The Bank of Russia has clarified that the key rate may be used as a money market benchmark for determining the criteria of structured products available to a wide range of investors. It may be used along with RUONIA (Ruble Overnight Index Average) and RUONIA Averages.
U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, has called for a review of the home insurance market due to instability and rising premiums affecting many Americans. In letters addressed to Federal Insurance Office Director Steven Seitz and Comptroller General of the United States Gene Dodaro, Brown highlighted concerns over increasing home insurance rates, shrinking coverage, and unexpected non-renewals.
The Reserve Bank Board announced today that it has decided to maintain the cash rate target at 4.35 percent and the interest rate on Exchange Settlement balances at 4.25 percent.
The July 2024 results of the monitoring of the maximum interest rates on deposits in Russian rubles at the top ten credit institutions attracting the largest amount of household deposits are as follows:
The list of criteria for classifying banks as important in the payment services market will be expanded to include two additional criteria related to banks' systemic importance and the amount of transactions conducted through the Faster Payments System (SBP). These changes are provided for by the Bank of Russia’s draft ordinance.
On July 26, 2024, the Bank of Russia Board of Directors decided to extend the powers of Svetlana Maximova as the Financial Consumer Ombudsman in Insurance, Microfinance, Credit Cooperation, and Credit Institutions’ Operations.
Dr. Michael Plumb has been appointed as Head of Economic Analysis at the Reserve Bank of Australia (RBA). He will assume the position on August 20, 2024, and will report to Sarah Hunter, Assistant Governor (Economic).
The South African Reserve Bank (SARB) has imposed administrative sanctions on Monarch Insurance Company Limited (Monarch) due to its non-compliance with the provisions of the Financial Intelligence Centre Act 38 of 2001 (FIC Act), following a FIC Act inspection conducted in 2022.
The South African Reserve Bank (SARB) has imposed administrative sanctions on the State Bank of India, South Africa (SBI), due to its non-compliance with the provisions of the Financial Intelligence Centre Act 38 of 2001 (FIC Act). This action follows a FIC Act inspection conducted in May 2020.
The South African Reserve Bank (SARB) has imposed administrative sanctions on Assupol Life Limited (Assupol) due to its non-compliance with the provisions of the Financial Intelligence Centre Act 38 of 2001 (FIC Act). This action follows a FIC Act inspection conducted in 2020.
Customers from rural areas, people with disabilities, and elderly individuals have increasingly turned to digital channels for financial transactions, according to a survey by the Bank of Russia.
The results of the second-quarter 2024 Market Participants Survey, conducted from June 19 to 28, are based on questionnaire responses from approximately 30 financial market participants. The survey offers insights into various economic forecasts and perceptions.
On July 31, 2024, the Tender Committee of the National Financial Board held a meeting to select the auditor for the Bank of Russia’s 2024 annual financial statements.
Today, the Republican Environmental, Social, and Governance (ESG) Working Group—led by Oversight and Investigations Subcommittee Chairman Bill Huizenga (MI-04)—released its final staff report. This report is the culmination of the Working Group’s comprehensive examination of the factors contributing to the rise of ESG initiatives and the consequences for everyday investors, in addition to recommendations to protect American capital markets from the threats posed by these politically motivated mandates.
When signing a long-term savings agreement, banks acting as agents of non-governmental pension funds will be obliged to provide a key information document (KID) to customers to notify them of the terms and risks of the agreement. These requirements are stipulated in the relevant draft ordinance of the Bank of Russia.
A new measure of underlying inflation for South Africa, termed the persistent and common component of inflation (PCCI), has been introduced. The PCCI suggests that inflation pressures in the domestic economy are elevated, with outcomes remaining closer to the upper limit of the target band over the past year.
A new inflation measure has been developed to monitor underlying price developments in South Africa, termed supercore inflation. This measure includes components of core inflation that respond to general economic conditions, as measured by the output gap.
This economic note explores the potential macroeconomic impacts of the newly introduced two-pot pension system. According to the core model, a moderate two-pot system scenario is projected to add 0.1 and 0.3 percentage points (pp) to GDP growth in 2024 and 2025, respectively, while reducing the government debt-to-GDP ratio by 0.5 pp in 2024/25 and by 1.0 pp in 2025/26.
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 “Long-Term Economic Benefits and Impacts from Federal Infrastructure and Public Transportation Investment.”
The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), alongside all Committee Republicans, has called on Federal Reserve Chairman Jerome Powell to withdraw and re-propose the Basel III Endgame rulemaking in its entirety. The lawmakers argue that significant changes to the original proposal necessitate a complete re-proposal in accordance with the Administrative Procedure Act.