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.
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.
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 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.
The Bank of Russia has advised market participants to exercise caution when disseminating information concerning investors' rights and legitimate interests. The bank emphasized that communications to customers should be comprehensive and clearly worded to prevent any incorrect or ambiguous interpretations.
Russians brought over 31 million coins to banks during Coin Week, which took place from May 20 to June 2. This figure is almost 1.5 times more than last year. In total, people put ₽135 million back into circulation, exchanging coins for banknotes or depositing them in their bank accounts.
Some major Russian banks have reported a significant increase in credit concentration on corporate borrowers over recent years. However, based on international and Russian experience, even large companies can become insolvent. The potential default of such borrowers may cause banks to lose their financial stability and pose risks to the financial system as a whole. Therefore, the Bank of Russia believes it is important to regulate concentration risks.
At its meeting on 27 June 2024, the National Financial Board (NFB) considered the Bank of Russia Annual Report for 2023, information from the Bank of Russia Board of Directors on key issues of the regulator’s activities in Q1 2024, as well as the report of Limited Liability Company Fund of Banking Sector Consolidation Asset Management Company for 2023.
The Bank of Russia will increase risk-weight add-ons for unsecured consumer loans starting September 1, 2024. This measure aims to curb the rise in household debt and strengthen banks' macroprudential capital buffers.
The Bank of Russia has identified instances of market manipulation in on-exchange trading at Moscow Exchange and PJSC SPB Exchange involving 19 issues of corporate high-yield bonds over the period from December 12, 2018, to April 13, 2023. The issuance of these bonds was organized by Limited Liability Company UniService Capital (LLC USC).
The total cost of credit (TCC) under consumer loan and microloan agreements signed or amended in the third quarter of 2024 may not exceed the market averages calculated by the Bank of Russia for respective loan categories by more than one-third. The market averages of the TCC were published on the regulator’s website in May.
The loan portfolio of microfinance organizations expanded by 7% over the first quarter of 2024 amid high consumer demand. Predominantly medium-term loans were issued. Payday loans, which are traditionally the most expensive ones, accounted for 32% of the total amount of loans granted for several quarters. This is the lowest amount since 2017.