The Bank of Russia's report on the application of artificial intelligence in the financial market has received support from various market participants. The discussion focused on the potential uses and regulatory principles for this technology.
Banks are now prohibited from imposing limits on the amount or number of free daily transfers between an individual's accounts held at different banks. According to the law, these transfers should not exceed ₽30 million and can be conducted without any fees. The regulator has communicated these clarifications to credit institutions.
The number of individual investment accounts (IIAs) in Russia saw a decline from 6.0 million to 5.9 million during the first quarter of 2024. This decrease impacted both brokerage and trust management accounts.
Deputy Governor of the Bank of Russia, Philipp Gabunia, and Director of the Bank of Russia’s Financial Stability Department, Elizaveta Danilova, are scheduled to present the Financial Stability Review. The event is set for May 24 at 14:30.
Many issuers currently limit disclosures due to sanction risks, creating information asymmetry in the public capital market. This situation leaves investors without essential information for making informed decisions.
Over the first quarter of 2024, non-governmental pension funds (NPFs) reported weighted average returns of 9.7% per annum on pension savings and 7.5% per annum on pension reserves.
The Bank of Russia has issued a new edition of the Banking Regulation Review, highlighting several regulatory changes introduced in 2024 to improve liquidity management. Since the beginning of the year, the regulator has made significant adjustments.
The Coin Week campaign is set to begin on May 20 and will continue until June 2. During this period, individuals can exchange coins for banknotes or have the amount credited to their accounts without incurring any fees.
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: