The Bank of Russia conducted a survey and analyzed the current sustainability regulation in the member states of the Eurasian Council of Central (National) Banks.
In July, seasonally adjusted current inflation was higher than in June, primarily due to the higher-than-usual indexation of utility tariffs. The growth in prices for petroleum products also accelerated, while fruit and vegetable prices decreased at a much slower pace than is typical for July. Annual inflation rose to 9.1%.
The Canada Border Services Agency (CBSA) team has been awarded the Bank of Canada counterfeit deterrence award. The recipients, Darren Ouderkirk, Stéphane Legault, Philippe Sincennes, and Jacquie Gawlina, collaborated with the Bank of Canada and the Royal Canadian Mounted Police’s National Anti-Counterfeiting Bureau.
All Financial Services Committee Republicans, led by Chairman Patrick McHenry (NC-10), have sent a letter to Federal Deposit Insurance Corporation (FDIC) Chair Martin Gruenberg demanding his immediate resignation. Despite announcing his intent to resign, Chair Gruenberg continues to push partisan regulatory initiatives while failing to address widespread and entrenched misconduct at the agency.
By its Order No. OD-1290, dated August 13, 2024, the Bank of Russia cancelled the banking licence of American Express Bank, Limited Liability Company (American Express Bank LLC), Registration No. 3460, Moscow. The credit institution ranked 300th by assets in the Russian banking system.
Residents of the Kursk, Bryansk, and Belgorod regions who have been evacuated or have lost property due to recent events are entitled to apply for a deferral of payments under loan (microloan) agreements for up to six months. This information was detailed in an information letter from the Bank of Russia.
The Bank of Russia has updated the requirements for claims under loan agreements where the principal is denominated in foreign currency (hereinafter, foreign currency loan agreements) for these claims to be accepted as collateral for Bank of Russia loans.
U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, issued a statement today regarding Huntington Bank’s decision to reopen its Buckeye-Shaker branch in Cleveland.
The Bank of Russia has highlighted key aspects of managing individual investment accounts (IIAs) for professional market participants. As of the beginning of 2024, only type 3 IIAs can be opened without limiting investment amounts and for a period ranging from five to ten years, depending on the year the agreement is signed. Type 1 and type 2 IIAs opened before January 1, 2024, will continue under their original terms. However, it is prohibited to hold both old- and new-type accounts simultaneously.
The fluctuations of the ruble against major foreign currencies were moderate in July. By the end of the month, the exchange rate slightly declined. Foreign exchange spreads contracted to levels seen between January and May 2024.
On August 9, 2024, the Bank of Russia issued new 2-ruble silver commemorative coins as part of the Red Data Book series. The new coins feature three distinct designs: Siberian Grouse, Marbled Polecat, and Wrinkled Ground Beetle.
A new law aimed at eliminating loopholes for pseudo-investment schemes and financial pyramids has come into effect. The legislation mandates that only companies supervised by the Bank of Russia can publicly raise investments from individuals. This includes banks, non-bank financial institutions such as brokers and management companies, and other intermediaries involved in investment raising.
Nominal interest rates increased significantly in most financial market segments in July. This tightening effect on monetary conditions was partially offset by a rise in households’ and businesses’ inflation expectations.
The Institute for Monetary and Economic Studies (IMES) of the Bank of Japan (BOJ) convened the 2024 BOJ-IMES Conference on May 27 and 28, 2024. This event marked the 29th conference since its inception in 1983 and was part of the BOJ's "Broad Perspective Review" of monetary policy.
The Bank of Canada announced today the names of three external experts who will provide an independent assessment of its review of exceptional policy actions taken during the COVID-19 pandemic.
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 regulator has identified that some credit institutions, acting as agents of professional securities market participants, are registering this activity as information and advisory services instead of concluding an agency agreement. In practice, clients sign a brokerage or trust management agreement in a bank office remotely. Additionally, banks assist future investors in downloading a broker’s or trustee’s mobile application.
The Bank of Canada today published its 2025 schedule for policy interest rate announcements and the release of the quarterly Monetary Policy Report. It also reconfirmed the scheduled interest rate announcement dates for the remainder of this year.