Based on the findings of investigations, the Bank of Russia has established facts of market manipulation in transactions with futures and options contracts in on-exchange trading.
Russia, alongside other countries, is currently discussing the economic and legal nature of stablecoins and approaches to their regulation. The Bank of Russia has analyzed international trends in the field of stablecoins in its analytical report.
On July 10, 2024, Chairman of the House Financial Services Committee Patrick McHenry (NC-10) led Republicans in a debate on the House floor concerning a veto message accompanying H.J. Res. 109. This resolution pertains to congressional disapproval under chapter 8 of title 5, United States Code, of a rule submitted by the Securities and Exchange Commission (SEC) related to "Staff Accounting Bulletin No. 121."
The House Financial Services Committee is holding its semi-annual hearing with Federal Reserve Chairman Jerome Powell today. Amid ongoing inflation concerns, Republicans are urging Chair Powell to maintain the Federal Reserve's independence and resist political pressures, particularly regarding proposals like Basel III Endgame.
Both nominal and real interest rates continued to grow, according to recent data. Moreover, real interest rates hit new record highs, while households’ and businesses’ inflation expectations increased less notably.
The imposition of restrictive measures on the Moscow Exchange was anticipated. Therefore, their impact on the ruble was short-term and minimal when the switch to the over-the-counter (OTC) mechanism of determining the ruble/US dollar and ruble/euro rates was carried out.
The House Financial Services Committee, chaired by Patrick McHenry (NC-10), convened a hearing today with Treasury Secretary Janet Yellen to discuss the state of the international financial system. Republicans emphasized concerns over the Biden Administration's foreign policy strategies, suggesting these approaches undermine America's global leadership.
A new range of banking products has been developed for low-income individuals receiving social support from the government. They will have the opportunity to open bank accounts and deposits on special, more favorable conditions. The draft law about social bank accounts and deposits was approved by the State Duma in the second and third readings.
WASHINGTON, D.C. – 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 “The Semiannual Monetary Policy Report to the Congress.”
The Ural Forum of the Bank of Russia is scheduled to discuss development trends and paths in cybersecurity, import substitution, operational resilience of financial institutions, conditions for the safe implementation of digital and payment technologies, and other significant topics.
The Bank of Russia has commenced the publication of credit ratings assigned by Russian rating agencies to companies and financial instruments. This information will be consolidated into a single resource.
The South African Reserve Bank (SARB) has imposed administrative sanctions on Safrican Insurance Company Limited (Safrican) due to its non-compliance with the provisions of the Financial Intelligence Centre Act 38 of 2001 (FIC Act). This decision follows a FIC Act inspection conducted in 2020.
The Bank of Russia has released its annual ranking of insurers based on complaints related to Compulsory Motor Third Party Liability Insurance (CMTPLI) for 2023. The companies are listed according to their consumer risk indicator, which is calculated as the ratio of the number of complaints received by the Bank of Russia per 10,000 insurance contracts concluded.
On July 5, 2024, the Bank of Russia issued a two-ruble silver commemorative coin titled ‘Surgeon Alexander Vishnevsky,’ marking the 150th anniversary of his birth. This release is part of the Outstanding Personalities of Russia series (Catalogue No. 5110-0184).
On July 5, 2024, the Bank of Russia issued one-ruble silver commemorative coins as part of the Russian Sports series. The series includes two coins: "Spartak" and "Labor Reserves." These one-ruble silver coins have a fine precious metal content of 7.78 grams and a fineness of 925/1,000. They are round in shape with a diameter of 25.0 mm.
The June 2024 results of the monitoring of the maximum interest rates on deposits in Russian rubles for the top ten credit institutions attracting the largest amount of household deposits are as follows:
The units of closed-end unit investment funds (UIFs) for qualified investors can now be divided into classes, the maximum life cycle of closed-end UIFs will be extended, and funds will be able to change their status from ‘a closed-end UIF for qualified investors’ to ‘a closed-end UIF for non-qualified investors’. Such innovations are provided for by the draft law adopted by the State Duma in the first reading.
The Bank of Russia Governor Elvira Nabiullina and the Governor of the Central Bank of the Islamic Republic of Iran Mohammad Reza Farzin held a working meeting at the Financial Congress of the Bank of Russia in St Petersburg on 4 July 2024. The governors discussed a wide range of issues concerning financial and banking cooperation between Russia and Iran.