The Bank of Russia’s spring session of online classes on financial literacy was viewed 3.2 million times, with participation from more than half of Russian schools (51%). In regions such as Tatarstan, the Chuvash Republic, Sevastopol, the Primorye Territory, and the Ryazan and Murmansk Regions, all schools participated without exception. Additionally, two-thirds of Russia’s technical schools and colleges watched the spring session.
House Financial Services Committee Chairman Patrick McHenry (R-NC) and U.S. Senator Cynthia Lummis (R-WY) led a letter to President Joe Biden urging him to reconsider his threat to veto Staff Accounting Bulletin (SAB) 121 Congressional Review Act (CRA), which passed the Senate and House with strong bipartisan support.
The Bank of Russia will now require credit rating agencies (CRAs) to disclose credit ratings along with the assessment of stand-alone creditworthiness of rated entities. The central bank has published a draft ordinance aimed at ensuring its regulatory impact assessment.
The debt burden of clients of microfinance organizations (MFOs) has been decreasing. According to the 2024 Q1 results, the proportion of loans overdue for more than 90 days went down to figures seen in early 2022 and totaled 32%. This trend was partly due to measures taken by the Bank of Russia to reduce household debt burdens.
On May 29, 2024, the National Financial Board convened and approved Dmitry G. Dubynin as the sole executive body of the national payment card system operator.
In the first quarter of 2024, pension reserves of non-governmental pension funds (NPFs) expanded by 1.6% to ₽1.9 trillion. This growth was driven by returns on investment and the inflow of funds under non-governmental pension insurance agreements and into the long-term savings program launched at the beginning of the year.
Executive Director of Payments, Supervision and Oversight Ron Morrow recently addressed the evolution of payment systems in Canada at the Payments Canada SUMMIT in Toronto. Morrow emphasized the need to modernize Canada's payment infrastructure amidst increasing digitalization.
The Bank of Russia has announced the establishment of the Financial Monitoring and Foreign Exchange Control Service (FMFEC Service), effective June 1, 2024. This new service will be formed from the existing department and relevant regional divisions, centralizing functions related to financial monitoring and foreign exchange control.
The BRICS deputy finance ministers and central bank governors convened to discuss the current outcomes of the group's financial track. The meeting saw participation from Bank of Russia First Deputy Governor Vladimir Chistyukhin and Deputy Finance Minister of the Russian Federation Ivan Chebeskov.
Growth in the portfolio of loans to developers accelerated to 6% in the first quarter of 2024, compared to 2% in the fourth quarter of 2023. This increase indicates that a substantial number of new development projects were launched and offered for sale while government-subsidized mortgage programs remained active.
Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), announced a forthcoming hearing by the Subcommittee on Digital Assets, Financial Technology and Inclusion. The hearing is titled "Next Generation Infrastructure: How Tokenization of Real-World Assets Will Facilitate Efficient Markets."
In April and May 2024, economic growth continued in the Russian regions, driven by higher domestic demand. An increase in incomes and lending supported consumer activity.
The Bank of Canada Museum has announced the recipients of its third annual Award for Excellence in Teaching Economics. This year, the honours go to two exceptional educators: Philippe Bélanger-Leroux from École secondaire Toronto Ouest in Toronto, Ontario, and Kimberly Orr from St. George’s School in Vancouver, British Columbia.
Binance Charity has pledged to donate up to $1 million in BNB token vouchers to registered Binance users affected by the catastrophic floods in Brazil's Southern Region. The organization is rapidly identifying users and distributing funds to their accounts.
The Reserve Bank of Australia has released the schedule for its board meetings and the Statement on Monetary Policy for 2025. The outcomes of these meetings will be announced at 2:30 pm on the second day of each board meeting, followed by a media conference hosted by the Governor at 3:30 pm.
Good morning. Senior Deputy Governor Carolyn Rogers and I are here to discuss the Bank of Canada’s Financial Stability Report (FSR). The Bank's mandate includes preserving and promoting the stability of the Canadian financial system. A stable and resilient financial system allows people to access credit and manage their assets safely and predictably, reducing the need for authorities to intervene during periods of financial stress. A stable financial system is critical to Canada’s economic well-being.
The Reserve Bank Board has announced its decision to maintain the cash rate target at 4.35 per cent and the interest rate paid on Exchange Settlement balances at 4.25 per cent. In a statement released on May 7, 2024, the Board highlighted the current economic conditions and uncertainties moving forward."Inflation remains high and is falling more gradually than expected," the Board stated. The Consumer Price Index (CPI) grew by 3.6 per cent over the year to the March quarter, with underlying inflation higher than headline inflation. Services inflation, in particular,...
On the first anniversary of the coronation of His Majesty King Charles III, the Bank of Canada issued a progress update on designing a new $20 bank note.
"The Bank of Canada’s Annual Report for 2023 was tabled in the House of Commons yesterday. The report evaluates how the physical effects of climate change and potential disruptions from the transition to a low-carbon economy could impact the Bank’s ability to deliver on its core functions. It outlines what the Bank is doing to manage these risks, including risks to its balance sheet and pension fund, and to reduce the carbon footprint of its operations. For more information, please contact Media Relations."The Bank of Canada released its 2023 Annual Report and Report on...