The Bank of Russia organized a seminar for the BRICS central banks on financial literacy and financial inclusion as part of the third meeting of the BRICS deputy finance ministers and central bank governors in Rio de Janeiro, Brazil.
The third regular meeting of the BRICS deputy finance ministers and central bank governors took place in Rio de Janeiro, Brazil, on July 23. The primary focus of the joint session was a report from the BRICS countries on improving the global monetary and financial system. The report offers practical solutions for payments, settlements, clearing, and insurance.
The Bank of Russia has established new rates for compulsory insurance of carriers' third-party liability for damage to passengers (CICL). Effective August 3, the lower bound of the range of insurance rates for intercity bus, tourist water, helicopter, railway, and sea transportation will decrease by 20%.
Bank of Russia Governor Elvira Nabiullina and Bank of Russia Deputy Governor Alexey Zabotkin will participate in a press conference on July 26 at 15:00, following the Board of Directors' monetary policy meeting.
The Bank of Russia has set new rates for the compulsory insurance of hazardous facility owners' third-party liability. The relevant Bank of Russia Ordinance was officially registered by the Ministry of Justice and will become effective on July 30, 2024. The recalculation aims to more accurately reflect emergency risk levels and consider loss ratio dynamics.
The Bank of Russia and VEB.RF have signed a contract for purchasing the SLAVA business centre, which is currently under construction near the Belorusskaya metro station in Moscow. Upon the transfer of the title to the real estate and the completion of repairs, the regulator will allocate the majority of its current buildings to the Federal Agency for State Property Management.
The mortgage portfolio expanded by 3.1% over the month, compared to 1.7% in May, according to preliminary data. The acceleration was associated with borrowers’ desire to raise a mortgage loan before the termination of the Subsidised Mortgage programme and changes in the Family Mortgage programme. Mortgages issued under the subsidised programmes accounted for 80%.
Annual inflation in most regions of Russia accelerated in June, increasing by 0.29 percentage points on average compared to May, reaching 8.59%. Price growth sped up in 62 Russian regions.
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.