The Central Bank has released the International Reserves Template for March 2024. The report provides a detailed account of the reserves held by the country, reflecting changes and trends observed over the past month.
The U.S. Census Bureau has announced the release of its monthly report, "Monthly Advance Economic Indicators Report," for March 2024. This report is part of an ongoing effort to provide timely economic data.
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.
In 2023, microfinance organizations (MFOs) in Russia provided loans totaling ₽105.4 billion to small and medium-sized businesses, a significant increase from the ₽70.5 billion issued in 2022. Both government and commercial MFOs contributed nearly equally to this lending amount.
The Bank of Russia reported a decrease in consumer complaints for the first quarter of 2024. The number of grievances submitted by financial consumers dropped by 13.6% compared to the beginning of 2023.
On April 26, the Bank of Russia announced its decision to terminate the status of a self-regulatory organization in the financial market, specifically targeting the Association Self-regulatory Organisation of Agricultural Consumer Credit Cooperatives Vybor (Association SRO ACCCs Vybor).
The Bank of Russia has opted to maintain the key rate at 16.0% per annum, according to Governor Elvira Nabiullina. The decision follows a review of inflationary pressures, which have been easing gradually, though lending and consumer activities remain high. Despite some deceleration in inflation, "it is so far impossible to say that the slowdown of inflation has become steady," Nabiullina stated.
On April 26, 2024, the Bank of Russia is set to release a new commemorative coin marking the 10th anniversary of the Eurasian Economic Union (EAEU). The coin, with a denomination of three rubles, is crafted from silver and weighs 31.1 grams with a fineness of 925/1,000. It measures 39.0 mm in diameter and features a round shape.
The Bank of Russia has announced the release of the program architecture for its upcoming Financial Congress. The details have been made available on the event's official website.
On April 26, 2024, the Bank of Russia Board of Directors decided to maintain the key rate at 16.00% per annum. Although inflationary pressures are gradually easing, they remain high due to elevated domestic demand outpacing supply capabilities. This situation is expected to slow down the return of inflation to the target more than previously forecasted by the Bank in February.
The Bank of Russia has announced an increase in risk-weight add-ons for unsecured consumer loans and introduced new requirements for car loans, effective from July 1, 2024. This move is intended to limit individual debt burdens, strengthen the macroprudential capital buffer, and improve banks' resilience against potential losses on consumer loans.
The recent evaluation of labor market dynamics in advanced economies (AEs) has highlighted several key issues that could affect the normalization of inflation. A noticeable shift in the Beveridge curve, which illustrates the relationship between job vacancies and unemployment, indicates changes in labor supply dynamics.
In recent years, geopolitical tensions have increasingly impacted the global economy and policy-making. This shift contrasts with the period following the 2008-09 Global Financial Crisis when investors prioritized economic performance over political dynamics. At that time, global policies were more aligned with economic conditions rather than political risks.