In the first quarter of 2024, household funds increased by 3.8% amid growing incomes, high interest rates, and the capitalization of interest on deposits. This represents the highest first-quarter value recorded. The 2024 forecast for household funds was revised from an initial range of 8–13% to a new range of 14–19%.
The South African Reserve Bank (SARB) has announced revisions to its monetary policy implementation framework, effective June 18, 2024. The reformed framework allocates quotas for excess reserves to banks. Balances within these quotas will earn the policy rate, whereas balances exceeding the quotas will earn the repo rate minus 100 basis points.
The market of platform services, including investment and financial platforms and information systems where digital financial assets (DFAs) are issued, is becoming increasingly attractive to investors, especially given rising interest rates. The overall amount of transactions exceeded ₽282 billion as of the end of 2023 and 2024 Q1.
WASHINGTON, D.C. – U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, has called on the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) to ensure their updated bank merger policies adequately scrutinize mergers' effects on consumers and communities.
On June 17, 2024, the Bank of Russia revoked the banking license of Joint Stock Company Avtogradbank (JSC Avtogradbank), as per Order No. OD-947. The institution ranked 218th by assets in the Russian banking system.
The June 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:
From January 1, 2025, non-governmental pension funds (NPFs) will be required to identify and manage conflicts of interest. However, these funds will only be able to allow such conflicts if they do not violate clients' rights and clients have been informed about the conflict. These provisions are outlined in a Bank of Russia draft ordinance published for public consultation.
From June 13, 2024, the Bank of Russia will set the official US dollar/ruble and euro/ruble exchange rates based on reporting data from credit institutions and the results of interbank conversion transactions in the over-the-counter FX market as of 15:30 Moscow time on the same business day.
The House Committee on Appropriations is set to consider the Financial Services General Government (FSGG) appropriations legislation for fiscal year 2025 during a full committee markup today. The bill incorporates several priorities from Committee Republicans aimed at curbing financial regulators, restoring fiscal responsibility, and protecting Americans' financial privacy.
WASHINGTON, D.C. – U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, congratulated Christy Goldsmith Romero on her nomination to be Chair of the Board of Directors of the Federal Deposit Insurance Corporation (FDIC) and issued the following statement:
Today, the House Financial Services Committee, led by Chairman Patrick McHenry (NC-10), is holding a hearing with Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra. Republicans are scrutinizing Director Chopra’s CFPB for its alleged politicized agenda and lack of accountability.
Deputy Governor Sharon Kozicki emphasized the importance of central bank transparency and accountability in a recent address to the Canadian Association for Business Economics. She reviewed the Bank of Canada's exceptional monetary policy measures during the COVID-19 pandemic and analyzed their effectiveness.
The Bank of Russia has decided against conducting trading sessions before 9:50 Moscow time in the MOEX FX, precious metals, and derivatives markets from June 14, 2024, until further notice.
The Bank of Russia has decided to suspend trading in Hong Kong dollars starting June 13. On Thursday, trading sessions in the MOEX FX and precious metals markets, as well as the derivatives market with settlements in foreign currencies other than the US dollar, euro, and Hong Kong dollar, will start at 9:50 Moscow time.
House Financial Services Committee Chairman Patrick McHenry (NC-10) issued a statement today following the White House's announcement of its intent to nominate Christy Goldsmith Romero to succeed Martin Gruenberg as Chair of the Federal Deposit Insurance Corporation (FDIC). This nomination comes amid widespread reports of toxic workplace culture and misconduct at the agency under Gruenberg's leadership.
Good afternoon. It’s always great to be back in Montréal, my hometown. And I could not be more pleased to be here with Joachim Nagel, President of the Deutsche Bundesbank. Thank you for visiting us in Canada.
The Bank today released the 2024 Assessment of the Reserve Bank Information and Transfer System (RITS) against the Principles for Financial Market Infrastructures (PFMI). The assessment concludes that RITS observed all relevant PFMI as of March 31, 2024, except for the principle on governance, which it broadly observed, and the principles on the framework for the comprehensive management of risk and operational risk, which were both partly observed. The assessment concludes that to fully observe all of the PFMI, the program of work established following the Bank’s 2022...
The House Financial Services Committee is holding a hearing today to conduct oversight of the Federal Deposit Insurance Corporation’s (FDIC) leadership and workplace culture. Lawmakers will hear testimony from FDIC Special Review Committee Co-Chairs Michael Hsu and Jonathan McKernan, as well as independent investigators from Cleary Gottlieb. The focus is on examining the failures of FDIC Chair Martin Gruenberg and misconduct within the agency.
Due to the introduction of restrictive measures by the United States against the Moscow Exchange Group, on-exchange trading and settlements of deliverable instruments in US dollars and euros are suspended. However, trading in all other exchange segments and instruments in rubles and other currencies will be conducted as normal. US dollars and euros will still be traded in the over-the-counter market.