News from October 2024

Russia's central bank governor outlines monetary policy amid rising inflation

Elvira Nabiullina, the Governor of the Bank of Russia, addressed the State Duma committees regarding the draft Monetary Policy Guidelines for 2025–2027.

Ksenia Yudaeva departs Bank of Russia for new career paths

Ksenia Yudaeva has announced her departure from the Bank of Russia, effective October 31, 2024.

House Financial Services Committee urges support for bank-fintech partnerships

The House Financial Services Committee, led by Chairman Patrick McHenry (NC-10), has addressed federal banking regulators with a letter in response to a request for information regarding bank-fintech partnerships.

Retailers and service firms increasingly adopt Faster Payments System

In the third quarter of 2024, the number of companies enabling payments through the Faster Payments System (SBP) saw a 13% increase, according to data from the Bank of Russia.

Bank of Canada lowers policy rate amid improved inflation outlook

The Bank of Canada has announced a reduction in its policy interest rate by 50 basis points, marking the fourth consecutive decrease since June.

Bank of Russia reports October deposit interest rates

The Bank of Russia has released the results of its October 2024 monitoring of maximum interest rates on deposits in Russian rubles.

Bank of Russia releases monetary policy guidelines for 2025-2027

The Bank of Russia has released its strategic document outlining the monetary policy guidelines for 2025 to 2027.

Lawmakers seek clarity on FDIC's asset manager passivity agreement changes

Lawmakers have raised concerns over recent actions by the Federal Deposit Insurance Corporation (FDIC) regarding changes to asset manager passivity agreements.

Bank of Canada lowers interest rates as inflation returns to target

The Bank of Canada has recently lowered its policy interest rate by 50 basis points, marking the fourth consecutive decrease since June.

U.S. Treasury Secretary Yellen: 'U.S. GDP growth is strong, our unemployment rate is near historic lows, and inflation has declined significantly'

U.S. Treasury Secretary Janet L. Yellen delivered a significant address at the Council on Foreign Relations, outlining the Biden-Harris Administration’s international economic policy and its integration with domestic economic strategies.

BIS unveils Project Mandala: Automating cross-border transaction compliance

The Bank for International Settlements (BIS) and its central bank partners have demonstrated that regulatory compliance can be integrated into cross-border transaction protocols through Project Mandala.

Lead Bank Co-founders: Crypto-centric banks 'can unblock access to financial services'

Erica Khalili, Chief Legal Risk Officer and Co-founder of Lead Bank, has emphasized the transformative role of crypto-centric banks in reshaping traditional finance.

McHenry comments on Treasury's final rule limiting investments in China

Today, Patrick McHenry, Chairman of the House Financial Services Committee, commented on the U.S. Department of the Treasury's final rule limiting outbound U.S. investment to China.

Inflation expectations rise as consumer sentiment slightly declines

In October 2024, households' estimated inflation expectations for the next year rose to 13.4% from 12.5% in September, according to InFOM's survey.

Binance announces Binance Connect relaunch

Binance has announced the relaunch of Binance Connect, a service designed to provide Web3 businesses with a seamless fiat-to-crypto transaction solution within its ecosystem.

Hong Kong Securities and Futures Commission celebrates 35th Anniversary

On October 7, the Securities and Futures Commission (SFC) celebrated its 35th anniversary by reflecting on past accomplishments and plans for the future.

Bank of Russia raises key rate amid rising inflation concerns

On October 25, 2024, the Bank of Russia's Board of Directors announced an increase in the key rate by 200 basis points to 21.00% per annum.

Bank of Russia raises key interest rate amid rising inflation concerns

The Bank of Russia has announced an increase in the key interest rate to 21% per annum, as revealed by Governor Elvira Nabiullina following a Board of Directors meeting on October 25, 2024.

Bank of Russia adjusts FX swap parameters effective October 28

The Bank of Russia has announced changes to the parameters of its foreign exchange swaps involving the Chinese yuan and Russian ruble.

Visa launches tokenized asset platform to bridge fiat and blockchain

Visa, a global leader in digital payments, announced the introduction of the Visa Tokenized Asset Platform (VTAP), a new solution designed to help financial institutions issue and manage fiat-backed tokens on blockchain networks.