By the Order of the Bank of Russia Governor, Andrey Gangan has been appointed as Director of the Monetary Policy Department, effective from October 2, 2024.
Representatives of the central banks of seven BRICS countries participated in cyber drills organized by the Bank of Russia. The event, held over several days, focused on training participants to counter urgent cybersecurity threats.
Annual price growth decelerated in 51 regions in August, most notably in the Primorye Territory and the Kaliningrad Region. Over the year, prices increased by 9.1% across Russia as a whole, which is slightly lower than the July values.
The Bank of Russia has established the procedure for insurance companies to obtain a management company license for providing voluntary life insurance services. This measure aims to facilitate unit-linked life insurance, a new investment product in the Russian market.
According to the Bank of Russia, proprietary trading companies are becoming increasingly active in on-exchange trading. A proprietary trading company is a legal entity whose core operations involve on-exchange trading with the involvement of traders to manage its own capital and conclude transactions on its behalf. The Bank of Russia is taking additional measures to monitor and investigate the trading activity of such entities.
The priority areas of financial market development for the next three years include enhancing the role of the capital market as a source of business financing, improving long-term saving and investment tools for individuals, boosting confidence in the market, and strengthening the protection of investors' rights.
The Business Climate Index (BCI) of the Bank of Russia eased to 5.7 points in September, compared to 6.8 points in August. Current output and demand estimates continued to decline, while short-term expectations were more optimistic than in August.
The Bank of Russia has announced changes to the parameters of FX swaps, effective from September 16, 2024. The new interest rates for CNY/RUB sell/buy swaps will be set as follows:
Bank of Russia Governor Elvira Nabiullina announced today that the central bank has decided to raise the key rate to 19% per annum. This decision follows a series of measures aimed at tightening monetary conditions in recent months.
The September 2024 results of the monitoring of maximum interest rates on deposits in Russian rubles by the top ten credit institutions attracting the largest amount of household deposits are as follows:
On September 13, 2024, the Bank of Russia Board of Directors decided to increase the key rate by 100 basis points to 19.00% per annum. Current inflationary pressures remain high. By the end of 2024, annual inflation is likely to exceed the July forecast range of 6.5–7.0%. Growth in domestic demand is still significantly outstripping the capabilities to expand the supply of goods and services. Further tightening of monetary policy is required to resume the disinflation process, reduce inflation expectations, and ensure the return of inflation to the target in 2025. The Bank of...
On September 12, 2024, the Bank of Russia issued a 10-ruble base metal commemorative coin titled ‘Teacher’ as part of The Man of Labour series (Catalogue No. 5714-0101).
By July 1, 2025, major banks will be required to offer their clients the ability to conduct transactions with digital rubles. This includes opening digital ruble accounts, depositing cash, making funds transfers, and receiving digital rubles through the relevant infrastructure. The Bank of Russia plans to initiate large-scale use of the digital national currency from that date. It is essential that the digital ruble is accessible to both individuals and businesses and can be used as freely as other forms of rubles (physical money or bank deposits).
A press conference is scheduled for September 13 at 15:00 following the Board of Directors’ monetary policy meeting, according to an announcement from the Bank of Russia. Governor Elvira Nabiullina and Deputy Governor Alexey Zabotkin will participate in the event.
On September 9, 2024, the Bank of Russia will issue commemorative coins to mark the 25th anniversary of the Union State Treaty. The release includes a 3-ruble silver coin and a 25-ruble cupronickel coin with colored coating.
Insurance companies paid a significant part of this amount to residents of 39 Russian regions, whose property insured under voluntary programs was damaged by the spring flood. A substantial share of this compensation was paid in the Volga and Urals Federal Districts, according to the Review of Key Indicators of Insurers for 2024 Q2.
The Bank of Russia has extended restrictions on foreign cash withdrawals for another six months, until March 9, 2025. This decision comes in response to sanctions against Russia that prevent domestic financial institutions from purchasing cash from Western countries.
As of the end of the month, the ruble exchange rate returned to the levels of early June 2024. By the end of August, foreign exchange spreads were almost unchanged despite the holiday season.