Gold has been one of the standout performers during 2020, rising from around $1500 an ounce to a whopping $2075 an ounce in August. However, with the precious metal having broken out of previous all-time…
Bank of Russia: Banking licence of Bank NBT…
By its Order No. OD-1082, dated 14 July 2020, the Bank of Russia revoked the banking licence from the Kyzyl-based Joint-stock Company The People’s Bank of Tuva (Reg. No. 1309; hereinafter, Bank NBT). The credit institution ranked 416th by assets in the Russian banking system.1 The Bank of Russia made this decision…
Bank of Russia publishes methodological recommendations on assessing…
The Bank of Russia has prepared the methodological recommendations to integrate modern universal approaches to quantifying interest rate risk in the banking book into the banking practice. These approaches are stipulated by the Interest rate risk in the banking book (IRRBB) standard (April 2016) of the Basel Committee on Banking Supervision. These recommendations…
CBR Commission receives 646 applications for business reputation…
Over the period of its operation, as of 1 July 2020, the Bank of Russia Commission received 646 applications from members of governing bodies, officials and owners of financial institutions who do not agree with the decision that their qualifications or business reputation do not meet current requirements. The Commission started its work on 28 January 2018. It has sustained 291 complaints since…
CBR: Faster Payments System (FPS) to introduce pull…
The new service will allow clients to pull funds from their accounts. It will be a convenient way to collect a certain sum in one account to repay a loan or to make a large purchase online or in the store. It is easier than to open multiple bank apps and make transfers: the client can simply open the Faster Payments…
Bank of Russia: Economic activity remains weak in…
Economic activity in Russia remained subdued in May, largely affected by the anti-coronavirus restrictions. Nonetheless, individual economic sectors demonstrated signs of revival. These are the findings published in the latest issue of the information and analytical review Economy: Facts, Assessments and Comments. Industrial output continued to shrink, although more slowly than…
Bank of Russia: Retail lending bounces back in…
Key balance sheet indicators of the banking sector remained almost unchanged in May, although consumer activity started to revive, according to the new issue of the information and analytical review Russian Banking Sector Developments in May 2020. The corporate portfolio remained nearly the same (+2 billion rubles, or +0.01%). After the surge in March—April, this…
Bank of Russia to update pension reserve investment…
The Bank of Russia is going to amend the requirements for pension reserve investment that will become effective on 1 January 2021. The updates are intended to limit investment risks and enhance the protection of the rights of depositors and members of non-governmental pension funds (NPFs), as well as help NPFs adjust to the new regulations given the consequences…
Bank of Russia recommends how to properly register…
The Bank of Russia has updated its recommendations for issuers to avoid typical errors in securities issue registration. The amended recommendations will help issuers comply with the new law on simplifying the securities issue procedure and the revised securities issue standards. The document prepared by the regulator provides answers to frequently asked questions, specifically about…
