ECB lowers interest rates amid improved inflation outlook
Christine Lagarde, President of the European Central Bank (ECB), and Vice-President Luis de Guindos announced a reduction in the ECB’s key interest rates by 25 basis points. This decision follows an updated assessment of inflation and monetary policy transmission. “Based…
Bank of Russia issues commemorative coin honoring Pushkin’s “The Tale of Tsar Saltan
On June 6, 2024, coinciding with the birth anniversary of Alexander Pushkin, the Bank of Russia issued a silver commemorative coin titled ‘The Tale of Tsar Saltan’. The poet drew inspiration for this fairy tale from Russian folklore, incorporating characters…
Retail investors increase activity on Moscow Exchange amid stable ruble
Amid the stabilization of the ruble exchange rate and a rise in stock prices, the number of active clients in the stock market began to grow in Q1 2024. On average, 3.8 million investors conducted transactions on the Moscow Exchange…
House Financial Services Committee to examine FDIC leadership and workplace culture
The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), announced a hearing titled “Oversight of the FDIC’s Failed Leadership and Toxic Workplace Culture.” The hearing is scheduled for 10:00 AM ET on Wednesday, June 12, 2024, at the…
Central bank lowers interest rate amid easing inflation concerns
On June 5, 2024, a press conference was held to discuss the latest monetary policy decision. Senior Deputy Governor Carolyn Rogers joined the discussion.
Bank of Russia explores future trends in payment digitalization
Russia’s payment market is among the most technology-intensive globally. Its development has been driven by the needs of people and companies, as well as the level of digitalization in the domestic economy. The main objectives of advancing payment services in…
Bank of Canada reduces policy rate amid signs of easing inflation
The Bank of Canada today reduced its target for the overnight rate to 4¾%, with the Bank Rate at 5% and the deposit rate at 4¾%. The Bank is continuing its policy of balance sheet normalization.
Regulator issues guidelines for expanding financial services in rural areas
In its information letter to banks, the regulator advises them to choose the format for providing financial services based on the number of residents and their income levels.
House subcommittee examines benefits of real-world asset tokenization
The House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion, chaired by French Hill (AR-02), convened today for a hearing titled “Next Generation Infrastructure: How Tokenization of Real-World Assets Will Facilitate Efficient Markets.”
Bank of Russia to hold press conference on monetary policy
A press conference will be held on June 7 at 17:00 following the Board of Directors’ monetary policy meeting, according to an announcement by the Bank of Russia. Governor Elvira Nabiullina and Deputy Governor Alexey Zabotkin are scheduled to participate.
Banking sector reports changes in deposit interest rates for May
The May 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:
Bank of Russia issues commemorative coin for Ufa’s 450th anniversary
On June 3, 2024, the Bank of Russia issued a 3-ruble silver commemorative coin to mark the 450th anniversary of the foundation of Ufa. This coin is part of the Cities series.
Bank of Russia issues commemorative coins marking historical events
On 3 June 2024, the Bank of Russia issued new silver commemorative coins as part of its Historical Events series. The coins commemorate the 100th anniversaries of the foundation of the Republics of North Ossetia—Alania and Ingushetia.
Almost 11 million retail investors entrust their assets to UIFs
The value of assets managed by management companies increased by 5.8% in the first quarter of 2024. Unit investment funds (UIFs) exhibited the highest growth in assets, maintaining 60% of the total assets under management.
Study examines effect of regulation on South African commercial banks
Using data on South Africa’s commercial banks from 2005 to 2018, this study investigates the impact of bank regulation on bank performance. The research employs a fixed effects model for regression analysis and the data envelopment analysis approach to estimate…
Bank of Russia’s financial literacy classes reach 3.2 million views in spring session
The Bank of Russia’s spring session of online classes on financial literacy was viewed 3.2 million times, with participation from more than half of Russian schools (51%). In regions such as Tatarstan, the Chuvash Republic, Sevastopol, the Primorye Territory, and…
Lawmakers urge Biden not to veto bipartisan congressional review act on SAB 121
House Financial Services Committee Chairman Patrick McHenry (R-NC) and U.S. Senator Cynthia Lummis (R-WY) led a letter to President Joe Biden urging him to reconsider his threat to veto Staff Accounting Bulletin (SAB) 121 Congressional Review Act (CRA), which passed…
Bank of Russia sets new requirements for disclosure of credit ratings
The Bank of Russia will now require credit rating agencies (CRAs) to disclose credit ratings along with the assessment of stand-alone creditworthiness of rated entities. The central bank has published a draft ordinance aimed at ensuring its regulatory impact assessment.
Overdue loans decrease as digitalization boosts microfinance sector
The debt burden of clients of microfinance organizations (MFOs) has been decreasing. According to the 2024 Q1 results, the proportion of loans overdue for more than 90 days went down to figures seen in early 2022 and totaled 32%. This…
National Financial Board approves new executive for payment card system
On May 29, 2024, the National Financial Board convened and approved Dmitry G. Dubynin as the sole executive body of the national payment card system operator.