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.
U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, issued a statement today regarding Huntington Bank’s decision to reopen its Buckeye-Shaker branch in Cleveland.
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.
Nominal interest rates increased significantly in most financial market segments in July. This tightening effect on monetary conditions was partially offset by a rise in households’ and businesses’ inflation expectations.
The Institute for Monetary and Economic Studies (IMES) of the Bank of Japan (BOJ) convened the 2024 BOJ-IMES Conference on May 27 and 28, 2024. This event marked the 29th conference since its inception in 1983 and was part of the BOJ's "Broad Perspective Review" of monetary policy.
The Bank of Canada announced today the names of three external experts who will provide an independent assessment of its review of exceptional policy actions taken during the COVID-19 pandemic.
The publication covers the main aspects of the discussion about the economic situation and inflation, monetary and external conditions, and alternatives to the key rate decision.
The regulator has identified that some credit institutions, acting as agents of professional securities market participants, are registering this activity as information and advisory services instead of concluding an agency agreement. In practice, clients sign a brokerage or trust management agreement in a bank office remotely. Additionally, banks assist future investors in downloading a broker’s or trustee’s mobile application.
The Bank of Canada today published its 2025 schedule for policy interest rate announcements and the release of the quarterly Monetary Policy Report. It also reconfirmed the scheduled interest rate announcement dates for the remainder of this year.
The Bank of Russia has clarified that the key rate may be used as a money market benchmark for determining the criteria of structured products available to a wide range of investors. It may be used along with RUONIA (Ruble Overnight Index Average) and RUONIA Averages.
U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, has called for a review of the home insurance market due to instability and rising premiums affecting many Americans. In letters addressed to Federal Insurance Office Director Steven Seitz and Comptroller General of the United States Gene Dodaro, Brown highlighted concerns over increasing home insurance rates, shrinking coverage, and unexpected non-renewals.
The Reserve Bank Board announced today that it has decided to maintain the cash rate target at 4.35 percent and the interest rate on Exchange Settlement balances at 4.25 percent.
The July 2024 results of the monitoring of the maximum interest rates on deposits in Russian rubles at the top ten credit institutions attracting the largest amount of household deposits are as follows:
The list of criteria for classifying banks as important in the payment services market will be expanded to include two additional criteria related to banks' systemic importance and the amount of transactions conducted through the Faster Payments System (SBP). These changes are provided for by the Bank of Russia’s draft ordinance.
On July 26, 2024, the Bank of Russia Board of Directors decided to extend the powers of Svetlana Maximova as the Financial Consumer Ombudsman in Insurance, Microfinance, Credit Cooperation, and Credit Institutions’ Operations.