The Japan Ministry of Finance reported foreign exchange intervention operations totaling JPY 11,734.9 billion for the period from 28 April 2026 to 27 May 2026.
The Ministry of Finance of the Kyrgyz Republic hosted a meeting of finance ministers and central or national bank heads from Shanghai Cooperation Organisation member states to discuss international financial system development, stronger intra‑organisation financial cooperation, monetary policy implementation and financial stability. Participants reviewed progress on consultations to establish a Shanghai Cooperation Organisation Development Bank and improve the organisation’s financial infrastructure. The meeting concluded with signing a final protocol.
The National Bank of the Kyrgyz Republic reported that finance ministers and central bank governors of Shanghai Cooperation Organisation member states met in Bishkek to discuss international financial system developments, financial cooperation within the SCO, and monetary policy issues. Interested members noted progress in consultations on creating an SCO Development Bank, and participants agreed to continue work on improving the organisation’s financial infrastructure, formalised in a signed protocol.
The Bank of Greece reported that insurance corporations' total assets fell by 0.5% quarter on quarter to EUR 21,947 million in the first quarter of 2026, while insurance technical reserves declined to EUR 15,992 million. The decrease mainly reflected lower valuations in bonds, investment fund shares and equities, partly offset by net purchases. Life technical reserves fell, while non-life technical reserves increased.
The Central Bank of Peru reported a goods trade surplus of USD 12.867 billion in the first quarter of 2026 and USD 41.423 billion on a rolling four-quarter basis, equivalent to 11.5% of gross domestic product. The quarterly surplus was USD 5.990 billion higher than a year earlier, mainly due to continued growth in the terms of trade, and marks 23 consecutive quarters of trade surplus.
Payments Canada’s 2025 Annual Report details progress on payments modernization, including continued development of the Real-Time Rail with a focus on industry readiness, testing, fraud services and high availability. The report notes 100 per cent availability for ACSS and 99.91 per cent for Lynx, the full transition of Lynx to ISO 20022 MX messages, and a public consultation on ACSS bill payment processing changes. It also highlights Government of Canada support for the Real-Time Rail in the 2025 Budget and Payments Canada research on payment behaviour and fraud.
The National Bank of Moldova reported that Governor Anca Dragu met Bank of France Governor François Villeroy de Galhau to discuss bilateral cooperation, support for reforms, modernization of Moldova’s financial sector and alignment of Moldovan banking standards with the European Union, including EU recognition of the equivalence of Moldova’s prudential framework under European Banking Authority methodology. They also discussed Moldova’s progress towards joining the Single Euro Payments Area, expanding SME financing, and aligning financial legislation with the EU acquis under the EU Association Agreement, EU macro-financial assistance and the Growth Plan for Moldova, building on a memorandum of understanding signed in January 2025.
The National Bank of Moldova reported that Chisinau hosted the 38th annual conference of the Banking Supervisors from Central and South-Eastern Europe, which set common priorities to digitalise supervisory processes through SupTech and adapt regulatory frameworks to new global market conditions. Participants focused on aligning supervisory standards, using advanced technologies and artificial intelligence for real-time risk detection, regulating algorithmic lending, strengthening anti-money laundering and sanctions compliance, and enhancing cross-border information sharing. Moldova currently holds the BSCEE presidency under National Bank of Moldova deputy governor Constantin Șchendra.
The Commodity Futures Trading Commission’s Division of Clearing and Risk, Division of Market Oversight, and Market Participants Division issued a staff advisory on 24/7 trading, clearing, and settlement, reminding registrants that round-the-clock operations must comply with the Commodity Exchange Act and Commission regulations. The advisory sets out staff expectations for firms extending hours and notes that suitability of 24/7 models varies by asset class, with crypto-asset derivatives potentially more compatible than markets such as agricultural derivatives.
The Commodity Futures Trading Commission has approved KalshiEX, LLC to list the BTCPERP Contract, a perpetual futures contract referencing bitcoin’s spot price, following review under Regulation 40.3. The Commission found the contract compliant with the Commodity Exchange Act, its regulations, and designated contract market core principles, and required Kalshi to list and maintain it in line with applicable requirements. It also cautioned that perpetual contract designs may not suit all asset classes and encouraged use of the voluntary product approval process for other perpetual contracts.
The CFTC’s Market Participants Division issued an interpretation and no-action position to Coinbase Financial Markets, Inc., confirming that certain perpetual digital commodity contracts listed on affiliated foreign board of trade Deribit FZE may be treated as foreign futures under Regulation 30.1, consistent with the May 29, 2026 KalshiEX LLC BTCPERP Futures Contract order. Subject to conditions, staff will not recommend enforcement if Coinbase posts customer-owned digital commodities and payment stablecoins with its foreign broker affiliate to margin foreign futures and options positions where the broker has a right of re-use over the assets.
The Commodity Futures Trading Commission issued a policy statement on listing perpetual contracts and approved an order allowing a designated contract market to list as a futures contract a perpetual contract referencing the spot price of bitcoin. The Commission highlighted the unique characteristics of perpetual contracts and stated that for contracts tied to asset classes not covered by the order, it views case by case review under Commission Regulation 40.3 as the appropriate listing route.
The European Banking Federation and the UN Environment Programme Finance Initiative published a policy brief on transition pathways for EU aviation and shipping, warning that funding is insufficient due to high capital intensity, long asset lives, fragmented value chains, and technology and demand uncertainty. It sets three priorities: more coherent EU and national frameworks, measures to strengthen the investment environment, and expanded blended finance, guarantees, and market-based tools to improve bankability, especially for first-of-a-kind projects. It also notes upcoming EU initiatives, including the Industrial Decarbonisation Bank, further emissions trading system work, and implementation of ReFuelEU Aviation and FuelEU Maritime, as key contexts for stakeholder engagement.
Iceland's Ministry of Finance and Economic Affairs published an expert group report concluding that the costs of the Icelandic krona are substantial and likely exceed the benefits of retaining an independent currency. The report finds that the krona’s exchange rate has often amplified economic disturbances and that euro adoption could lower interest rates and transaction costs and improve financial market access, but would require surrendering independent monetary policy and implementing labour market reforms as a precondition for successful monetary union participation.
The U.S. Department of the Treasury and the State Bank of Viet Nam reaffirmed their commitments under the International Monetary Fund Articles of Agreement not to manipulate exchange rates and agreed principles on using macroprudential, capital flow and foreign exchange tools. They clarified that such measures should not target exchange rates for competitive purposes, that foreign exchange intervention may address volatility, and that government investment vehicles should invest abroad for risk-adjusted return and diversification. The State Bank of Viet Nam also committed to enhanced transparency, including annual disclosure of net positive foreign exchange purchases and publication of reserves and forward positions in line with the IMF data template from 2027.
The Commodity Futures Trading Commission has allowed a CFTC-registered exchange to list a bitcoin perpetual contract, creating a regulated U.S. pathway for crypto asset perpetuals and bringing a major segment of crypto derivatives trading under U.S. oversight. Chairman Michael S. Selig said this extension of oversight can better address leverage, volatility and systemic risk than offshore or unregulated venues, and noted that Congress still needs to provide long-term statutory clarity for crypto asset markets.
The Commodity Futures Trading Commission staff issued an advisory on regulatory obligations and expectations for designated contract markets, swap execution facilities, derivatives clearing organizations, and futures commission merchants seeking 24/7 trading, clearing, and settlement. Issued by the Divisions of Clearing and Risk, Market Oversight, and Market Participants, it stresses compliance with the Commodity Exchange Act and Commission regulations and notes that 24/7 activity may be more suitable for derivatives referencing crypto assets than for agricultural derivatives.
The Commodity Futures Trading Commission approved KalshiEX, LLC to list the BTCPERP Contract, a perpetual futures contract referencing bitcoin’s spot price, after determining it complies with the Commodity Exchange Act, Commission regulations, and designated contract market core principles. The order, issued under Section 5c(c)(4) of the Act and Regulation 40.3, requires Kalshi to maintain ongoing compliance. The Commission noted perpetual contract design may not suit all asset classes and encouraged use of the voluntary product approval process under Regulation 40.3 for other perpetual contracts.
The CFTC’s Market Participants Division issued an interpretation and no-action position on Coinbase Financial Markets Inc.’s plan to offer certain digital commodity derivatives listed on affiliated foreign board of trade Deribit FZE, confirming the described perpetual contracts may be treated as foreign futures under Commission Regulation 30.1. Subject to conditions, staff will not recommend enforcement action if Coinbase Financial Markets, as a registered futures commission merchant, posts customer-owned digital commodities and payment stablecoins as margin with its foreign broker affiliate for foreign futures and options positions.
The Reserve Bank of India has amended the foreign exchange framework for cross-border mergers by replacing references to the National Company Law Tribunal with a broader “Competent Authority” concept. “Competent Authority” is defined as any authority empowered under the Companies Act, 2013 or subordinate legislation to approve a merger or amalgamation scheme, and this term now applies across key regulations governing such transactions.
The Commodity Futures Trading Commission issued a policy statement on its approach to listing perpetual contracts, alongside an order allowing a designated contract market to list a bitcoin spot-referenced perpetual futures contract. The Commission will use the case-by-case review process under Commission Regulation 40.3 for perpetual contracts referencing other asset classes, citing their unique, asset-specific features.
The Astana Financial Services Authority issued new guidance on the derivatives framework in the Astana International Financial Centre, clarifying and setting minimum margin requirements for retail clients under the AIFC Conduct of Business Rules. The risk-based guidance applies across different categories of underlying assets to support consistent rule application, strengthen investor protection, mitigate leveraged trading risks, and promote market integrity within the AIFC.
The Federal Reserve Board published a research note arguing that China’s post-2018 export expansion constitutes a distinct “China Shock 2.0,” driven by a widening gap between export growth and import demand and a record USD 1.2 trillion trade surplus. The note highlights China’s rising global export share, broader import penetration outside the United States, and a shift toward capital- and technology-intensive exports that increasingly overlap with advanced economies’ export baskets amid higher tariffs, export controls, and investment screening.
The Federal Reserve Board published a research note finding that Board press releases on discount rate changes from 1960 to 1974 functioned as de facto real-time monetary policy communications before regular Federal Open Market Committee postmeeting statements. The note reports that these releases increasingly linked rate moves to explicit policy goals, closely reflected FOMC discussions, and were used for their “announcement effect” on markets, citing the December 1968 discount rate increase and rise in Treasury yields as a key example.
The Central Bank of Bosnia and Herzegovina met with an Austrian National Bank delegation led by Governor Martin Kocher to review the global economic and financial environment and set cooperation priorities. Discussions focused on modernising Bosnia and Herzegovina’s payment system, including accession to the Single Euro Payments Area, the TIPS Clone instant payment project, trilateral cooperation with the Croatian National Bank and financial education initiatives. The meeting expanded cooperation on capacity building in statistics, economic analysis, financial stability, risk management, digitalisation and joint participation in European Central Bank, European Union and European System of Central Banks programmes.
The Bank of England has published a staff working paper finding that the effects of quantitative easing and tightening in the United Kingdom are state contingent, with transmission varying by policy framework, financial market structure and real-economy conditions. The paper reports that, over successive rounds of quantitative easing, the impact of a given volume of asset purchases on government bond yields declines, demand becomes more responsive to yield changes, inflation becomes more persistent and more sensitive to the output gap, and that the unanticipated component of these policies accounts for only a relatively small share of their total impact.
At its tenth Annual Conference, the Chile Financial Market Commission signalled it will publish a Capital Market Modernization Policy in the first half of 2026, following collaborative work with the private sector in 2024–2025, as part of a broader agenda to enhance efficiency, accessibility, depth, and resilience. Chairwoman Catherine Tornel also set digital transformation as a supervisory priority, highlighting cybersecurity, operational risk management, personal data protection, artificial intelligence, and climate and environmental risks.
The Financial Conduct Authority announced that the High Court has approved a pro rata distribution of money recovered from Argento Wealth Limited to eligible investors in the AWL Loan Scheme and certain EMB Scheme investors. Payments will be made only to investors who meet the court’s eligibility criteria and whose investments and bank details are known to the FCA.
The Ministry of Finance (Poland) reported that Finance and Economy Minister Andrzej Domański met with finance ministers from France, Germany, Italy, the Netherlands and Spain in Berlin and issued a joint statement on the MISP package. The statement sets out six priority areas to accelerate work on the capital markets union and supports efforts to remove barriers and unlock the full potential of the European Union single market for financial services.
The Republic of Serbia Securities Commission, in cooperation with the OSCE Mission to Serbia, held a workshop on money laundering, terrorist financing and proliferation financing in the capital market, targeting capital market and digital asset participants. Over 80 representatives from custodians, management companies, investment firms, credit institutions, digital token service providers and academia attended sessions on newer forms of financial crime, market abuse, practical AML/CFT challenges, market manipulation analysis and applicable regulations.
The South African Reserve Bank has opened applications for its external bursaries programme for aspiring economists entering their first undergraduate year in 2027 at recognised tertiary institutions. The programme targets South African citizens under 30 who have an average pass mark of at least 70% and can demonstrate financial need, and requires submission of academic results, proof of acceptance, a short motivation essay and a certified identity document.
Estonia's Ministry of Finance has published its 1–5 June agenda, highlighting Finance Minister Jürgen Ligi's appearance before parliament's finance committee for first-reading discussions on a tax administration bill and a bill on preventing and resolving insurance company crises. The agenda also includes Ligi's participation in the Financial Supervision Authority's supervisory board meeting, meetings with International Monetary Fund representatives, attendance at the European Bank for Reconstruction and Development annual meeting in Riga, and ministry representation at the EU cohesion policy ministers' meeting in Cyprus.
The Central Bank of Eswatini kept its discount rate at 6.75 % on 29 May 2026, pointing to elevated inflation risks from Middle East-driven oil shocks and softer domestic fundamentals. It raised the 2026 inflation forecast to 3.31 % from 3.27 % and signalled continued vigilance, with banks expected to maintain the 10.25 % prime lending rate.
The Superintendency of the Securities Market of the Dominican Republic held a staff integration day as part of its 23rd anniversary. The event included recognition for employees and departments and team-building activities designed to strengthen coordination, communication and collaboration across the authority.
The National Bank of Georgia will issue collectible silver and gold coins to mark the 1700th anniversary of Christianity being declared Georgia's state religion, following a proposal from a special anniversary commission. The bank will develop the coin design jointly with the Patriarchate, and National Bank of Georgia President Natia Turnava has presented the concept to the Catholicos-Patriarch of All Georgia.
The Federal Deposit Insurance Corporation has published its Community Reinvestment Act examination schedules for the third and fourth quarters of 2026. The lists identify institutions slated for review, with examination frequency determined by asset size and CRA rating, and may change based on updated information, applications, or resource needs, while public comments submitted before completion will be considered.
The Federal Deposit Insurance Corporation published its April 2026 administrative enforcement actions, comprising two orders, one notice of charges and one adjudicated decision and orders. These include one consent order, one order terminating a consent order, one notice of intent to prohibit and assess a civil money penalty and order to pay, and one decision and orders to prohibit and to pay a civil money penalty.
The Bank of Thailand said the economy softened in April from the previous month, mainly because the Middle East conflict hurt tourism and pushed up energy costs. Private consumption and investment declined, while inflation rose sharply and the current account moved into a large deficit. Exports excluding gold increased and government spending expanded, while labor market conditions improved.
The Italian Institute for Insurance Supervision has warned of counterfeit surety bond policies issued in the name of Industria Försäkringsaktiebolag, which has disowned the contracts and has not been authorised for class 15 surety business in Italy since 1999. IVASS identified several email addresses and websites using the insurer’s name as false and urged users to verify insurers, intermediaries, websites and surety bond verification arrangements against its official registers and warning lists before paying premiums.
The Central Bank of Russia reports that non-governmental pension funds recorded their strongest growth in pension reserves in first quarter 2026, driven by inflows into the Long-term Savings Programme and investment returns. Over 1.3 million people joined the programme, taking total participants to 10.3 million, with RUB143.7 billion of transferred savings and RUB63.7 billion of additional contributions, while returns eased to 13.1% per annum on pension savings and 13.9% on pension reserves.
Greece’s Ministry of National Economy and Finance said the Property Acquisition and Leaseback Body and a forthcoming primary residence protection law via the Out-of-Court Mechanism form the framework for vulnerable debtors, aiming to keep eligible borrowers in their homes and support sustainable debt restructuring. It attributed delays in establishing the body to its complex mix of social policy, banking operations, large-scale property management and private financing, and noted that an interim programme freezes auctions for vulnerable debtors and provides a state subsidy for debt repayment.
The Commodity Futures Trading Commission issued a policy statement on its approach to listing perpetual contracts and, concurrently, approved a designated contract market’s listing of a bitcoin spot-referenced perpetual futures contract. The Commission highlighted the unique features of perpetual contracts and stated that perpetual contracts on asset classes not covered by the order should be listed via case-by-case review under Commission Regulation 40.3.
The Swedish Ministry of Finance announced new chairs for the Second, Third and Seventh AP Funds and a new vice chair for the Seventh AP Fund, with most appointments effective 28 May and one change taking effect on 1 September. The ministry also stated that competence requirements for AP Fund board members have been tightened.
Moldova's National Commission for Financial Markets held a two-day OSCE-supported workshop in Chisinau to build internal expertise on cryptoasset markets and the blockchain ecosystem as the country aligns its framework with the EU Markets in Crypto-Assets Regulation. OSCE experts covered blockchain and cryptoasset fundamentals, classification, decentralised finance, financial crime trends, stability risks, investor protection, cybersecurity, and regulation of cryptoasset issuers and service providers.
Moldova's National Commission for Financial Markets adopted a new cross-sector complaints handling regime and approved draft laws on investment funds, securitization and financial benchmarks, aiming to align with EU standards and introduce dedicated regimes for securitization and benchmarks. The Commission also reported deficiencies in compulsory motor third-party liability claims handling at nine insurers and ordered remediation to ensure compliance with Law No. 106/2022, while approving its 2025 activity report for submission to Parliament and publication.
The National Credit Union Administration issued five prohibition orders from March 20 to May 21, 2026: one conviction-based and four consent-based actions permanently barring former credit union employees from participating in any federally insured depository institution. The conviction-based order involves Alan Kaufman of Melrose Credit Union in New York, while the consent-based orders cover former employees of The Police Federal Credit Union, Aldersgate Federal Credit Union, Seattle Metropolitan Credit Union, and Valex Federal Credit Union.
The International Swaps and Derivatives Association’s Annual General Meeting in Boston focused on technology-driven market transformation and regulation, highlighting digital assets, tokenisation in collateral processes and artificial intelligence. Discussions also covered the revised US Basel III endgame proposal, the first US Treasury clearing mandate starting at the end of December, and evolving frameworks for digital assets, with keynote contributions from senior officials at the CFTC, SEC and Bank of England.
The Bank for International Settlements Innovation Hub published a report on Project Aperta, a proof of concept linking the domestic open finance networks of the United Kingdom, United Arab Emirates, Brazil, Hong Kong SAR and India via a neutral interoperability layer to enable secure cross-border portability of financial and payment data. The SME banking and trade finance prototype uses a central trust framework and real-time data translation to support cross-border account opening and trade finance processes, and its architectural and technical artefacts have been released via BIS Open Tech for potential pilots and wider reuse.
The People's Bank of China reported that Deputy Governor Tao Ling attended the African Development Bank Group 2026 Annual Meetings in the Republic of the Congo, where participants exchanged views on the group's reform progress and economic and financial conditions in Africa. Tao met African Development Bank President Sidi Ould Tah to discuss strengthening bilateral cooperation.
The People's Bank of China held a Monetary Policy Committee academic lecture chaired by Governor Pan Gongsheng, with senior State Administration of Foreign Exchange officials in attendance. Li Yang of the Chinese Academy of Social Sciences and the National Institution for Finance and Development presented research on monetary theory, interest rate liberalization, and changes in international monetary policy and governance, followed by discussion with central bank and SAFE staff.
The Spanish Securities Commission has launched a public consultation on a draft Technical Guide on internal control in the management of closed ended vehicles. The guide targets management companies of private equity entities and other closed ended investment vehicles, setting out supervisory criteria and good practices for organisational structures, internal control functions and conflicts of interest management, and is intended in part to streamline authorisation processes.
The European Central Bank reported that its total assets and liabilities declined by EUR 24.492 billion to EUR 6.162 trillion, mainly due to a EUR 24.893 billion fall in securities of euro area residents denominated in euro, including a EUR 26.596 billion reduction in monetary policy portfolios. Lending to euro area credit institutions related to monetary policy operations and claims on non-euro area residents in foreign currency increased, while on the liability side the deposit facility fell by EUR 39.241 billion, partly offset by higher banknotes in circulation and liabilities to other euro area residents.
The European Central Bank told a Member of the European Parliament that Christine Lagarde’s seat on the Bank for International Settlements Board is an ad personam assignment within her mandate as ECB President, with annual BIS pay of CHF 104,001–130,457 from 2020 to 2025. The ECB said its Code of Conduct allows such roles if independence is not compromised, and noted that while this remuneration is not in the ECB Annual Accounts, it appears in Lagarde’s Declarations of Interests; the 2025 Accounts will present functional allowance data more accessibly.
The National Bank of Tajikistan reported that Deputy Chairman Sirojiddin Ikromi took part in the SCO meeting of finance ministers and central bank governors in Bishkek, where members discussed financial cooperation, digitalisation of public finance, monetary policy, financial stability and a potential SCO Development Bank. Ikromi presented Tajikistan’s economic and financial situation, monetary policy and banking supervision reforms, and work on macroprudential tools, payment infrastructure and digital financial services. Participants also discussed national currencies, payment system interoperability, cross-border payments, fintech, central bank digital currencies and cybersecurity. Ikromi separately met the Deputy Chairman of the National Bank of Kyrgyzstan to discuss bilateral cooperation on monetary policy, financial stability, payment infrastructure, digitalisation, compliance and experience-sharing.
The Hong Kong Monetary Authority has published analytical data on the Hong Kong Special Administrative Region’s foreign currency reserves and liquidity as at end-April 2026, via its monthly Template on International Reserves and Foreign Currency Liquidity under the International Monetary Fund’s Special Data Dissemination Standard. The release forms part of the Authority’s regular Exchange Fund data cycle, which comprises three monthly monetary data disclosures under the IMF standard and one on the Exchange Fund’s Abridged Balance Sheet.
The Hong Kong Monetary Authority reported that in April 2026 total deposits with authorised institutions rose 1.5% month on month and total loans and advances increased 0.5%, while renminbi deposits in Hong Kong grew 4.1% to RMB1,077.3 billion. The Hong Kong dollar loan-to-deposit ratio declined to 71.6% as Hong Kong dollar deposits expanded faster than loans, and M2 and M3 each rose 1.4% in the month and 10.0% year on year. The authority cautioned that monthly monetary statistics can be volatile and should be interpreted carefully.
The Hong Kong Monetary Authority reported weaker new residential mortgage activity in April 2026, with applications, approved loans and loans drawn down falling 7.5%, 9% and 16.1% respectively. Outstanding mortgage loans edged up 0.2% to HKD 1,939.6 billion and asset quality remained stable, with the delinquency ratio at 0.12% and the rescheduled loan ratio near 0%. Within approved loans, primary and secondary market lending declined while refinancing rose, and the share of new loans priced with reference to HIBOR fell to 77.8%.
The Hong Kong Monetary Authority has alerted the public to fraudulent websites, fake internet banking login screens, phishing emails and other scams reported by banks, and posted links to relevant bank notices on its website. It reiterated that banks do not send SMS or emails with embedded hyperlinks for transactions or request sensitive information such as login passwords or One-Time Passwords, and advised anyone who has disclosed information or transacted in response to such scams to contact their bank and report the matter to the Hong Kong Police.
The Bank of Spain reported that Spain’s 12‑month cumulative financing capacity reached 4% of GDP (EUR 67.8 billion) in March 2026, near recent highs and above the pre‑Covid 2014–2019 average, with the current account surplus steady at 3% of GDP and the capital account at 1%. Within the current account, the non‑tourism goods and services balance improved slightly and the tourism surplus remained high, while in the financial account (excluding the Bank of Spain) the surplus narrowed to 4.1% of GDP as other and direct investment declined and portfolio investment increased.
The Japan Financial Services Agency reported that Minister of Finance Katayama announced OpenAI, in coordination with the United States government, will grant selected Japanese financial institutions access to its frontier AI model GPT-5.5-Cyber as a cybersecurity measure. Katayama said access for a few major institutions is already underway, while discussions continue on other frontier AI systems and any broader rollout beyond currently trusted institutions, and noted the government will review reports that Anthropic may release comparable technology.
At a press conference, Finance Minister Katayama said the government has not decided on a benefit-linked tax credit or any consumption tax relief, calling recent National Social Security Council talks non-decisional. He said no formal proposal exists to cut the food and beverage consumption tax from 8 percent to 1 percent, estimated five to six months would be needed to adjust systems for such a change, and reiterated that authorities may take decisive foreign exchange action against volatility or speculation while declining to discuss intervention effects ahead of official data.
The Global Legal Entity Identifier Foundation and the Bank for International Settlements have launched Project Aperta, a prototype showing how Legal Entity Identifiers can streamline Know Your Customer, Know Your Business and anti-money laundering checks for small and medium-sized enterprises using open banking and open finance APIs for cross-border payments and account opening. Run by the BIS Innovation Hub Hong Kong Centre, the project created a neutral interoperability layer linking open finance networks in the United Kingdom, United Arab Emirates, Brazil, Hong Kong and India to reduce duplicated checks, lower compliance costs and shorten onboarding times. The release also highlights potential use of Legal Entity Identifiers in tokenized finance and cross-border digital asset transactions through the exchange of verified legal entity data among financial institutions, digital asset platforms and regulators.
The Central Bank of the Dominican Republic kept its monetary policy rate at 5.25% in May 2026, with the 1-day repo facility at 5.75% and the overnight deposit rate at 4.50%, citing the economy’s gradual recovery and inflation pressures from higher international oil prices while noting that medium-term inflation expectations remain anchored at its 4.0% ± 1.0% target. Headline inflation rose to 5.11% in April and may stay above target in coming months before returning in the fourth quarter, while the central bank said it will keep monitoring global uncertainty and act as needed to meet its inflation objective.
The European Banking Federation has published a policy paper urging EU institutions and Member States to simplify and modernise the tax framework for financial institutions and services to reduce duplication, compliance complexity and legal uncertainty. It sets five reform priorities, including streamlining the interaction between Pillar Two and the Anti-Tax Avoidance Directive via the 2026 Tax Omnibus, recalibrating automatic exchange of information under the recast Directive on Administrative Cooperation, reassessing the FASTER Directive, and reviewing the value added tax exemption regime for financial services without new sector-specific taxes.
The Central Bank of Estonia reported that GDP grew 2.4% year on year in the first quarter, driven mainly by domestic consumption supported by higher household disposable income and increased government spending. It warned that the budget deficit is supporting growth only in the short term and urged political parties to agree on deficit reduction, while noting modest export growth, weaker investment and sectoral divergence, with manufacturing and several services sectors performing strongly. The bank added that the impact of higher energy prices and supply chain disruption from the war in Iran is likely to become more evident in the second quarter.
The Talas Regional Office of the National Bank of the Kyrgyz Republic held a financial literacy lecture for students of Talas State University’s College of Information Technologies, Technology and Economics as part of its regional financial literacy programme. The session covered the history of the Kyrgyz som, numismatic values, financial planning, measures against dropper activity, and activation and removal of a self-ban on obtaining credit in the Tunduk mobile app of the state electronic services portal.
The National Bank of the Kyrgyz Republic participated in the opening of the Bishkek International Financial Forum 2026, where stakeholders discussed digital transformation, fintech, payment systems, cybersecurity, digital assets and central bank digital currency. Governor Almaz Baketaev highlighted digital transformation as a state priority and outlined work on digital infrastructure, including international QR payments, the fast payments system and the Digital Som project.
The Thailand Office of Insurance Commission has signed a memorandum of understanding with 46 public and private sector bodies under the 2026 State Welfare Registration Project and will act as an eligibility verification agency to support more efficient, transparent delivery of state benefits. The OIC will verify registrants’ qualifications under criteria set by the Cabinet or welfare committee, limit personal data use to eligibility checks, apply security controls in line with the Personal Data Protection Committee’s 2022 requirements, and delete or return data with certification to the Ministry of Finance within 30 days after verification.
The State Bank of Vietnam has instructed Vinhomes to ensure any programme linking customers’ gold holdings to real estate transactions complies with Vietnamese law, including the Law on Credit Institutions, the Ordinance on Foreign Exchange, Decree 24/2012 as amended by Decree 232/2025, and laws on real estate business and consumer protection. The central bank reiterated that policy aims to channel public gold into economic activity while limiting hoarding and speculation, and warned that any gold-based fundraising or payment schemes must comply with the law or face enforcement.
The Authority for Anti-Money Laundering and Countering the Financing of Terrorism held a public hearing on draft guidelines setting minimum requirements for business-wide risk assessments and related information sources. The Authority stressed a risk-based, clear and practical rulebook for obliged entities in the European Union, with drafting guided by simplification and proportionality. Feedback from over 1,000 stakeholders will supplement consultation responses and inform the final standards.
The Norwegian Financial Supervisory Authority has authorised Firi AS to provide crypto asset services under Markets in Crypto-Assets Regulation (MiCA) Article 63, effective 22 May 2026. Firi is the first trading platform operator for crypto assets to receive authorisation under this provision and may offer custody, trading platform operation, exchange, order execution and transfer services for crypto assets on behalf of clients.
The Securities and Exchange Board of India has revised nomination norms for demat accounts and mutual fund folios, requiring single-holder accounts opened on or after September 1, 2026 to include either a nomination or a formal opt-out, while keeping nomination optional for joint holdings. The framework standardises online and offline nomination processes, permits up to three nominees with flexible changes, and applies to existing accounts and folios. Depository participants and mutual fund registrars and transfer agents must update systems, acknowledge nomination requests, disclose nomination status in statements, and send periodic reminders to investors without nominations.
The National Bank of Moldova is preparing the 2026–2030 implementation programme for the National Financial Inclusion Strategy 2030, aiming to translate its objectives into concrete measures to strengthen financial inclusion for individuals and small and medium-sized enterprises. The programme will support diversification of financial products and services, expansion of digital financial services, stronger consumer protection, improved financial capability and enhanced data frameworks, while promoting responsible and sustainable inclusion.
The Central Bank of Taiwan reported that banks’ derivatives notional turnover fell 18.88% month on month in April 2026 to TWD 22,373.8 billion, driven mainly by a 51.38% drop in interest rate contracts. Foreign exchange contracts remained dominant at 83.62% of turnover, with New Taiwan dollar contracts comprising 45.88% of the total, and domestic banks accounting for 73.00% of activity.
The Central Bank of Taiwan’s 20th Financial Stability Report finds markets, institutions and payment systems operated smoothly and the financial system stayed stable from early 2025 to April 2026, while warning of risks from U.S. trade policy shifts, geopolitical tensions and higher volatility. It cites strong 2025 GDP growth, rising listed company revenues, record bank profits and sound credit quality, but weaker life insurer profitability, elevated liquidity risks at bills finance companies and slightly lower household and mortgage burdens amid cooling real estate. Policy rates have been unchanged since early 2025, with liquidity managed via open market operations and selective credit controls adjusted in March 2026.
The Czech National Bank has updated its quarterly list of financial corporations engaged in lending in subsector S.125 (other financial intermediaries excluding insurance undertakings and pension funds). The list covers Czech and foreign entities operating in the Czech Republic that mainly provide credit, loans, financial leasing, factoring, consumer credit or hire purchase and are subject to reporting duties under Decree No. 314/2013 Coll.
The Kyrgyz Republic State Service for Regulation and Supervision of Financial Markets held an introductory meeting with insurance market representatives to discuss sector issues and potential regulatory updates, focusing on modernizing compulsory motor third party liability insurance (OSAGO) and introducing a Europrotocol mechanism. Participants also considered revising OSAGO tariffs, creating an insurance pool, improving reinsurance and insurers’ investment practices, and enhancing the regulator’s website and information exchange to support further refinement of insurance legislation.
The Czech National Bank reported that Czech gross domestic product grew 0.2% quarter on quarter and 2.2% year on year in the first quarter of 2026, below its Spring 2026 Monetary Policy Report forecast of 2.5% annual growth, as strong import growth offset domestic demand. Household consumption and fixed investment remained the main growth drivers, while net exports and inventory reductions weighed on output. The central bank said the weaker first quarter outcome and risks from high energy prices increase the likelihood that full-year GDP growth will undershoot its 2.5% projection.
The Central Bank of the Solomon Islands and Rural Inclusion held the first stakeholder workshop on a proposed National Digital Financial Literacy Content Hub. Participants identified barriers to digital financial services uptake, including connectivity, limited awareness, low trust and the need for localized content. The hub is intended to support coordinated financial education under the national financial inclusion agenda.
The Ministry of National Economy and Finance (Greece) plans for the Property Acquisition and Leaseback Body for vulnerable households to be operational by the end of autumn, with binding offers expected shortly. Finance Minister Kyriakos Pierrakakis outlined changes to the out-of-court debt workout mechanism to allow borrowers to define the perimeter of protection, and noted that the eligibility threshold has been lowered from EUR 10,000 to EUR 5,000.
The Uganda Insurance Regulatory Authority has directed insurers, brokers and reinsurance brokers to stop granting Long-Term Agreement discounts at policy inception and instead apply any eligible discount only at the end of the LTA period via a credit note against the following year’s premium. Grounded in the Insurance (Minimum Premium and Maximum Commission Rates) Regulations, 2023, the guidance requires LTAs to be supported by executed agreements submitted for prior approval and to run for three to five years, with non-compliance subject to regulatory action.
The South African Reserve Bank published South Africa’s end-April 2026 template on international reserves and foreign currency liquidity, reporting official reserve assets of USD 77.089 billion, comprising USD 51.235 billion in foreign currency reserves, USD 18.700 billion in gold, USD 6.258 billion in special drawing rights and USD 896 million in the International Monetary Fund reserve position. Within foreign currency reserves, securities amounted to USD 36.304 billion and deposits to USD 14.931 billion. Memorandum items record USD 73.553 billion of reserves in special drawing rights basket currencies including gold and USD 3.536 billion in non-special drawing rights basket currencies.
The Ministry of Finance (Estonia) has proposed a draft bill, approved by the government, to give banks a clearer legal basis to temporarily halt payments on justified suspicion of fraud and to exchange information needed to prevent fraud. The bill allows banks to suspend suspect customer payments and share relevant data with other banks, the Police and Border Guard Board and the Information System Authority’s cyber security department, supporting anti-money laundering efforts and aligning with new EU payment services anti-fraud rules.
The Central Bank of Montenegro has opened applications for the 2026 CBCG Green Award for unpublished academic papers on climate change challenges and their impact on the financial system, offering a plaque and EUR 3,000. The award targets innovative theoretical and empirical work relevant to central banks, financial regulators and supervisors, international organisations, credit institutions, and other financial system participants, and is part of the Roadmap of the Financial Sector towards Sustainable Finance adopted by the Financial Stability Council in 2025.
Finland’s Financial Supervisory Authority published its 2025 survey on basic banking services, reporting slightly improved availability as branch closures slowed and the number of ATMs increased, but noting higher list prices, especially for non-digital and cash-based services. It urged banks to keep services affordable for non-digital customers, provide clear branch-specific service information, and continue expanding equal-priced basic services for customers unable to use digital channels.
The Hong Kong Securities and Futures Commission has issued a Guidance Note to help securities issuers prepare for the uncertificated securities market regime targeted to launch on 16 November, setting out obligations and required operational and documentation changes. Issuers must amend terms of issue, including articles of association where relevant, by 16 November 2027 or their first annual general meeting after launch, and must maintain an approved securities registrar. The Stock Exchange of Hong Kong Limited has published a complementary guide on Listing Rules obligations, and a commencement notice for the related legislation was tabled before the Legislative Council on 6 May 2026 for negative vetting.
The Reserve Bank of Malawi, through the Registrar of Financial Institutions, has outlined key requirements now in force under the Insurance Act 2024, including a general requirement for premiums to be paid before cover incepts and mandatory insurance for construction projects and public buildings. The Act also requires insurance on imported goods to be placed with a licensed Malawian insurer and backed by bank letters of credit on a cost and freight basis. Insurance fraud attracts a fine of MWK 100,000,000 or three times the amount defrauded, whichever is higher, and imprisonment for ten years.
The European Central Bank published a blog post using Consumer Expectations Survey data showing that the 2026 war in Iran, like Russia’s 2022 invasion of Ukraine, quickly shifted euro area households towards a more stagflationary outlook. One month after the Iran conflict began, 12‑month inflation expectations rose sharply while growth expectations fell, medium‑term inflation expectations increased from an already elevated base, and attention to price changes and concern about geopolitical risks stayed high. The authors find that higher trust in the ECB is associated with smaller upward revisions in inflation expectations and say future survey rounds will show whether expectations adjust further as the conflict evolves.
The Bank of Spain hosted the 13th Centre for Economic Policy Research History Symposium and the 11th Bank of Spain Economic History Seminar at its Roda de Berà premises from 27 to 29 May, opened by Deputy Governor Soledad Núñez. Participants from both institutions and the international academic community discussed globalisation and the legacies of colonisation, financial, banking and monetary history, interwar financial integration, institutional roles, technological and cultural change, demographic trends, and gender gaps.
South Korea’s Ministry of Economy & Finance outlined a housing market response to expand supply and accelerate construction, advancing the 6,300-home Seongnam project to 2029, expediting 2,800 homes in Dongdaemun-gu and Eunpyeong-gu, and tightening oversight of the 29 January supply measures. A new pan-government support center led by the Ministry of Land, Infrastructure and Transport will tackle project finance, materials and cost issues delaying about 100,000 homes, while authorities will strengthen management of key public housing sites and crack down on speculative or fraudulent transactions and false information on development plans and prices.
Bank Negara Malaysia’s April 2026 IMF SDDS breakdown of international reserves reports official reserve assets of USD129,738.4 million and other foreign currency assets of USD66.6 million, confirming reserves remain usable. Pre-determined short-term outflows over 12 months total USD8,222.9 million, net short forward positions USD24,450.3 million, projected foreign currency inflows USD2,984.2 million, and contingent short-term net drains from government guarantees USD846.4 million, with no foreign currency loans with embedded options, undrawn unconditional credit lines, or foreign currency options vis-à-vis ringgit.
The Financial Services and the Treasury Bureau has announced new appointments to the two industry advisory committees that advise the Insurance Authority on long-term and general insurance business, reappointing 15 non-official members and appointing five new ones. The statutory committees, established under the Insurance Ordinance, comprise members with experience in insurance, actuarial science, fintech, banking, legal services and academia, and the Bureau acknowledged the contributions of five outgoing members.
The People's Bank of China reported Governor Pan Gongsheng's supervisory visit to its Beijing branch, confirming Li Wei as the branch's new Party secretary and governor and setting out key work priorities. Pan instructed the branch to strengthen execution of central financial policies, better use relending tools for technological innovation and equipment upgrades, enhance financial risk monitoring in the capital, support higher-level financial opening, and advance reforms to facilitate cross-border trade and investment and improve foreign exchange services.
The Thailand Securities and Exchange Commission has issued guidelines requiring capital market business operators to strengthen Know Your Customer and Customer Due Diligence controls and monitor customer transactions on an ongoing, risk-based basis to reduce money laundering and technology-related crimes. Firms must enhance checks at account opening, including Ultimate Beneficial Owner identification, source of funds verification and transaction behaviour monitoring, apply Enhanced CDD, file suspicious transaction reports when irregularities arise, and control transactions to maintain a clear audit trail and prevent mule accounts.
The Central Bank of the Philippines’ latest Business Expectations Survey shows business sentiment weakened for a second consecutive month in April, with the confidence index falling to minus 35.8 percent from minus 24.3 percent in March amid concerns that the Middle East conflict could keep inflation elevated and raise operating costs. Forward-looking sentiment improved, with three- and 12-month-ahead confidence indices rising and firms reporting favorable hiring intentions, although fewer plan expansion due to higher fuel prices and uncertainty. The central bank said it is closely monitoring the conflict’s impact and stands ready to take monetary action to prevent inflation expectations from de-anchoring from the 3 percent target.
Armenia's Deputy Minister of Finance, Avag Avanesyan, participated in the Armenian Stock Exchange's 25th anniversary event and discussed the role of capital markets in economic interconnection. His remarks focused on deeper economic ties, stronger investment flows and financial system integration.
The National Bank of the Kyrgyz Republic revoked the licences of 13 Bishkek exchange bureaus, effective 28 May 2026, for breaches of Kyrgyz Republic legislation and the National Bank’s regulatory acts. The affected entities include Tyan-Shan Group, Amanat Finance, Asman Cash, Baibol Invest, Brent Plus, Valyuta 888, Valyuta Plus, Mobi Finance, Nur+1, Region-U, Safe KG, TezEx and Emir Finance.
The Australian Securities and Investments Commission issued a reporting and audit update on early findings from the first sustainability reports under Chapter 2M of the Corporations Act 2001, its 2026-27 supervisory priorities, enforcement, and revised relief and guidance. ASIC reported improved climate-related financial disclosures against AASB S2 Climate-related Disclosures but highlighted deficiencies in disclaimers, use of reasonable and supportable climate risk information, disclosure of judgements and measurement uncertainty, presentation of material information, cross-referencing, and treatment of legally required emissions targets. It will prioritise reviews of significant judgement areas, Group 1 sustainability reports and large audit firms’ assurance methodologies, and has extended and remade selected relief and updated sustainability reporting guidance.
The Australian Prudential Regulation Authority has released March 2026 quarterly aggregate insurance statistics for general, life and private health insurance, covering performance, capital, investment and sector-specific indicators. The publications reflect APRA’s new insurance reporting framework effective 1 July 2023, and APRA reiterates that historical data under the previous framework is not directly comparable. Institution-level general insurance statistics remain on hiatus pending consultation on data confidentiality and updates.
The Australian Prudential Regulation Authority has released the April 2026 Monthly Authorised Deposit-taking Institution Statistics, providing selected data on the domestic banking business of individual banks, including a back series from March 2019 and the glossary. APRA reiterates that balance sheet data prior to July 2019 are available in earlier Monthly Banking Statistics and Australian Banking Statistics, with a series break from March 2002 due to changes in bank reporting requirements.