When conducting simplified identification of clients, certain bank payment agents have been found to misuse individuals' personal data and open electronic wallets without their knowledge. These findings were disclosed by the regulator.
The range of services available through the Digital Profile has expanded, now including 42 new services for businesses, bringing their total to 45. For individuals, four additional services have been added, totaling 47 services.
The Bank of Russia and the Ministry of Finance of the Russian Federation have announced the establishment of a new Banking Standards Committee. This initiative aims to create a platform for dialogue and collaboration between regulators and banking businesses.
The Bank of Russia has released the results for May 2024 concerning the maximum interest rates on deposits in Russian rubles. These figures pertain to the top ten credit institutions that attract the largest volume of household deposits.
As of the end of April, the MOEX Russia Index recorded a 4.1% increase, reaching its highest level in over two years. The ruble exchange rate remained stable, attributed to tight monetary policy and decreased demand for foreign currency from households. Additionally, high amounts sold by exporters contributed to supporting the ruble.
The Bank of Russia has released a series of commemorative coins to honor Alexander Pushkin, a significant figure in Russian literature. These coins celebrate the 225th anniversary of Pushkin's birth and are part of the Historical Events series.
Creditors have been encouraged to adjust loans for businesses impacted by recent flooding, according to a directive from the Bank of Russia. The guidance was issued to banks, microfinance organizations, consumer credit cooperatives, agricultural consumer credit cooperatives, and credit history bureaus.
The recent publication outlines the key points of the discussion regarding the economic situation, inflation, monetary and external conditions, and alternatives to the key rate decision.
Nominal and real interest rates have continued their upward trend in the March-April period. Inflation expectations, however, have shown varied changes during this time.
The Bank of Russia has reported a 2.7% increase in incoming payments through its payment system for April, compared to the average of the first quarter of 2024. This growth was observed across various industry groups, with the exception of sectors focused on public consumption.
In 2023, compensations under compulsory motor third party liability insurance (CMTPLI) policies for motorbikes averaged ₽93,600, which is 6% more compared to CMTPLI policies for cars, according to the Bank of Russia’s calculations.
The Bank of Russia has released the April 2024 results of its monitoring of maximum interest rates on deposits in Russian rubles for the top ten credit institutions that attract the largest amount of household deposits. The reported rates are as follows:
On May 2, 2024, the Bank of Russia released a series of 10-ruble commemorative coins under the Cities of Labour Valour series. The cities featured on these coins are Perm, Samara, Saratov, and Tomsk.
It is considered reasonable to implement unified standards for communication with consumers and apply various forms of soft regulation, including the Bank of Russia’s methodological recommendations and information letters, in the area of online sales of financial services. This opinion was shared by a large number of participants during the discussion of the Bank of Russia’s consultation paper.
Households' inflation expectations for the coming year have decreased slightly, according to a recent survey by InFOM. The findings show that expected inflation has edged down from 11.5% in March 2024 to 11.0% in April. The decline was noted particularly among respondents without savings, while those with savings reported little change.
The Bank of Russia has initiated the publication of statistics on mortgage loans specifically for purchasing and constructing individual houses. This data will be available for all of Russia and broken down by region.
In 2023, the aggregate portfolio of pension funds in Russia experienced a growth of 7.2%, surpassing ₽7.5 trillion by the year's end. This increase was attributed to positive investment returns and a rise in funds entering the non-governmental pension system (NPS), including contributions from private clients.
According to a new law effective from May 1, 2024, individuals will be able to transfer up to ₽30 million per month between their own accounts across various banks without incurring fees. Transfers can be made using mobile applications, bank websites, or through the Faster Payments System (SBP) by phone number.
Since April 27, 2024, the procedure for credit institutions in Russia to obtain permits from the Bank of Russia for taking foreign cash abroad has been simplified. Banks are no longer required to submit both opinions on established criteria of damages and an application for taking out worn-out or damaged banknotes simultaneously.
On April 30 and May 10, 2024, the Bank of Russia Payment System will follow a specific operational schedule. The system's preliminary session will commence at midnight Moscow time and conclude at 1:00 AM. Following this, the regular session will run from 1:00 AM to 9:00 PM.