The Bank of Russia has put forward a proposal to introduce a mandatory cooling-off period for consumer loans and microloans, aimed at countering loan fraud. The duration of this period will vary based on the loan amount. Loans up to ₽50,000 will not have a cooling-off period, while those between ₽50,000 and ₽200,000 will have a four-hour delay. For loans exceeding ₽200,000, the waiting time will be 48 hours. Mortgage and car loans (when funds are directly credited to car dealer accounts), as well as government-backed educational loans, are exempt from this requirement.
The Bank of Russia has released the results of its October 2024 monitoring of maximum interest rates on deposits in Russian rubles. The findings focus on the top ten credit institutions that attract the largest amount of household deposits. For the first ten days of October, the maximum interest rate recorded was 19.78%.
In the months of August and September, consumer activity remained high across various regions, as reported by the Bank of Russia. Tourist traffic saw an increase, along with a rise in car demand. However, there was a noted decrease in household demand for loans.
In October, economic activity experienced renewed growth following a period of slowdown over the previous four months. The Bank of Russia's Business Climate Index increased to 5.5 points from 4.6 points in September. Current output and demand estimates surpassed those of September. Companies maintained positive short-term expectations at levels consistent with the past two months.
In September, consumer prices saw an increase compared to August, after seasonal adjustments. The rise was particularly noticeable in outbound tourism and transportation services. Additionally, the indexation of prices for educational services exceeded typical levels. Various measures of underlying inflation also showed month-on-month growth.
Today, Patrick McHenry, Chairman of the House Financial Services Committee, sent a letter to Federal Deposit Insurance Corporation (FDIC) Chair Martin Gruenberg. In the letter, McHenry demanded that Gruenberg schedule a transcribed interview with the committee by 5:00 PM today. The request also extends to the FDIC's General Counsel and Director of Legislative Affairs for discussions on the agency’s indemnification process for private counsel.
Today, Patrick McHenry, Chairman of the House Financial Services Committee, requested an audit by the Government Accountability Office (GAO) of the Financial Crimes Enforcement Network’s (FinCEN) Beneficial Ownership Secure System (BOSS). The BOSS registry is designed to support national security efforts by helping law enforcement target individuals exploiting the U.S. financial system for illicit activities.
Most statistical data and surveys indicate a slowdown in economic growth, influenced by both demand and supply factors. A gradual decline is observed in lending; employers' demand for new jobs is decreasing, and households are showing an increased tendency to save.
The Reserve Bank of Australia (RBA) has initiated a review into Retail Payments Regulation, focusing on the costs merchants incur when accepting card payments and the surcharging framework. The RBA has released an Issues Paper and is inviting stakeholders to provide detailed feedback on the current regulatory framework, as well as suggest potential regulatory responses. This input will be vital in shaping future reforms aimed at ensuring a safe and efficient payments system.
The Bank of Russia has outlined its strategic plans for financial technology development from 2025 to 2027. The focus will be on ensuring seamless service provision and customer safety. The central bank aims to enhance digital and payment infrastructure, improve legal frameworks, and maintain technological sovereignty and information security.
This study investigates the effects of the Basel III regulatory framework on financing decisions within South Africa's real sector. The research utilizes a sample of 2,045 firm-year observations from 2011 to 2015 and applies the difference-in-differences approach.
The Bank of Russia has concluded discussions on proposals for the development of the microfinance market for 2025-2027. Participants largely supported efforts to stimulate the market for affordable loans to households and businesses, while also emphasizing the need for microfinance organizations (MFOs) to eliminate practices leading to household over-indebtedness.
Qing Xu, Managing Partner at Oriza FOFs, said that emerging investment opportunities are present within China's evolving economic landscape. Despite global uncertainties, Xu emphasized the country's resilience and highlighted sectors like AI, healthcare, and sustainable development as key areas for future growth.
The Bank of Canada's third-quarter 2024 Business Outlook Survey indicates continued muted inflationary pressures among businesses. The survey, conducted from August 8 to 30, involved interviews with senior management of about 100 firms across Canada. It highlights weak demand and excess capacity as primary factors affecting business conditions.
Bank of Russia Governor Elvira Nabiullina and Minister of Finance of the Russian Federation Anton Siluanov presented the outcomes of Russia's BRICS presidency in terms of cooperation among central banks and finance ministers at a meeting held in Moscow.
The Bank of Russia has introduced a new regulation requiring credit institutions to promptly update their systems with fraudsters' details from the regulator's database. This measure aims to reduce fraudulent fund transfers.
Starting January 1, 2025, trust managers will transition to offering only individualized strategies for private investors. The Bank of Russia has issued an ordinance requiring these managers to consider the financial standing, education, and market experience of their clients when building investment portfolios. This approach aims to better assess both the risk appetite and the risk-bearing capacity of customers.
The Canadian Survey of Consumer Expectations for the third quarter of 2024 indicates a decline in consumers' perceptions of current inflation and their expectations for future inflation. Although these expectations have decreased, they remain above pre-pandemic levels. The survey, conducted online from August 6 to 23, 2024, with follow-up phone interviews from September 3 to 12, highlights that strong government spending and high housing costs are seen as contributors to inflation.
The Bank of Russia has announced that it will not impose a limit on the total cost of credit (TCC) for consumer mortgage loans intended for purchasing or building houses and land plots. This decision applies to loans issued by credit institutions from October 10, 2024, to March 31, 2025.
The financial derivatives market has been recovering gradually since 2023. This recovery is progressing step by step due to limited access to foreign markets and challenges with settlements.