On April 26, the Bank of Russia announced its decision to terminate the status of a self-regulatory organization in the financial market, specifically targeting the Association Self-regulatory Organisation of Agricultural Consumer Credit Cooperatives Vybor (Association SRO ACCCs Vybor).
The Bank of Russia has opted to maintain the key rate at 16.0% per annum, according to Governor Elvira Nabiullina. The decision follows a review of inflationary pressures, which have been easing gradually, though lending and consumer activities remain high. Despite some deceleration in inflation, "it is so far impossible to say that the slowdown of inflation has become steady," Nabiullina stated.
On April 26, 2024, the Bank of Russia is set to release a new commemorative coin marking the 10th anniversary of the Eurasian Economic Union (EAEU). The coin, with a denomination of three rubles, is crafted from silver and weighs 31.1 grams with a fineness of 925/1,000. It measures 39.0 mm in diameter and features a round shape.
The Bank of Russia has announced the release of the program architecture for its upcoming Financial Congress. The details have been made available on the event's official website.
On April 26, 2024, the Bank of Russia Board of Directors decided to maintain the key rate at 16.00% per annum. Although inflationary pressures are gradually easing, they remain high due to elevated domestic demand outpacing supply capabilities. This situation is expected to slow down the return of inflation to the target more than previously forecasted by the Bank in February.
The Bank of Russia has announced an increase in risk-weight add-ons for unsecured consumer loans and introduced new requirements for car loans, effective from July 1, 2024. This move is intended to limit individual debt burdens, strengthen the macroprudential capital buffer, and improve banks' resilience against potential losses on consumer loans.
The recent evaluation of labor market dynamics in advanced economies (AEs) has highlighted several key issues that could affect the normalization of inflation. A noticeable shift in the Beveridge curve, which illustrates the relationship between job vacancies and unemployment, indicates changes in labor supply dynamics.
In recent years, geopolitical tensions have increasingly impacted the global economy and policy-making. This shift contrasts with the period following the 2008-09 Global Financial Crisis when investors prioritized economic performance over political dynamics. At that time, global policies were more aligned with economic conditions rather than political risks.
Thank you for joining us today to mark the launch of South Africa’s deposit insurance scheme. The big picture is that South Africa is joining a very common practice, globally, of offering deposit insurance. It is a universal business model of banks to fund their assets with borrowed money, and so depositors are actually investors in banks. Usually, we say investors must accept the risks of making investments. But deposits are special, and most governments protect them.
South Africa is facing potential economic challenges due to its high carbon intensity and low effective carbon price. This situation leaves the country vulnerable to economic disruptions from carbon border adjustment mechanisms (CBAM) and evolving consumer preferences. Although current assessments of the European Union's CBAM indicate minimal initial effects, these are expected to grow as more goods fall under such adjustments, additional countries adopt similar measures, and consumers increasingly favor less carbon-intensive products.
The Bank of Russia has announced plans to introduce new requirements for calculating the capital adequacy ratio (CAR) by professional securities market participants, effective from October 1, 2025. These changes aim to refine the assessment of credit risk associated with brokerage clients' positions.
Despite ongoing challenges, GDP growth in the first half of 2023 surpassed expectations. The mining, manufacturing, and finance sectors performed better than anticipated. On the demand side, government expenditure and private sector gross fixed capital formation also showed stronger growth than expected.
The South African Reserve Bank (SARB) has announced the official launch of the Corporation for Deposit Insurance (CODI). This initiative aims to bolster confidence in South Africa's financial sector.
This article provides an overview of the Bureau for Economic Research's business sector inflation expectations data in South Africa. It includes firm-level dimensions and characteristics, emphasizing the importance of analyzing this data. The disaggregated data offers valuable insights for policymakers on how well "anchored" inflation expectations are and the extent to which inflationary pressures spread through the economy.
The Federal Reserve has announced that it will conduct a series of daily monetary operations starting April 25, 2024. These operations are aimed at maintaining the federal funds rate within the target range set by the Federal Open Market Committee (FOMC).
CODI has become operational this month, representing the result of extensive collaboration and effort among policymakers, lawmakers, regulatory authorities, industry bodies, and member banks. The support, input, and constructive criticism received over the past few years have been crucial in developing a deposit insurance scheme that demonstrates a shared commitment to strengthening the resilience of the financial sector.
The results for April 2024 regarding the monitoring of maximum interest rates on deposits in Russian rubles by the top ten credit institutions attracting the largest household deposits have been released.
In a recent economic note, researchers have analyzed shifts in the primary drivers of export and import volumes. The study utilized an error correction model to assess changes in elasticities over time.
The National Treasury Employees Union (NTEU) has expressed concerns over the Office of Personnel Management's (OPM) proposed directive, known as Directive-BA 200. The union believes that this directive could negatively impact federal employees' rights and working conditions.