The Banking Standards Committee has approved the Standard for Protecting the Rights and Legitimate Interests of Mortgage Borrowers and will soon submit it to the Bank of Russia for approval.
In July, companies' business activity continued to expand. The Bank of Russia's Business Climate Index was higher than the 2023 average, despite a drop to 7.7 points.
In June, the Bank of Russia published a consultation paper on regulating concentration risks that have considerably grown in certain banks over the past few years. The document proposes to amend the regulation gradually, from 2025 to 2030, and to provide banks with concentration risk management tools to help them achieve the ratio targets.
The Bank of Russia has approved a procedure for excluding information about individuals and companies from the database on actual and attempted unauthorized money transfers. This new regulation will come into force on July 26.
Economic activity significantly increased over May and June, according to recent data. Moreover, aggregate demand continues to expand at a pace exceeding the economy’s capacity. The growth rates of consumer prices were up as well.
The Bank of Russia has revised the List of RUONIA Panel Banks in accordance with the “Procedure for Selecting Credit Institutions for the List of RUONIA Panel Banks” effective from 24 August 2021 and approved the updated List of RUONIA Panel Banks.
The Bank of Russia and the Russian Small and Medium Business Corporation have signed an information exchange agreement to bolster support for small and medium-sized enterprises (SMEs).
The Bank of Russia has announced the suspension of releasing statistics on amounts of trading in the US dollar, euro, and yuan against the ruble. This decision is based on results from over-the-counter (OTC) trading for 'tomorrow' settlements.
Toropets, an ancient town in the Tver Region, was first mentioned in chronicles in 1074. According to legend, Alexander Nevsky married in a church in the town, and Patriarch Tikhon spent his childhood there.
Suzdal, a town in the Golden Ring of Russia, is known for its architectural monuments listed as UNESCO World Heritage sites. Its small streets and picturesque meadows have served as settings for well-known films such as "Andrei Rublev," "Balzaminov’s Marriage," and "Charodei (Enchanters)."
Bank of Russia Governor Elvira Nabiullina held a meeting with Minister of Finance of the Republic of Belarus Yury Seliverstau, who arrived in Moscow on a working visit. They discussed topical issues of bilateral cooperation.
The Bank of Russia has introduced a new category of brokerage clients, termed "clients with an initial risk level," which will include beginner investors lacking experience in trading securities or derivatives. This initiative is part of the Bank of Russia ordinance aimed at mitigating risks associated with leverage trading for novice investors.
In accordance with Clause 5.1 of Bank of Russia Ordinance No. 3439-U, dated November 6, 2014, titled 'On the Procedure for the Bank of Russia to Recognise Credit Institutions as Important in the Payment Services Market,' the Bank of Russia reports that the short name of the credit institution Tinkoff Bank (Reg. No. 2673), recognized by the Bank of Russia as important in the payment services market and included in the relevant register, was changed to TBank on July 4, 2024.
The Bank of Russia has released an updated table comparing the national rating scales of Russian credit rating agencies (CRAs) listed in its register. This comparison table, which incorporates data on one-year theoretical probabilities of default according to the national rating scale for the Russian Federation, is designed for public dissemination.
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.
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.