By July 1, 2025, major banks will be required to offer their clients the ability to conduct transactions with digital rubles. This includes opening digital ruble accounts, depositing cash, making funds transfers, and receiving digital rubles through the relevant infrastructure. The Bank of Russia plans to initiate large-scale use of the digital national currency from that date. It is essential that the digital ruble is accessible to both individuals and businesses and can be used as freely as other forms of rubles (physical money or bank deposits).
Christine Lagarde, President of the European Central Bank (ECB), and Luis de Guindos, Vice-President of the ECB, addressed a press conference in Frankfurt am Main on September 12, 2024. The Governing Council has decided to lower the deposit facility rate by 25 basis points based on an updated assessment of the inflation outlook, underlying inflation dynamics, and monetary policy transmission strength.
House Financial Services Committee Chairman Patrick McHenry (NC-10) has sent a letter to Federal Deposit Insurance Corporation (FDIC) Chair Martin Gruenberg, demanding a transcribed interview following Gruenberg's failure to testify before the Committee on allegations of widespread workplace misconduct at the FDIC.
WASHINGTON, D.C. – U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, delivered an opening statement at a hearing titled “Protecting Americans’ Money: Combatting Scams and Frauds Against Seniors and Savers.”
Congressman Frank Lucas (OK-03) delivered remarks on the House floor in support of H.R. 9456, the Protecting American Agriculture from Foreign Adversaries Act. The legislation aims to make permanent policies enacted under the Consolidated Appropriations Act for Fiscal Year 2024.
Chairman Barr delivered remarks at a hearing to address concerns over the lack of transparency in U.S. financial regulators' interactions with global governance bodies. The focus was on organizations such as the Bank for International Settlements (BIS), the Basel Committee on Banking Supervision (BCBS), and the Network for Greening the Financial System (NGFS).
U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, along with Senators Chris Van Hollen (D-MD), Elizabeth Warren (D-MA), Tina Smith (D-MN), and John Fetterman (D-PA) have urged Federal Reserve Chair Jerome Powell to finalize a proposed rule expanding the Fed’s settlement services' operating hours to weekends and holidays. They also called for additional steps to enable 24/7/365 access.
Today, the House Financial Services Subcommittee on Oversight and Investigations, chaired by Bill Huizenga (MI-04), convened a hearing titled “The Fall of ESG: Scrutinizing the Failed Use of Environmental, Social, & Governance Standards and the Influence of Proxy Advisors.”
Governor Tiff Macklem addressed the Canada-UK Chamber of Commerce in London, United Kingdom, discussing how geopolitical, economic, and social forces are transforming global trade. He highlighted the benefits of open trade post-World War II and emphasized its importance for small open economies like Canada. However, he noted that global trade growth has slowed over the past 15 years due to changing production dynamics, geopolitical tensions, and waning public support.
Today, the House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion, led by Chairman French Hill (AR-02), is holding a hearing entitled “Decoding DeFi: Breaking Down the Future of Decentralized Finance.”
A press conference is scheduled for September 13 at 15:00 following the Board of Directors’ monetary policy meeting, according to an announcement from the Bank of Russia. Governor Elvira Nabiullina and Deputy Governor Alexey Zabotkin will participate in the event.
On September 9, 2024, the Bank of Russia will issue commemorative coins to mark the 25th anniversary of the Union State Treaty. The release includes a 3-ruble silver coin and a 25-ruble cupronickel coin with colored coating.
Today, the U.S. House of Representatives passed bipartisan financial services legislation aimed at countering the economic threat from China. The measures are designed to deter Chinese Communist Party (CCP) aggression towards Taiwan and prevent the CCP from influencing international financial institutions such as the International Monetary Fund (IMF).
Insurance companies paid a significant part of this amount to residents of 39 Russian regions, whose property insured under voluntary programs was damaged by the spring flood. A substantial share of this compensation was paid in the Volga and Urals Federal Districts, according to the Review of Key Indicators of Insurers for 2024 Q2.
The Bank of Russia has extended restrictions on foreign cash withdrawals for another six months, until March 9, 2025. This decision comes in response to sanctions against Russia that prevent domestic financial institutions from purchasing cash from Western countries.
As of the end of the month, the ruble exchange rate returned to the levels of early June 2024. By the end of August, foreign exchange spreads were almost unchanged despite the holiday season.
The Bank of Canada has announced the nomination period for its 2025 Governor's Award, inviting Canadian universities to nominate exceptional academics. For this period, applications for the Fellowship Award are not being accepted as all awards are currently held.
Thank you for joining us today as we launch the South African Reserve Bank’s (SARB) inaugural Payments Study Report. This study is one of our initiatives to better understand the payment system landscape in South Africa. It supports our current strategy, Vision 2025, which identified a need for the SARB to collect more payments information.