Saudi Arabia's Capital Markets Authority fined BAAN Holding Group Co. SAR 50,000 for breaching disclosure requirements. The company delayed disclosing a catering services project award in NEOM and omitted contract period details in a subsequent announcement.
The National Bank of Ukraine has updated its priority research areas to guide its research agenda and support central bank policymaking, inviting external experts to contribute. The revised priorities focus on monetary policy under uncertainty, financial stability, long-term growth challenges, and digitalisation, including AI and digital money regulation.
The Council of Financial Regulators, including the Reserve Bank of New Zealand, has opened a public consultation on introducing basic transaction accounts to improve access to banking services for excluded groups. These accounts would feature controls to prevent money laundering and terrorism financing, with the consultation closing on 18 June 2025.
The Dubai Financial Services Authority, with the Union of Arab Securities Authorities, hosted a session on adapting regulatory frameworks for financial technology and digital assets. It emphasized regional cooperation for investor protection and market integrity, and included updates on the DFSA’s Innovation Testing Licence and Cyber Threat Intelligence Platform. The DFSA plans to expand the platform with new data feeds to enhance threat intelligence and information sharing.
The Central Bank of Kenya proposes using the Central Bank Rate (CBR) as the reference for lending rates. The proposal includes setting rates as the CBR plus a bank-specific premium, with components published publicly. This review reassesses the Risk-Based Credit Pricing Model introduced in 2019 to address high lending rates and opaque pricing.
De Nederlandsche Bank Governor Klaas Knot, in a speech at the Peterson Institute, discussed trade-policy uncertainty and increased euro area defence spending's impact on inflation and the ECB's policy. Knot highlighted the ECB's recent 25 basis point rate cut to 2.25% as a precaution against downside risks, advocating for data-dependent and neutral policy settings. He also emphasized the benefits of a stronger international role for the euro, including reduced exchange-rate shock exposure and lower financing costs.
The National Bank of Georgia and the National Bank of Kazakhstan discussed banking system sustainability and a 2025–2026 cooperation roadmap at the IMF and World Bank Annual Meetings. The roadmap includes collaboration on financial technologies, virtual asset regulation, monetary policy, and risk management. The meeting also emphasized strengthening financial ties along the Middle Corridor.
The National Bank of Georgia has launched a digital sandbox initiative to provide access to synthetic data for fintech development and innovation. The data, generated using machine learning models and generative algorithms, aims to enhance privacy while maintaining statistical integrity. Access is available to both regulated and non-regulated entities for testing and model development.
The National Bank of Georgia and the Central Bank of the Republic of Türkiye agreed to enhance cooperation on payment systems and financial technologies during the IMF and World Bank Spring Meetings. Discussions included improving information exchange on monetary policy, payment systems, and financial supervision, focusing on Türkiye's instant payment system and QR code standard. A visit by Turkish representatives to Georgia is anticipated to further share expertise.
Mexico’s Ministry of Finance & Public Credit reported on a meeting between Finance Minister Edgar Amador Zamora and US Treasury Secretary Scott K.H. Bessent. The discussions, held during the IMF and World Bank Spring Meetings, focused on trade cooperation, financial and payment systems supervision, and enhancing institutional cooperation mechanisms.
Davit Onoprishvili, head of the Insurance State Supervision Service of Georgia, attended a high-level seminar in China on international insurance standards and supervisory approaches. The event covered capital, resolution regimes, climate risks, and macroeconomic impacts on the insurance sector. Onoprishvili also held bilateral meetings with IAIS Secretary General Jonot Dixon and other officials to discuss cooperation and future activities.
The Bank of Italy has published new economic research, including two "Temi di discussione" papers analyzing investment tax credits in Southern Italy and firms' asset revaluations. Four "Questioni di economia e finanza" papers explore topics such as AI in banking regulation, semiconductor ecosystem changes, inflation awareness, and trade fragmentation impacts on global value chains. Additionally, Research Newsletter No. 78 is available in English.
The Bank of Italy announced Denmark's migration of the Danish krone to the Eurosystem’s TARGET Instant Payment Settlement (TIPS) and T2 platforms, enabling central bank money settlements. Denmark is the second non-euro area country to adopt TIPS, following Sweden, and the first to integrate its currency into T2 for payments and monetary policy operations. Norway has also agreed to use TIPS in the future.
The National Bank of the Republic of North Macedonia's delegation, led by Governor Anita Angelovska-Bezhoska and Finance Minister Gordana Dimitrieska-Kochoska, is attending the World Bank Group and IMF Spring Meetings in Washington, DC. Discussions with the Federal Reserve Bank of New York focused on US dollar payments, government securities management, and monetary policy. The delegation will also engage with the IMF, World Bank, and Alliance for Financial Inclusion on financial topics, including regional cooperation in payment systems.
The Bank of Italy published two Working Papers and four Occasional Papers, along with its Newsletter No. 78, covering diverse economic research topics. Key papers include analyses of asset revaluations, credit conditions, and the impact of tax credits in Southern Italy, as well as studies on large language models in supervisory settings and changes in the semiconductor ecosystem.
The Bank of Italy has received ISO 29993:2017 and ISO 29994:2021 certifications for its learning services, encompassing both in-person and distance learning. These certifications, issued by CSQA, cover various training areas including managerial, behavioural, linguistic, technical-specialist, and onboarding training. This initiative is part of the Bank's efforts to enhance the quality and effectiveness of its training programme.
The People's Bank of China and other regulators unveiled a plan to enhance cross-border financial services for Shanghai's financial centre. It includes 18 measures to improve settlement, hedging, financing, insurance, and integrated services, featuring streamlined foreign exchange processes, expanded free trade accounts, and enhanced digital services. Key initiatives involve piloting RMB cross-border trade refinancing, supporting a syndicated loan centre, and advancing Shanghai's reinsurance hub.
The Luxembourg Commission de Surveillance du Secteur Financier issued a communiqué detailing the 2025 professional aptitude exam for audit profession candidates. The communiqué is part of the CSSF's public oversight of the audit profession and is available only in French.
The Financial Conduct Authority (FCA) has highlighted good and poor practices in communicating international remittance costs, stressing clear, fair, and non-misleading communications under the Consumer Duty. Many firms failed to disclose transaction fees, intermediary charges, and markups upfront, often using misleading "zero cost" messaging. The FCA expects firms to regularly monitor and improve disclosures, with ongoing supervisory engagement planned to assess improvements.
The Portuguese Insurance and Pension Funds Supervisory Authority (ASF) has issued a regulatory standard detailing disclosure requirements for pension fund managers, covering both closed and open funds. It specifies mandatory sections, formats, methodologies, and introduces a distributor-led risk assessment process with a seven-class risk indicator. The standard applies to pension fund managers in Portugal and certain EU institutions, requiring free, durable medium documents and mandates reporting to ASF via PortalASF.
The Bank of Portugal reported a EUR 1.2bn increase in non-financial sector indebtedness for February 2025, totaling EUR 820.5bn. Private sector debt rose by EUR 1.1bn, with households' debt increasing by EUR 0.8bn primarily through mortgage lending. Public sector indebtedness saw a rise in non-residents' purchases of public debt securities, despite a decrease in Treasury deposit liabilities.
The Banking Agency of the Federation of Bosnia and Herzegovina has revoked the licence of the microcredit company Digital Finance International d.o.o. Banja Luka. The decision, effective from 17 April 2025, affects the company's microcredit lending operations in Zenica and Sarajevo.
The Riksbank memo by Nicoletta Batini analyzed energy price shocks' impact on Swedish household consumption, highlighting the 2022–2023 energy cost surge's significant influence. Using Bayesian-estimated structural models, the study found pronounced effects on durable goods consumption and noted a reversal in energy-related contributions to consumption growth by Q4 2024. It also observed spillover effects on non-durable consumption due to rising food and essential costs.
The International Financial Reporting Standards Foundation, the Inter-American Development Bank, and IDB Invest have partnered to promote IFRS Sustainability Disclosure Standards in Latin America and the Caribbean. The initiative includes knowledge sharing, capacity building, and policy engagement, focusing on policy papers, self-assessment tools, and regional case studies. The IDB aims to align its disclosures with IFRS Standards through a multi-year roadmap.
The Bank of France published a report with 16 recommendations to enhance early detection and support for struggling companies, emphasizing stronger sanctions for late payments and improved local coordination. The report suggests fines based on turnover and proposes better outreach and training for small businesses. The minister responsible for trade and SMEs supports these priorities for swift implementation.
The Australian Prudential Regulation Authority has issued its response to submissions regarding updates to Reporting Standard ARS 110.0 Capital Adequacy. Further information on proposed changes to liquidity and capital requirements for authorised deposit-taking institutions and Interest Rate Risk in the Banking Book is available on APRA's website.
The World Bank's Bangladesh Development Update reports a decline in real GDP growth to 4.2% in FY24 from 5.8% in FY23, with further moderation to 3.3% expected in FY25 due to reduced private and public investment. Challenges include low export growth, elevated inflation, and financial sector vulnerabilities, though external pressures have eased with stronger remittance inflows. The fiscal deficit is projected to remain under 5% of GDP, with inflation expected to ease in the medium term amid tight monetary policy and fiscal consolidation.
Uganda's Ministry of Finance convened the steering committee for the National Financial Inclusion Strategy 2023-2028, aiming for 85% financial inclusion by 2028, with current inclusion at 81% per the 2023 Finscope Survey. Progress is attributed to increased access to financial accounts and digital payments, while challenges include low savings and high lending rates. The minister encouraged participation in government programmes like PDM, Emyooga, and GROW.
The Financial Action Task Force of Latin America conducted a course in Havana on "Preventive obligations within AML/CFT systems" to train Cuban stakeholders on FATF 40 Recommendations. The program included customer due diligence, transparency, beneficial ownership, and the role of financial intelligence units, with support from Spain. This initiative is part of Cuba's AML/CFT capacity-building plan ahead of its upcoming GAFILAT mutual evaluation.
The Hong Kong Monetary Authority issued an alert regarding fraudulent websites and internet banking login screens linked to Shanghai Commercial Bank Limited. The HKMA emphasized that banks will not send SMS or emails with hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals should contact the bank and report to the Hong Kong Police Force.
The Hong Kong Monetary Authority (HKMA) issued an alert regarding fraudulent websites and internet banking login screens linked to The Bank of East Asia, Limited. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information through such means. Affected individuals should contact the bank and report to the Police.
The Hong Kong Monetary Authority issued an alert regarding a fraudulent website and social media account linked to Dah Sing Bank, Limited. The HKMA reminded the public that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Individuals who have interacted with the fraudulent entities are advised to contact the bank and report to the Police.
The Isle of Man Financial Services Authority's April 2025 AML Focus newsletter outlines AML/CFT/CFP supervision priorities for 2025–27 and preparations for the 2026 MONEYVAL assessment. It includes insights on Jersey’s MONEYVAL evaluation, risks of "golden visa" schemes, and recent beneficial ownership legislative changes. The newsletter also highlights the importance of quality data, previews a thematic review of estate agents, and updates on the National Risk Assessment.
The Reserve Bank of India has issued directions to Authorised Dealer Category-I banks to provide foreign exchange relaxations for exports through Bharat Mart, a UAE-based marketplace. These relaxations allow exporters to realise and repatriate the full export value within nine months and permit the opening or hiring of warehouses in Bharat Mart. The instructions are effective immediately.
The Federal Reserve Bank of Cleveland released remarks by President Hammack on "The Federal Reserve’s Balance Sheet: Some Major League Questions," delivered in New York on April 23, 2025.
The Thailand Office of Insurance Commission (OIC) is collaborating with the Embassy of Myanmar in Thailand to facilitate insurance compensation for Myanmar nationals who died in the March 2025 earthquake. The OIC has provided a list of deceased individuals for identity verification to ensure accurate and prompt claims payments to lawful heirs. The OIC emphasized equal protection of policyholders' rights, irrespective of nationality.
The Central Bank of the Republic of Uzbekistan engaged with Tencent Cloud International to explore cooperation on digital technologies and cloud infrastructure. Talks included integrating Tencent’s WeChat Pay with local systems, enabling QR-code payments, and expanding payment services collaboration. Both parties committed to supporting initiatives and coordinating future joint activities in payment systems.
The Arab Monetary Fund's Director General, Fahad M. Alturki, signed a memorandum of understanding with the Latin American Reserve Fund to collaborate on economic policy expertise, global financial safety net support, and joint initiatives in capacity building, statistics, technical assistance, and economic studies.
The European Central Bank announced that Danish market participants can now settle payments in Danish krone through the Eurosystem’s T2 and TARGET Instant Payment Settlement (TIPS) services. Danmarks Nationalbank is the first non-euro area central bank to participate in all three TARGET Services, enhancing liquidity management and IT security. The ECB aims to expand multi-currency TARGET Services for broader participation and potential cross-currency settlement, with Sweden, Norway, and Iceland interested.
The European Central Bank updated its wage tracker, indicating that negotiated wage pressures are expected to ease in 2025. The tracker shows negotiated wage growth of 4.8% in 2024 and 3.1% in 2025, with variations based on one-off payments. The ECB noted that the tracker is subject to revisions and should not be seen as a forecast, highlighting broader macroeconomic projections for a comprehensive view.
The European Central Bank has released an updated booklet for national compilers in the European System of Central Banks, detailing the transmission of Balance of Payments and International Investment Position Manual sixth edition (BPM6) data. Key updates include a broader definition of non-compliance, discouragement of confidentiality flags for low-quality data, and revised transmission timetables and standards. The guidance applies to the 20 euro area countries from 17 March 2025, replacing the April 2024 edition.
The European Central Bank's weekly balance sheet as of 18 April 2025 shows total assets and liabilities at EUR 6,329,339 million, a decrease of EUR 482 million from the previous week. Key changes include a EUR 9,185 million reduction in securities held for monetary policy purposes and a EUR 80,602 million decline in the deposit facility, offset by a EUR 42,328 million increase in current accounts.
The European Central Bank released a presentation by Executive Board member Philip R. Lane at the IIF Global Outlook Forum, detailing the euro area economy as of April 2025. The presentation includes GDP composition, inflation forecasts, and fiscal assumptions, highlighting Germany's infrastructure investment law and EU defence-spending flexibility. It also covers ECB Bank Lending Survey results and inflation expectations from various sources.
Firuz Sharifzoda, First Deputy Chairman of the National Bank of Tajikistan, met in Bahrain to boost cooperation in Islamic finance, banking digitalisation, and correspondent banking. A memorandum was signed with the Bahrain Institute of Banking and Finance to support digital finance and Islamic banking. Discussions with various institutions focused on adopting international standards, regulatory alignment, and human capital development in Tajikistan's banking sector.
The National Bank of the Republic of Tajikistan reported on a Washington meeting where its chairman, Firdavs N. Tolibzoda, and a Tajik government delegation discussed expanding trade and investment with the Tajikistan–US Business Council. The talks focused on cooperation in hydropower, tourism, transit infrastructure, and environmentally friendly industries, highlighting a legal framework offering equal rights to domestic and foreign companies.
The National Bank of the Republic of Tajikistan attended the IMF and World Bank Spring Meetings in Washington, focusing on Tajikistan's macroeconomic and financial policy agenda. Discussions included IMF recommendations, cooperation under the Policy Coordination Instrument, and assistance for financial stability and growth. Meetings with officials also addressed economic reforms, public finance management, and financing needs for the Rogun hydropower plant.
The Central Bank of Curaçao and Sint Maarten's research paper on Curaçao’s microcredit market reveals that while microcredit aids entrepreneurs, its broader economic impact is limited. The study suggests aligning loan amounts with business plans and enhancing post-loan support to improve outcomes. It also emphasizes streamlining application processes and providing tailored guidance, especially for startups facing repayment challenges.
The BIS Innovation Hub published the final report on Project Promissa, a distributed ledger proof-of-concept to digitise and tokenise paper promissory notes for countries’ commitments to multilateral development banks. Testing with seven countries and multilateral development banks found it can address operational bottlenecks and improve efficiency without major technical issues, but highlighted the need for jurisdiction-specific legal analysis and further work on controls, system integration and operating model design before deployment.
Estonia's Financial Supervisory Authority has granted B2 Impact OÜ a licence to operate as a credit servicer, allowing it to collect debts from banks' and creditors' credit contracts. The licence includes obligations such as handling complaints and informing borrowers of contract changes. B2 Impact OÜ's management board comprises Marko Ilves, Jennie Maria Ollila, and Kennet Davy Bernhard Kronman.
The Vietnam State Securities Commission’s Securities Research and Training Center conducted a corporate governance course in Ho Chi Minh City for board members and senior management of public companies. The course, part of the 2025 training plan, covered governance fundamentals, international standards, and Vietnam's legal requirements, with a focus on independent directors, corporate secretaries, and conflict-of-interest controls.
The Republic of Serbia Securities Commission amended the Law on the Central Register of Ultimate Beneficial Owners, requiring reporting entities to verify and report discrepancies in beneficial ownership data for anti-money laundering and counter-terrorist financing compliance. Entities must compare client data with the Central Register and notify the Commission of discrepancies. Notifications and updates to the registered entities list occur without client consent.
The South Korea Financial Services Commission reported on Chairman Kim Byoung Hwan's visit to Boston and New York to enhance financial cooperation and support Korea's biotech venture investment. Boston discussions focused on venture investment challenges and support measures, while New York meetings addressed U.S. tariffs' market impacts and capital market reforms. The FSC emphasized ongoing communication with U.S. financial authorities and efforts to improve regulatory conditions for Korean firms abroad.
The National Bank of Serbia refuted media claims that Electric Power Distribution of Serbia's accounts were blocked, clarifying that the Checkpoint database cited is not an official source. The central bank emphasized that its Single Registry of Accounts is the only legally relevant source for account status, and explained that enforced collections are processed uniformly, with no recorded blockage days due to same-day execution.
The Securities and Exchange Regulator of Cambodia participated in the launch of the "Strategy on the Development of E-Services for Business 2025–2028". The event was chaired by Deputy Prime Minister Aun Pornmoniroth, with involvement from the Ministry of Economy and Finance and the Non-Bank Financial Services Authority.
The Securities and Exchange Regulator of Cambodia and the United Nations Development Programme held a virtual meeting to explore collaboration on developing and launching a Gender Bond in Cambodia.
The Securities and Exchange Regulator of Cambodia, under Director General Sou Socheat, inaugurated the 29th Training and Examination and Continuing Professional Education programme for participants in the securities sector. Attendees include securities firms, issuers, collective investment scheme businesses, derivative businesses, and securities service providers.
The Securities and Exchange Regulator of Cambodia conducted a workshop to enhance legal compliance among securities intermediaries, involving securities associations and licensed market participants. The event, attended by nearly 100 participants, focused on reinforcing adherence to laws and regulations, with presentations and discussions led by SERC Director General Sou Socheat.
The Guernsey Financial Services Commission has partnered with EDUCFI, the French National Financial Literacy Strategy by Banque de France, to enhance financial literacy in Guernsey. The initiative will adapt and translate Banque de France's publications for local audiences, providing free, reliable information on financial matters to aid informed decision-making amid the rise of crypto-assets and online financial influencers.
The Swiss National Bank, with the Bank for International Settlements’ Innovation Hub and the World Bank, published results from Project Promissa, exploring digitising multilateral development bank promissory notes using distributed ledger technology. The proof-of-concept platform showed technical feasibility and potential cost and time savings for MDBs, central banks, and finance ministries. While it supports multiparty signatures and confidentiality, further development is needed for operational deployment.
The Global Legal Entity Identifier Foundation announced a partnership with Qichacha to map Legal Entity Identifiers to QCC Codes, enhancing international visibility and facilitating trading relationships and regulatory reporting for Chinese businesses. GLEIF will release monthly open-source mapping files using QCC's extensive database.
The Canadian Securities Administrators, including the Ontario Securities Commission, have paused efforts to develop a new mandatory climate-related disclosure rule and amend diversity-related disclosure requirements, citing recent U.S. and global developments. Existing climate-related risk disclosure requirements remain, with voluntary alignment to Canadian Sustainability Standards Board standards. The CSA will monitor issuer disclosures and may revisit these projects in the future.
The Financial Services Regulatory Authority of Ontario (FSRA) released results from its consumer survey and completed two initiatives: the Vulnerability Framework and a review of Fair Treatment of Customers in Insurance Guidance. The survey findings will guide FSRA's regulatory efforts. The Vulnerability Framework defines vulnerable consumers and planned actions, while the insurance guidance review supports supervision of insurers' conduct.
The Central Bank of Poland reported a rise in broad money (M3) by PLN 18.9bn in March 2025, reaching PLN 2,515.7bn, driven by increased deposits and claims from households and the local government sector. Household deposits rose by PLN 6.3bn to PLN 1,355.4bn, while local government sector deposits increased by PLN 3.6bn to PLN 113.2bn. Non-financial corporations' indebtedness rose by PLN 3.5bn to PLN 425.8bn, and the central government sector's net indebtedness increased by PLN 24.7bn to PLN 462.8bn.
The Central Bank of the Republic of Kosovo reported on Governor Ahmet Ismaili’s meetings with IMF and World Bank Executive Directors during the Spring Meetings, emphasizing ongoing cooperation and technical support. Discussions with the IMF focused on enhancing institutional capacity and financial supervision, while talks with the World Bank addressed financial sector projects, including Kosovo’s SEPA integration and TIPS Clone development.
The Moroccan Capital Markets Authority disclosed that MCIII Al Razi Ltd sold 733,290 shares of AKDITAL, dropping below the 5% ownership threshold and leaving it with no remaining stake. The sale occurred on 22 April 2025 at MAD 1,326.24 per share, with no acquirer intention reported.
The International Swaps and Derivatives Association (ISDA) released a report highlighting global companies' use of derivatives to manage uncertainty, transfer risk, and boost profitability, accompanied by a discussion with Boston Consulting Group's Roy Choudhury.
The Ontario Securities Commission (OSC) has charged former Banknote Capital Inc. directors Ryan Rumble, Michael Dziedzic, and Justin Foss with fraud over $5,000, alleging they raised over $11 million through a Ponzi scheme. Mr. Rumble also faces a charge of uttering a forged document, with a Canada-wide warrant issued for his arrest. The charges stem from Project Swan, a joint investigation by the OSC and Durham Regional Police Service.
The Saudi Arabia Insurance Authority and TAQEEM signed a three-year, renewable agreement to strengthen regulation of vehicle damage assessment. The authorities will expand valuation services, coordinate oversight and share information through joint working teams.
The Global Legal Entity Identifier Foundation (GLEIF) has partnered with Qichacha (QCC) to create a certified link between the Legal Entity Identifier (LEI) and the QCC Code, enhancing international visibility of Chinese companies. This initiative will publish monthly open-source mapping files to support regulatory reporting and due diligence by using the LEI as a global data connector.
The Global Legal Entity Identifier Foundation (GLEIF) has launched a Legal Entity Identifier (LEI) mapping initiative with Qichacha (QCC) to create a certified link between the LEI and the QCC Code, publishing monthly open-source mapping files. This collaboration aims to enhance the international visibility of Chinese companies and streamline regulatory reporting and due diligence.
The National Bank of Hungary has launched its 2025 Technical Cooperation Programme, focusing on "Stability in Transitions" for the third year, aimed at knowledge exchange with partner central banks and supervisory experts. The programme commenced with a seminar on "Green and Sustainable Finances," covering the MNB's sustainability strategy, climate stress testing, and green mortgages, attended by nearly 30 representatives from 17 countries.
The Canadian Securities Administrators (CSA) have paused work on new mandatory climate-related disclosure rules and diversity-related amendments due to global conditions and competitiveness concerns. Existing requirements for disclosing material climate-related risks remain, with the Canadian Sustainability Standards Board's standards as a voluntary framework. The CSA will continue monitoring developments and issuer disclosures, including addressing misleading statements like greenwashing.
The Central Bank of Chile released preliminary regional national accounts estimates showing a 2.6% national GDP growth in 2024, with 14 out of 16 regions growing. Key contributors included mining, trade, personal services, and transport, while financial and business services detracted. The report also revised regional GDP and household consumption data, incorporating updated national aggregates and new quarterly figures.
The Central Bank of Russia updated its bank comparison tables to segment banks by retail customer base size, highlighting those with over five million loan agreements. This simplifies comparisons among major retail lenders, covering over 90% of household lending. Rankings are based on justified complaints per 100,000 loan agreements, reflecting confirmed consumer-rights violations, and will be published annually.
The Central Bank of Russia's April 2025 monitoring of maximum interest rates on rouble deposits from the top 10 credit institutions showed average maximum rates of 20.05% for the first 10 days and 20.04% for the second 10 days. Rates by maturity were 18.58% for up to 90 days, 19.22% for 91–180 days, 19.41% for 181 days to one year, and 17.91% for over one year. The data excludes special-category deposits and is compiled by the Bank of Russia’s Department of Banking Regulation and Analytics.
The Canadian Securities Administrators (CSA) has paused developing a new mandatory climate-related disclosure rule and proposed amendments to diversity-related disclosure requirements to support Canadian markets amid recent U.S. and global developments. Existing disclosure obligations for climate-related risks and diversity representation remain. The CSA will monitor issuer disclosure practices and international regulatory developments, planning to revisit these projects later.
The Chile Financial Market Commission approved Credicorp Capital Asset Management's request to replace the liquidator of the Táctico Perú and Facturas USD Redeemable Investment Funds with Ameris Capital Administradora General de Fondos. This decision, under Exempt Resolution No. 2,964 of 2025, was based on Credicorp's status as the sole contributor. Ameris is appointed as a CMF delegate with specific powers under the Single Fund Act and must report to the CMF at the end of its mandate.
The Chile Financial Market Commission (CMF) released results from its call for proposals to modernize the capital market, receiving 227 submissions from 45 participants. Key areas addressed include capital market depth, trading platforms, small business financing, savings promotion, and corporate governance. The CMF plans to use these proposals for bilateral meetings and workshops starting in April and June 2025, respectively.
The British Columbia Securities Commission ordered NetCents to pay over CAD 3.3 million for misrepresentations, illegal securities distribution, and operating an unauthorized exchange related to its crypto-asset, NetCents Coin. The funds will compensate investors who incurred losses. NetCents is barred from trading, acting as a registrant or promoter, and engaging in promotional activities.
The Ministry of Finance (Thailand) announced its Thailand Financial Hub policy at the IGNITE Thailand-Korea Business Forum in Seoul, aiming to establish Thailand as a regional financial services and investment base. Key measures include competitive incentives, streamlined business registration, and creating an Office of the Financial Hub Regulatory and Promotion Committee for comprehensive services. The policy focuses on serving non-residents and enhancing local workforce skills, with limited domestic market access.
Argentina’s Ministry of Finance reported that Economy Minister Luis Caputo met with IMF Managing Director Kristalina Georgieva during the 2025 IMF and World Bank Spring Meetings in Washington, DC. Discussions centered on the market's response to Argentina's new programme amid global volatility and the IMF's role in financial stability. Caputo also attended a JPMorgan seminar and the G20 finance ministers session on macroeconomic issues.
The Argentina Securities Commission (CNV) issued General Resolution No. 1063, establishing two new regimes to streamline the approval process for automatic public offerings of financial trusts. These regimes simplify procedures for frequent issuers, allowing abbreviated authorisation after four issuances and eliminating CNV approval after seven. Fiduciaries must adhere to existing disclosure and transparency obligations.
The Argentina Securities Commission (CNV) issued Interpretative Criterion No. 95 to clarify compliance requirements for foreign companies registering in the Registry of PSAVs. Under General Resolution No. 1058, these companies must register as a branch or permanent representation, with specific capital or asset allocations in Argentina. An independent public accountant's report is required to attest to the minimum net worth.
The China Banking and Insurance Regulatory Commission, with the Bank for International Settlements’ Financial Stability Institute and the International Association of Insurance Supervisors, hosted a seminar in Shanghai on insurance supervision. Discussions covered macroeconomic impacts, regulatory reforms, climate risks, and financial innovation. CBIRC Vice Chairman Xiao Yuanqi stressed insurers' adaptation to interest-rate trends, climate change, and technology, while IAIS and FSI officials emphasized the Insurance Capital Standard and global solvency supervision cooperation.
The Australian Prudential Regulation Authority released a response to submissions on updates to Reporting Standard ARS 110.0 Capital Adequacy, detailing proposed changes to liquidity and capital requirements for authorised deposit-taking institutions and interest rate risk in the banking book.
The National Bank of Moldova is revising its regulation on approving audit entities to clarify requirements for audit team qualifications and experience. The update also relaxes the need to submit original documents with approval applications.
The National Bank of Moldova announced an expanded "Școala finanțelor moderne" (School of Modern Finance) programme for 2025, now including students from the Faculty of Journalism and Communication Sciences at Moldova State University and economic journalists. Supported by the National Bank of Romania, it will feature interactive seminars in Bucharest, scheduled for July and September. Participants will engage in financial education and journalistic activities post-completion.
The National Bank of Moldova engaged with senior World Bank Group officials during the IMF–WBG Spring Meetings to discuss the Financial Sector Assessment Program (FSAP) for Moldova, emphasizing its role in reform and adherence to international standards like Basel III. Discussions included WBG technical assistance on digital financial services, bank resolution, and a National Financial Inclusion Strategy, alongside potential participation in a regional financing program. Moldova's Ministry of Finance, led by Minister Victoria Belous, participated.
The National Bank of Moldova met with senior IMF officials in Washington to discuss Moldova’s IMF-supported programme, technical assistance, macroeconomic outlook, central bank reforms for EU accession, and an IMF assessment on transparency. The delegation confirmed participation in the 2025 IMF–World Bank Financial Sector Assessment Program and continued talks on IMF-backed reforms and banking sector stability.
The National Bank of Moldova issued a draft decision to amend suitability requirements for management roles in the insurance and reinsurance sector, aligning with its supervisory framework. Key changes include expanded reputational assessment criteria, updated notification and documentation expectations, and revised fit and proper questionnaire requirements. The draft will take effect upon publication in the Official Monitor of the Republic of Moldova.
The Bank for International Settlements Innovation Hub released a report on Project Promissa, a proof of concept for digitising and tokenising paper-based promissory notes using distributed ledger technology, enhancing transparency and efficiency for multilateral development banks and international financial institutions. Conducted with the Swiss National Bank and the World Bank, the project aims to provide a unified view of notes while maintaining confidentiality and sovereignty.
The Central Bank of Paraguay’s Monetary Policy Committee unanimously kept the monetary policy rate at 6.00% on 23 April 2025, saying inflation expectations over the policy horizon remain anchored around the 3.5% target despite stronger economic activity and some non-volatile price pressures. The committee slightly raised its 2025 inflation forecast to 3.8% and its GDP growth projection to 4.0%, while noting higher global market volatility from escalating trade tensions.
The Dominican Republic's Pensions Superintendency (SIPEN) issued Circular 135-25, mandating pension fund administrators to stop requiring official documents for processing benefits related to non-natural deaths, effective immediately. The circular aims to ease access for families of deceased affiliates and pensioners. SIPEN also clarified the eligibility criteria for survivors’ pension beneficiaries and noted that pension inheritances are exempt from inheritance taxes.
The Bank of Korea's April 2025 Consumer Tendency Survey shows a rise in the Composite Consumer Sentiment Index to 93.8, an increase of 0.4 points from March 2025.
The Bank for International Settlements Innovation Hub, with the Swiss National Bank and the World Bank, concluded Project Promissa, showing that distributed ledger technology (DLT) can manage multilateral development banks' promissory notes, potentially reducing time and costs. The proof-of-concept platform supports tokenised promissory notes, offering a single source of truth and multiparty signatures, though further development is needed for operational deployment.
The National Bank of Denmark's working paper reveals that the rise in remote work during the pandemic increased housing demand and property prices. Using survey and administrative data, the study found remote workers, particularly younger groups, were more likely to buy homes and seek larger spaces, contributing 3–11 percentage points to property price growth. The analysis also shows a stronger link between remote-work capacity and real estate purchases, with increased commuting distances noted among homebuyers with higher remote-work capacity.
The National Bank of Denmark has migrated Danish krone payments from the domestic Kronos2 system to the pan-European TARGET Services, aligning with the Eurosystem’s infrastructure for enhanced cyber threat protection. Payments are now processed via T2 and TIPS, while securities transactions continue in T2S, making Denmark the first non-euro country to use these systems. The migration, completed on schedule and under budget, does not affect Danish monetary policy, with benefits anticipated in cross-currency instant payments.
The U.S. Treasury released a readout of Secretary Scott K.H. Bessent’s meeting with Türkiye’s Finance Minister Mehmet Simsek and Central Bank Governor Fatih Karahan, focusing on sanctions and financial system integrity. Discussions included the U.S. pressure campaign against Iran and concerns over the misuse of the Turkish financial system by U.S.-designated Russian actors and terrorist groups. Bessent also inquired about Türkiye’s measures to address market volatility and economic uncertainty.
Treasury Secretary Scott Bessent detailed the Trump Administration's plan to "restore balance" to the international economic system, emphasizing U.S. leadership at the IMF and World Bank. He criticized the IMF's "mission creep," urged focus on external imbalances and financial stability, and advocated for the World Bank to prioritize growth, poverty reduction, and energy access. Bessent also addressed trade imbalances, calling for discussions with over 100 countries following tariff announcements, and criticized continued World Bank lending to countries meeting graduation criteria, including China.
The U.S. Department of the Treasury, via Secretary Bessent's remarks at the IMF and World Bank Spring Meetings, urged both institutions to refocus on their core missions, emphasizing policy discipline and internal efficiency. For the IMF, the call was for enhanced macroeconomic stability, fair currency practices, and a shift from lending quantity to program quality. For the World Bank, the focus was on poverty reduction, private sector-led growth, and efficient resource use, with specific attention to infrastructure, health, and energy access.