In August 2024, the inflow of payments increased by 2.5% compared to the 2024 Q2 average level, following a 1.2% drop in July. The overall growth in incoming payments over the first two months of 2024 Q3 was weaker than that in 2024 H1.
The South African Reserve Bank (SARB), which operates, regulates, and oversees the national payment system (NPS), has published its inaugural Payments Study Report. The study, the first of its kind in South Africa, uses individuals’ payment data and provides extensive insight into how the public perceives and uses various payment methods and instruments available in the country.
The Bank of Russia plans to expand the compulsory motor third-party liability insurance (CMTPLI) rate corridor, both upwards and downwards, by 11.57% for public transport (trolleybuses, trams, and regular passenger buses) and by 20% for motorcycles and trucks with a permissible maximum weight of up to 16 tonnes, as stipulated by the regulator’s draft ordinance. The base CMTPLI rates for personal cars will not change.
The August 2024 results of the monitoring of the maximum interest rates on deposits in Russian rubles of the top ten credit institutions attracting the largest amount of household deposits are as follows:
The Bank of Canada today reduced its target for the overnight rate to 4¼%, with the Bank Rate at 4½% and the deposit rate at 4¼%. The Bank is continuing its policy of balance sheet normalization.
On September 4, 2024, a press conference was held to discuss the latest monetary policy decision. The event featured Senior Deputy Governor Carolyn Rogers and included an announcement of a 25 basis point reduction in the policy interest rate, bringing it down to 4.25%. This marks the third consecutive decrease since June.
The increase in consumption decelerated in July-August, with several macro-regions reporting signs of its decline. Demand for non-food products decreased, while higher deposit rates supported households' propensity to save.
Today, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), announced an upcoming hearing for the Financial Institutions and Monetary Policy Subcommittee. The hearing is titled "Transparency in Global Governance."
Flash estimates indicate a more moderate growth in economic activity in early Q3 relative to Q2. Retail lending and consumption expanded at a slower pace. However, overall demand still far exceeds supply.
Open application programming interfaces (Open APIs) will allow companies to exchange information about their customers with their consent more promptly and offer them beneficial personalized services. Additionally, individuals will be able to manage their data effectively. The main principles and stages of Open API implementation are published on the Bank of Russia website.
The Bank of Russia has introduced an online financial literacy course designed for extracurricular activities targeting students in grades 3 to 6. The course comprises 68 lessons covering a range of financial topics, featuring examples, tasks, and tips.