News from November 2024

Bank of Russia plans measures amid potential credit risk accumulation

In the second and third quarters of 2024, banks and non-bank financial institutions sustained high profit levels despite rising interest rates.

Bank of Russia retains macroprudential limits for unsecured loans into early next year

The Bank of Russia has announced that it will maintain the current macroprudential limits (MPLs) on unsecured loans for the first quarter of 2025, consistent with those set for the fourth quarter of 2024.

Bank of Russia extends fee-free period for digital ruble transactions through 2025

The Bank of Russia has announced an extension of the fee-free period for digital ruble transactions, now lasting until December 31, 2025.

South African authorities launch review of funeral insurance distribution framework

The Financial Sector Conduct Authority (FSCA) and Prudential Authority (PA) have announced a review of the regulatory framework governing the distribution of funeral insurance in South Africa.

Pension funds shift focus to money market instruments amid volatility

The growth rates of funds in the pension system nearly doubled over the past quarter, primarily driven by returns on investment and an influx of money into the long-term savings program.

Bank of Russia introduces seasonally adjusted mortgage lending data

The Bank of Russia has announced the release of seasonally adjusted data on outstanding mortgage loans granted to resident individuals across the country.

Consultation on ZARONIA-based non-linear derivative instruments launched

The Market Practitioners Group (MPG) Derivatives Workstream has released a white paper suggesting market conventions for non-linear derivative products.

JIBAR transition: South Africa urged to adopt ISDA fallback methodology

The Credit Adjustment Spread Sub-workstream, a part of the Transition Planning and Coordination Workstream (TPCW) of the MPG, has been working on determining suitable credit adjustment spreads for Jibar tenors.

Market Practitioners Group suggests phased transition to ZARONIA in derivatives

The Market Practitioners Group (MPG) Derivatives Workstream has issued recommendations for a "ZARONIA-First" initiative in the derivatives market.

Bank of Russia reports increase in maximum deposit interest rates for November

The Bank of Russia has released the results of its November 2024 monitoring of maximum interest rates on deposits in Russian rubles at the top ten credit institutions attracting the largest amount of household deposits.

Assets under management rise to nearly ₽24 trillion in Q3 2024

The value of assets under management saw an increase, primarily driven by inflows into unit investment funds (UIFs) and positive returns on investments.

Bank of Russia halts currency purchases to stabilize market

The Bank of Russia has announced that it will refrain from purchasing foreign currency in the domestic FX market to mirror fiscal rule-based operations conducted by the Ministry of Finance of the Russian Federation.

Developers' project finance sees slower growth but remains strong

The growth of the developer loan portfolio decelerated to 9% in the third quarter of 2024, compared to 13% in the second quarter.

Hearing to explore technology's impact on finance set for December

The Chairman of the House Financial Services Committee, Patrick McHenry, has announced an upcoming hearing titled "Innovation Revolution: How Technology is Shaping the Future of Finance."

Corporate lending sees growth amid rising interest rates

The corporate lending sector experienced significant growth in October, with the portfolio of corporate loans increasing by 2.3%, compared to a 2.0% rise in September.

International insurance supervisors to meet in Cape Town for annual conference

The Prudential Authority, part of the South African Reserve Bank, and the Financial Sector Conduct Authority are set to host the 2024 International Association of Insurance Supervisors Annual Conference.

Paper discusses regulation for crypto-asset separation in transaction banking

The recent paper on digital assets in payments and transaction banking defines these assets as those controlled through public-private key cryptography.

Bank of Russia announces press conference on financial stability review

Deputy Governor of the Bank of Russia, Philipp Gabunia, alongside Elizaveta Danilova, Director of the Bank's Financial Stability Department, is set to present a financial stability review.

Bank of Russia ends some support measures; others extended or incorporated

The Bank of Russia has announced that it will not extend certain support measures for banks that are set to expire in 2024.

Inflation expectations remain high despite slight decrease

In November 2024, inflation expectations for the coming year decreased slightly among both groups of respondents—those with savings and those without—according to InFOM's survey findings.