South Africa's positive net international investment position (IIP) decreased from a revised R2 424 billion at the end of March 2024 to R2 052 billion at the end of June. The decrease in the positive net IIP in the second quarter of 2024 resulted from both a decrease in foreign assets and an increase in foreign liabilities.
In a report published on September 24, McKinsey & Company announced that private credit assets have surged to almost $2 trillion. The analysis highlights the potential and risks associated with this growing asset class as it continues to evolve within the global financial system.
The microloan portfolio expanded by 13% from the beginning of 2024, amounting to ₽62.6 billion. Demand for microloans remained stable: in the first half of 2024, pawnshops concluded slightly more than 4 million contracts on average per quarter. The average microloan amount increased by 8% compared with the previous period and exceeded ₽17,000. Such dynamics were associated with a rise in the value of collateral, which was mainly represented by gold items.
The Bank of Russia has submitted its updated draft Monetary Policy Guidelines for 2025–2027 to the State Duma. This strategic document outlines the central bank's approaches to implementing monetary policy in the current economic environment. It also presents a baseline and three alternative macroeconomic scenarios for the next three years.
The South African Reserve Bank (SARB) has imposed administrative sanctions on Old Mutual Life Assurance Company (South Africa) Limited (OMLACSA). This action is due to OMLACSA's non-compliance with the provisions of the Financial Intelligence Centre Act.
The XXI International Banking Forum recently featured a speech by Elvira Nabiullina, where she addressed several pressing issues in the banking sector. She began by discussing the overall situation in the industry, highlighting its contribution to economic development and investment processes in Russia. Despite challenges, she noted that "the banking sector itself also feels confident owing to a large capital cushion and profits."
Binance announced its partnership with Indonesia’s Criminal Investigation Agency (Bareskrim) and Tokocrypto to disrupt a significant scam operation. The collaboration led to the identification of several suspects and the seizure of $200,000 in illicit funds.
The publication covers the main aspects of the discussion about the economic situation and inflation, monetary and external conditions, and alternatives to the key rate decision.
The Reserve Bank of Australia has released its 2024 Assessment of the ASX Clearing and Settlement (CS) Facilities. This evaluation measures the performance of the ASX CS Facilities against the Bank's Financial Stability Standards (FSS).
In September 2024, one-year-ahead inflation expectations of households edged down to 12.5% from 12.9% a month earlier, as shown by the InFOM’s survey. Expectations decreased among respondents both with and without savings. All these measures markedly exceeded the 2024 H1 averages.
The September 2024 results of the monitoring of maximum interest rates on deposits in Russian rubles for the top ten credit institutions attracting the largest amount of household deposits are as follows:
The House Financial Services Subcommittee on Financial Institutions and Monetary Policy, chaired by Andy Barr (KY-06), is conducting a hearing titled "Regulatory Recipe for Economic Uncertainty: The Endless Basel Endgame and an Onslaught of Hurried Rulemaking Undertaken by the Administration."
The Reserve Bank Board has decided to keep the cash rate target unchanged at 4.35 percent and the interest rate on Exchange Settlement balances steady at 4.25 percent.
The House Financial Services Committee, chaired by Patrick McHenry (NC-10), is holding a hearing today to oversee the Securities and Exchange Commission (SEC). All five SEC Commissioners are testifying together before the Committee for the first time since 2019. This provides an opportunity to hear the diverse viewpoints of the full Commission.
At its meeting on 23 September 2024, the National Financial Board (NFB) reviewed drafts of the Monetary Policy Guidelines and the Russian Financial Market Development Programme for 2025–2027.
The Institute of International Finance and the Canadian Bankers Association hosted a forum on economic growth amid uncertainty, featuring a speech that addressed various global challenges. The speaker acknowledged the current state of uncertainty due to geopolitical tensions, technological disruptions, climate change impacts, political instability, and fiscal unpredictability.
The House Financial Services Committee has announced the postponement of a hearing initially scheduled for Thursday, September 26, 2024. The hearing was to be held by the Housing & Insurance Subcommittee and titled "Vanishing Independence: How FHFA’s Political Agenda Endangers Homeowners and Taxpayers."