The Bank of Russia has outlined its strategic plans for financial technology development from 2025 to 2027. The focus will be on ensuring seamless service provision and customer safety. The central bank aims to enhance digital and payment infrastructure, improve legal frameworks, and maintain technological sovereignty and information security.
The Bank of Russia has concluded discussions on proposals for the development of the microfinance market for 2025-2027. Participants largely supported efforts to stimulate the market for affordable loans to households and businesses, while also emphasizing the need for microfinance organizations (MFOs) to eliminate practices leading to household over-indebtedness.
Bank of Russia Governor Elvira Nabiullina and Minister of Finance of the Russian Federation Anton Siluanov presented the outcomes of Russia's BRICS presidency in terms of cooperation among central banks and finance ministers at a meeting held in Moscow.
The Bank of Russia has introduced a new regulation requiring credit institutions to promptly update their systems with fraudsters' details from the regulator's database. This measure aims to reduce fraudulent fund transfers.
Starting January 1, 2025, trust managers will transition to offering only individualized strategies for private investors. The Bank of Russia has issued an ordinance requiring these managers to consider the financial standing, education, and market experience of their clients when building investment portfolios. This approach aims to better assess both the risk appetite and the risk-bearing capacity of customers.
The Bank of Russia has announced that it will not impose a limit on the total cost of credit (TCC) for consumer mortgage loans intended for purchasing or building houses and land plots. This decision applies to loans issued by credit institutions from October 10, 2024, to March 31, 2025.
The financial derivatives market has been recovering gradually since 2023. This recovery is progressing step by step due to limited access to foreign markets and challenges with settlements.
In the third quarter of 2024, the growth of incoming payments processed through the Bank of Russia averaged 0.4%, a significant decrease from the 7.4% recorded in the second quarter. In September alone, there was a slight decline of 0.2% compared to the average for Q2.
Nominal and real interest rates have increased across most financial market segments, according to a recent update. Despite the rise in rates, inflation expectations among households and businesses have decreased but remain historically high.
The Bank of Russia has released a paper discussing the future of remote identification for financial institutions' customers. As digitalization progresses in the financial sector, there is an increasing demand for remote service channels. The central bank aims to explore further development areas, implement new mechanisms and technological solutions, and address potential risks with mitigation strategies.
The Bank of Russia has outlined its priorities for the Financial Inclusion Programme for 2025-2027. The main objectives are to enhance public financial health and increase the value and utility of financial products. These goals aim to be achieved through the introduction of product governance principles in the financial market.
In September, the MOEX Russia Index saw an increase of 7.8%, marking its first rise since May. The stock market was influenced by news related to dividends from certain companies.
The Coin Week event in Russia, running from October 7 to October 20, 2024, offers a convenient opportunity for individuals to exchange coins for banknotes. This year, the initiative expands beyond banks to include chain stores as locations where people can deposit coins into their bank accounts.
On October 7, 2024, the Bank of Russia introduced a new gold investment coin titled 'Saint George the Victorious' with a denomination of 100 rubles. This coin, catalogued as No. 5217-0048, weighs 15.55 grams and boasts a fineness of 999/1,000. It is circular with a diameter of 30 mm.
The Interbank Currency Council, comprising the Central Bank of the Russian Federation and the National Bank of the Republic of Belarus, convened for its 60th meeting in Yaroslavl. The gathering was attended by Elvira Nabiullina, Governor of the Bank of Russia, and Pavel Kallaur, Chairman of the Board of the National Bank of Belarus.
The Bank of Russia has released the results of its September 2024 monitoring of maximum interest rates on deposits in Russian rubles. The data pertains to the top ten credit institutions attracting the largest amount of household deposits.
On October 2, 2024, the Bank of Russia released new silver commemorative coins as part of the Jewellery Art in Russia series. The coins, known as 'Fabergé Scoop,' come in denominations of 3 rubles and two versions of 25 rubles—one with a colored coating.
Non-governmental pension funds (NPFs) in Russia are now able to purchase shares during initial public offerings (IPOs) if the aggregate value in on-exchange trading reaches at least ₽3 billion. This marks a significant reduction from the previous threshold of ₽50 billion.
Data from credit history bureaus (CHB) indicate an increase in lending to borrowers under 35 years old by 8 percentage points across all lending segments.
Starting October 1, 2024, the sale of complex insurance products with an investment component to non-qualified investors will require a test to ensure customers understand the specific features and risks. This requirement is part of a new law that took effect on the same date.