The traffic accident report form that car drivers receive with their CMTPLI policies will now include a QR code. This code will link to the Public Services Portal, detailing the procedure for reporting a traffic accident using the European Accident Statement without involving the traffic police. It also offers users an option to download a mobile application for this purpose.
The requirements for the models that banks use to assess borrowers’ incomes when calculating their debt service-to-income ratios (DSTI) will change from 1 November 2024. The relevant amendments have been made to Bank of Russia Ordinance No. 6579-U.
In the second quarter of 2024, banks identified nearly 257,000 fraudulent transactions, marking a 14.9% decrease compared to the average over the previous four quarters.
The Bank of Russia suggests changing the structure of the microfinance market over the next three years by splitting up business and target financing into separate segments. Entities offering the most expensive microloans at over 100% per annum will retain the status of microfinance organizations. The prudential ratios are planned to be reviewed for each category of the organizations.
Russia's annual inflation averaged 9.13% in July, up from 8.59% in June. Price growth accelerated in 76 regions, with the highest increases observed in the North Caucasian Federal District and the lowest in the North-Western Federal District. A key factor contributing to this rise was the indexation of utility rates, which increased more than usual this year. Notably, these rates were not raised in July 2023, resulting in a low base of comparison.
The August 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 Bank of Russia has issued recommendations for creditors to support mortgagors whose homes were damaged or destroyed in the Belgorod, Bryansk, and Kursk Regions.
In August, the Bank of Russia's Business Climate Index fell to 7.0 points from 7.7 points in July, while still exceeding the 2023 average. This indicates a continuing expansion of economic activity, although at a slower pace than in the first half of 2024.
In the second quarter of 2024, retail investors showed a preference for opening type 3 individual investment accounts (IIAs) while closing older IIAs less frequently. This trend coincided with an increased interest in the new product, resulting in a net inflow of funds into brokerage IIAs surpassing the outflow from these accounts.
Pawnshops are required to return any surplus from the sale of unclaimed items that exceed the debt on a microloan. The Bank of Russia has identified that some pawnshops are not informing customers about the sale of their properties and the funds they can receive. The regulator advises that pawnshops notify borrowers of this possibility within 30 calendar days after the sale.
The Bank of Russia conducted a survey and analyzed the current sustainability regulation in the member states of the Eurasian Council of Central (National) Banks.
In July, seasonally adjusted current inflation was higher than in June, primarily due to the higher-than-usual indexation of utility tariffs. The growth in prices for petroleum products also accelerated, while fruit and vegetable prices decreased at a much slower pace than is typical for July. Annual inflation rose to 9.1%.
By its Order No. OD-1290, dated August 13, 2024, the Bank of Russia cancelled the banking licence of American Express Bank, Limited Liability Company (American Express Bank LLC), Registration No. 3460, Moscow. The credit institution ranked 300th by assets in the Russian banking system.
Residents of the Kursk, Bryansk, and Belgorod regions who have been evacuated or have lost property due to recent events are entitled to apply for a deferral of payments under loan (microloan) agreements for up to six months. This information was detailed in an information letter from the Bank of Russia.
The Bank of Russia has updated the requirements for claims under loan agreements where the principal is denominated in foreign currency (hereinafter, foreign currency loan agreements) for these claims to be accepted as collateral for Bank of Russia loans.
The Bank of Russia has highlighted key aspects of managing individual investment accounts (IIAs) for professional market participants. As of the beginning of 2024, only type 3 IIAs can be opened without limiting investment amounts and for a period ranging from five to ten years, depending on the year the agreement is signed. Type 1 and type 2 IIAs opened before January 1, 2024, will continue under their original terms. However, it is prohibited to hold both old- and new-type accounts simultaneously.
The fluctuations of the ruble against major foreign currencies were moderate in July. By the end of the month, the exchange rate slightly declined. Foreign exchange spreads contracted to levels seen between January and May 2024.
On August 9, 2024, the Bank of Russia issued new 2-ruble silver commemorative coins as part of the Red Data Book series. The new coins feature three distinct designs: Siberian Grouse, Marbled Polecat, and Wrinkled Ground Beetle.
A new law aimed at eliminating loopholes for pseudo-investment schemes and financial pyramids has come into effect. The legislation mandates that only companies supervised by the Bank of Russia can publicly raise investments from individuals. This includes banks, non-bank financial institutions such as brokers and management companies, and other intermediaries involved in investment raising.