Authorised representatives of the Bank of Russia, acting in compliance with Article 76 of Federal Law No. 86-FZ ‘On the Central Bank of the Russian Federation (Bank of Russia)’, dated 10 July 2002, were assigned to 88 credit institutions.
The Bank of Russia, in coordination with Public Joint Stock Company ‘Leasing company Europlan’ (PJSC LC Europlan), has established facts of market manipulation in transactions involving the Issuer’s bonds in on-exchange trading.
The Bank of Russia has proposed a discussion on two models regarding the operation of exchanges and brokers: maintaining functional differentiation or allowing a combination of functions. The potential consequences, risks, and future regulatory developments are outlined in the Bank of Russia's consultation paper titled "Universalisation or Specialisation? Stock Market Participants’ Roles."
Governor Tiff Macklem addressed the Winnipeg Chamber of Commerce, discussing the labour market's adjustment to higher interest rates and slower economic growth. He emphasized the importance of a strong, inclusive labour market for long-term growth.
The Russian economy has experienced four major crises over the past decades. To determine which anti-crisis decisions the Bank of Russia made, whether they were efficient, and what lessons each crisis taught, one can refer to the Bank of Russia’s analytical paper.
The Bank of Russia has launched a new online resource, providing access to both modern books and periodicals relevant to everyday work, as well as unique antique books detailing the history of financial science, economics, and banking in Russia and worldwide.
Elvira Nabiullina, the Governor of the Bank of Russia, addressed the 10th All-Russian Congress of Financial Education Volunteers on June 21, 2024. She emphasized the significance of social initiatives in financial education and underscored the importance of trust in information sources.
Today, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), issued a statement in response to the Department of the Treasury’s notice of proposed rulemaking (NPRM) implementing the White House’s Executive Order on outbound U.S. investment to China.
Annual inflation across Russia increased by 0.46 percentage points compared to April, reaching 8.3%. Price growth accelerated in 71 Russian regions. The North Caucasian Federal District saw the most significant acceleration, while inflation slightly slowed down in the Urals.
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.
Following a public consultation, the Reserve Bank of Australia (RBA) has decided to increase the settlement activity threshold under the Financial Stability Standards for Securities Settlement Facilities (SSF Standards). This move aims to balance the risks posed by small firms to the financial system and the regulatory burden imposed on them. The review of the settlement activity threshold in the SSF Standards was initiated following the Payments System Board’s meeting in November 2023.
Business activity continued to grow in June, according to the Bank of Russia’s Business Climate Index. The index exceeded the 2024 Q1 average, approaching twelve-year highs despite a 10.4-point drop.
Most Russians preferred cashless payments in 2023, according to recent data. The most popular methods of these payments were bank card payments (75%), mobile and online bank payments (48%), and payments via the Faster Payment System (28%).
Current price growth substantially accelerated in May. Inflation was significantly fueled by the increase in prices for tourism and passenger transport services, which are characterized by elevated volatility. However, the rise in prices for underlying components of inflation sped up compared to April, surpassing the rates of 2023 Q4 on certain indicators. Annual inflation increased to 8.3%.
On June 19, 2024, the Federation Council approved a law aimed at reducing borrower risks by limiting variable interest rate loans to individuals and micro businesses. The law will take effect on September 1, 2024.
At the meeting of the Foreign Exchange Policy Advisory Board of Central (National) Banks of the Eurasian Economic Union (EAEU) Member States, which took place in Sochi, participants discussed specific aspects of the interaction between monetary policy and other state policies. The discussion particularly focused on approaches to harmonizing financial market legislation among EAEU member states.
The Bank of Russia recommends that financial institutions use their remote channels to provide services to people with disabilities, elderly individuals, and people with limited mobility. Additionally, these channels should be used to verify the powers of authorized persons acting on their behalf.
The Reserve Bank Board has announced its decision to maintain the cash rate target at 4.35 percent and the interest rate on Exchange Settlement balances at 4.25 percent.