payments, settlements, clearing, and insurance.
The Bank of Russia has established new rates for compulsory insurance of carriers' third-party liability for damage to passengers (CICL). Effective August 3, the lower bound of the range of insurance rates for intercity bus, tourist water, helicopter, railway, and sea transportation will decrease by 20%.
Bank of Russia Governor Elvira Nabiullina and Bank of Russia Deputy Governor Alexey Zabotkin will participate in a press conference on July 26 at 15:00, following the Board of Directors' monetary policy meeting.
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