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2026-04-01•Morocco•Moroccan Insurance Authority (ACAPS)
The Supervisory Authority of Insurance and Social Welfare of Morocco (ACAPS) received an award at the 4th Insurance Awards for its EDUCAPS digital platform, which aims to strengthen policyholder and beneficiary protection by improving public understanding of insurance and social security. ACAPS highlighted EDUCAPS’s structured, interactive educational approach and linked its financial education efforts to broader objectives of financial inclusion and consumer protection.
Financial literacy & educationFinancial literacy and education
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2026-04-01•Europe•European Central Bank
The European Central Bank published analysis on tokenised money market funds (TMMFs), estimating the global market at around EUR 7 billion and noting most structures remain partly off-chain, creating a mismatch between token and underlying fund liquidity. Tokenisation can enhance settlement speed and availability but may amplify liquidity and run risks through additional operational, cyber and market-structure vulnerabilities, including reliance on stablecoins and dual on-chain/off-chain infrastructures. The ECB identifies supervisory priorities to apply existing money market fund rules consistently to TMMFs and improve data and reporting on their size, use cases and interlinkages with traditional and digital asset markets.
ResearchStablecoins
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2026-04-01•Bahamas•Bahamas Securities Commission
The Securities Commission of The Bahamas announced that its Executive Director, Christina Rolle, has been elected Chair of the Inter-American Regional Committee of the International Organization of Securities Commissions for a two-year term. The committee covers 29 regulators across the Americas and the Caribbean and focuses on high regulatory standards, information exchange and market integrity, with the Commission highlighting its longstanding IOSCO membership and participation in IOSCO committees and memoranda of understanding.
Institutional developmentLeadership change & appointmentsSupervision process and methodologies
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2026-04-01•Vietnam•State Bank of Vietnam
The State Bank of Vietnam outlined implementation of Vietnam’s dedicated credit policy for people who have completed prison sentences, delivered through the Vietnam Bank for Social Policies, including funding allocation and simplified loan procedures. As of end-2025, VBSP’s total funding was nearly VND 426.3 trillion with outstanding policy credit of over VND 413.5 trillion, including about VND 1.2 trillion in loans to more than 14,000 former prisoners. The State Bank of Vietnam will continue coordinating with the Ministry of Public Security on programme implementation and consider amendments based on practical experience.
Policy & regulationImplementation, projects & pilotsOther
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2026-04-01•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of Kazakhstan reported on a visit to Korea to discuss financial sector cooperation, capital market development and capacity building with the Bank of Korea, the Financial Services Commission and BNK Financial Group. Talks covered bilateral cooperation, expansion of cross-border banking services, technical support for Kazakhstan’s stock market development programme to 2030 and new securities law, regulation of digital financial assets, staff training in digitisation and financial technologies, and BNK’s plans to develop its Kazakh subsidiary and expand lending and foreign investment.
Policy & regulationCooperationCross-border cooperation
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2026-04-01•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission reported that three public companies were convicted and fined a total of AUD 1.17 million for failing to meet obligations, including non-lodgement of full-year financial reports. Urban Ecological Systems Limited, Invitrocue Limited and Boyuan Holdings Limited were sanctioned for repeated failures to lodge annual reports and, for Invitrocue and Boyuan, for not maintaining required director and secretary appointments, in breach of specified Corporations Act sections.
EnforcementInvestigations & enforcement actionsAccounting and financial reporting
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2026-04-01•South Korea•Ministry of Economy & Finance (South Korea)
The Ministry of Economy and Finance of South Korea held the first “Macro Fiscal-Financial Meeting”, establishing a new monthly forum to align budget, tax, financial and foreign exchange policy amid heightened uncertainty from the Middle East conflict. Participants emphasized swift passage and execution of the supplementary budget to cushion the real economy, financial markets and vulnerable groups, and agreed to proactively review policy tools and prepare for rapid implementation if the conflict is prolonged.
Policy & regulationImplementation, projects & pilotsGeopolitical risk
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2026-04-01•South Korea•Bank of Korea
The Bank of Korea published 2025 statistics on settlement currencies for Korea’s international trade, confirming the United States dollar remains dominant for both exports and imports. The United States dollar accounted for 84.2% of export and 79.3% of import settlements, though its share declined slightly from 2024 as the won’s share rose, with notable regional variation including near parity between the United States dollar and euro for exports to the European Union and increased use of yuan in trade with China.
Data & statisticsBalance of payments and other external statistics
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2026-04-01•Panama•Panama Superintendencia del Mercado de Valores
The Panama Superintendency of the Securities Market and the Latin American Stock Exchange (Latinex) issued a joint alert on false digital content using images of public figures and financial sector participants to promote purported investment opportunities. The authorities warn that such materials are misleading and improperly associated with the securities market.
SupervisionAlertsFraud and scams
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2026-04-01•Mexico•Mexico Comision Nacional Bancaria y de Valores (CNBV)
Mexico’s National Banking and Securities Commission published fourth-quarter 2025 data showing all Mexican commercial banks remained above the 100% regulatory minimum for key liquidity indicators. The median daily average individual Liquidity Coverage Ratio was 331% (322% consolidated) and the median individual Net Stable Funding Ratio was 149% (145% consolidated), which the authority described as comfortably above regulatory thresholds.
Data & statisticsFinancial and market indicatorsSupervisory data
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2026-04-01•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority has granted Europ Assistance Australia Pty Ltd a licence to operate as a general insurer under the Insurance Act 1973, adding it to the register of APRA-authorised general insurers. The register distinguishes between insurers authorised to conduct new or renewal business and those restricted to run-off, and includes supporting material where authorisations are conditional or varied.
SupervisionAuthorisations & approvalsLicence approval
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2026-04-01•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority has imposed additional licence conditions on Fiducian Portfolio Services Limited, citing deficiencies in investment governance, oversight of platform investment options, conflicts management and board effectiveness, and requiring independent expert reviews, remediation and restrictions on onboarding certain high-risk options. In parallel, APRA has written to platform trustees following a thematic review, setting expectations to strengthen onboarding, monitoring, remediation and member transfer practices under Prudential Standards SPS 530 and SPS 515, and signalling potential supervisory escalation and further enhancements to standards and guidance.
SupervisionInterventionsCorporate governance
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2026-03-31•Bolivia•Ministry of Finance (Bolivia)
Bolivia’s Ministry of Finance has appointed Jorge Marcelo Velasco Tudela as chair of the board of Banco de Desarrollo Productivo to strengthen the bank’s role in expanding productive finance and supporting productive transformation. Velasco’s priorities include deepening access to productive financing, promoting innovation and contributing to economic diversification, in line with the BDP’s mandate to provide financing, technical assistance and “productive intelligence” to key economic sectors.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2026-03-31•Africa•GABAC
The Action Group against Money Laundering in Central Africa held an awareness seminar for Bank of Central African States staff to support implementation of new anti-money laundering, countering the financing of terrorism and proliferation financing regulations adopted in December 2024. The Yaoundé event focused on disseminating the harmonised legal framework, strengthening financial system integrity across the GABAC jurisdiction, and enhancing obliged entities’ customer due diligence and risk-based approaches.
Policy & regulationGuidance & interpretationAML and CFT
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2026-03-31•Africa•GABAC
The Central African Anti-Money Laundering Action Group reported on a strategic seminar in Yaoundé, organised by the Bank of Central African States with the IMF, on central bank digital currency and crypto-asset regulation in the Central African Economic and Monetary Community. Regional authorities, including the Central African Banking Commission, the Central African Financial Market Supervisory Commission and GABAC, discussed implications for financial stability, inclusion, digital transformation, legal frameworks and financial system integrity, with input from the Financial Stability Board. The event is presented as enhancing regulatory coordination in CEMAC and informing consideration of a potential future CBDC.
Policy & regulationCooperationCBDCRegtech and suptech
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2026-03-31•Nicaragua•Central Bank of Nicaragua
The Central Bank of Nicaragua’s 2025 Management Report highlights maintenance of the córdoba’s 0% annual exchange-rate crawl against the US dollar, strong growth in monetary aggregates, increased “cordobisation” of deposits, credit and payments, and gross international reserves of USD 8,324.8 million at end-2025. It notes further implementation of the International Bank Account Number standard, higher cheque truncation limits, regulatory updates following the 2024 Law on Administration of the Monetary and Financial System, confirmation that the 0% exchange-rate crawl will be maintained in 2026, and a planned public web-based tool for monitoring macroeconomic indicators.
Monetary policyMonetary policy assessments & outlooksActivity and performance reporting
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2026-03-31•Cape Verde•Bank of Cape Verde
The Bank of Cape Verde participated in the 14th Global Money Week, a financial awareness campaign organised by the OECD’s International Network on Financial Education. At the invitation of Portugal’s Insurance and Pension Funds Supervisory Authority, it joined a joint activity of the Association of Lusophone Insurance Supervisors under the theme “Smart Money Talks”, engaging Portuguese-speaking youth to produce testimonial videos on financial choices.
Financial literacy & educationFinancial literacy and education
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2026-03-31•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia published a press release on derivatives trading activity for December 2025. No further supervisory measures or data were disclosed in the summary.
Data & statisticsTrading
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2026-03-31•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia’s Director General, Sou Socheat, presided over the closing ceremony of the CFA Institute Research Challenge Season 8 (2025–2026), highlighting its role in building human capital for Cambodia’s securities sector. He emphasised the challenge’s contribution to practical knowledge, hands-on experience, professional networking and real-world financial analysis for participating student teams from four Cambodian universities.
Financial literacy & educationOther
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2026-03-31•Japan•Japan Financial Services Agency
The Japan Financial Services Agency published minutes of the 12th meeting of its Study Group on Transition Finance Environment Improvement, detailing discussions on transition finance developments, an “Inclusive Approach” to promoting transition finance in Asia, and planned revisions to sector technical roadmaps. Members debated the need for a Japanese taxonomy versus reliance on existing tools, highlighted the importance of flexible, credible national and sector roadmaps and public-private outreach in Asia, and called for clearer cross-sector linkages and greater quantification in roadmap revisions, which will proceed as proposed by the secretariat.
Policy & regulationImplementation, projects & pilotsClimate risk and sustainable financeGreen taxonomy
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2026-03-31•Japan•Japan Financial Services Agency
The Japan Financial Services Agency published the agenda and materials for the 13th meeting of its “Study Group on Transition Finance Environment Improvement,” held on February 27, 2026. The hybrid-format session included opening remarks, a secretariat explanation and discussion, supported by handouts such as the agenda, committee member list, secretariat materials, and reference materials from the National Institute for Environmental Technology.
Policy & regulationImplementation, projects & pilotsClimate risk and sustainable finance
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2026-03-31•Japan•Japan Financial Services Agency
The Japan Financial Services Agency has proposed amending its designation of Sustainability Standards Board of Japan standards as “Sustainability Disclosure Standards” to align with the International Sustainability Standards Board’s December 2025 amendments to IFRS S2 on greenhouse gas emissions disclosure. The draft would clarify treatment of Scope 3 Category 15 financed emissions, allow exclusion of derivatives-related emissions, remove Global Industry Classification-based disaggregation, and permit use of jurisdiction-mandated calculation methods and global warming potentials. The “Application of Sustainability Disclosure Standards” universal standard would also be updated to reference the latest Sustainability Accounting Standards Board Standards and make conforming changes.
Policy & regulationRules & requirementsDisclosuresClimate risk and sustainable finance
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2026-03-31•Japan•Japan Financial Services Agency
The Japan Financial Services Agency has promulgated Cabinet Office Ordinances amending rules on the terms, formats and preparation of financial and consolidated financial statements to align regulatory reporting with recent domestic accounting standards. The revisions reflect Accounting Standards Board of Japan Accounting Standards No. 37 and Practical Response Report No. 48, and designate accounting standards issued by 16 October 2025 as “generally recognized standards for corporate accounting” under the Financial Statements Regulations and the Consolidated Financial Statements Regulations.
Policy & regulationRules & requirementsAccounting and financial reporting
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2026-03-31•Japan•Japan Financial Services Agency
The Japan Financial Services Agency has amended and brought into force changes to the Order on Authorized Specified Insurers, updating the prescribed format for insurers’ business reports in Attachment Form No. 1. The revisions adjust terminology and description guidance to align with the Corporate Accounting Standards Commission’s Accounting Standard No. 34 “Accounting Standards for Leasing” and related financial statement regulations, following a public consultation that yielded no opinions.
Policy & regulationRules & requirementsAccounting and financial reporting
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2026-03-31•Japan•Japan Financial Services Agency
The Japan Financial Services Agency has promulgated an order partially amending the Order on Credit Businesses of Fishery Cooperatives, etc., to align it with recently amended Enforcement Regulations of the Insurance Business Act. Treated as a technical adjustment under the Administrative Procedure Act, the amendments were adopted without a public comment process and take effect upon promulgation.
Policy & regulationRules & requirementsLicensing framework and process
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2026-03-31•Japan•Japan Securities and Exchange Surveillance Commission
The Japan Securities and Exchange Surveillance Commission has petitioned the Osaka District Court for a prohibition and suspension order against BANK INNOVATION Co., Ltd., Prosperity Assurance Co., Ltd., and their representative director over alleged unregistered business in violation of the Financial Instruments and Exchange Act. The case concerns offshore collective investment scheme offerings and intermediation of discretionary investment contracts, involving an estimated JPY 6.6bn invested by 5,824 investors through a large sub-agent network. The Commission seeks to halt the alleged unregistered operations while clarifying it is not seeking to block refunds and reiterating warnings about dealing with unregistered operators.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2026-03-31•Japan•Japan Financial Services Agency
The Japan Financial Services Agency has granted Minato Bank permission to conduct concurrent trust business under Article 1 of the Act on Concurrent Trust Business of Financial Institutions. Minato Bank, headquartered in Kobe, has capital of JPY 39.9 billion, total assets of JPY 4,583.3 billion, 106 branches, 1,789 full-time staff, and a standalone domestic-standard capital adequacy ratio of 10.06%.
SupervisionAuthorisations & approvalsLicence approval
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2026-03-31•Japan•Japan Financial Services Agency
The Japan Financial Services Agency has published an updated “Trends in High-Speed Trading Activities” report covering July–December 2025, as part of its ongoing monitoring of high-speed trading under Japan’s registration regime. The semi-annual publication, which was issued quarterly through December 2023, provides data on high-speed trading in instruments such as equities and is available as both a PDF report and a downloadable data file.
SupervisionRisk monitoring & watch pointsFinancial and market indicatorsSupervisory data
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2026-03-31•Cyprus•Central Bank of Cyprus
The Central Bank of Cyprus has published its audited financial statements as at 31 December 2025.
Data & statisticsActivity and performance reporting
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2026-03-31•Nicaragua•Central Bank of Nicaragua
The Central Bank of Nicaragua published the Monthly Index of Economic Activity for January 2026, showing a 6.4% year-on-year increase and an average annual growth rate of 5.3%. Seasonally adjusted, the index declined 0.2% month on month but rose 6.8% year on year, with the trend-cycle series up 0.4% versus December 2025 and 6.5% versus January 2025. Strongest growth was in mining and quarrying, construction, commerce, hotels and restaurants, financial intermediation and livestock, while public administration and defence, fishing and aquaculture, and forestry contracted.
Data & statisticsEconomic data and developments
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2026-03-31•Japan•Japan Securities and Exchange Surveillance Commission
The Japan Securities and Exchange Surveillance Commission has recommended that the Prime Minister and the Commissioner of the Financial Services Agency issue a surcharge payment order of JPY 1,470,000 against Sigmago Co Limited for market manipulation involving shares of ANYCOLOR Co., Ltd. and four other stocks. SESC found that SigmaGo used traders and multiple overseas securities firms to place layered buy and sell orders and execute trades to create a misleading appearance of active trading and influence prices, conduct violating Article 159, paragraph 2, item 1 and Article 174-2, paragraph 1 of the Financial Instruments and Exchange Act.
EnforcementInvestigations & enforcement actionsMarket abuse
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2026-03-31•Japan•Japan Financial Services Agency
The Japan Financial Services Agency has amended and brought into force changes to the Enforcement Regulations of the Insurance Business Act, adjusting the cap on asset management an insurance company may have with the same person under the large credit regulation. The revised rules exclude asset management attributable to an insurance subsidiary from the scope of the upper limit regulation, and the agency has published a summary of three consultation comments and its responses.
Policy & regulationRules & requirementsPrudential risks
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2026-03-31•Japan•Japan Financial Services Agency
The Japan Financial Services Agency published its 2026 “Structured Lending Monitoring Report at Regional Banks”, summarising monitoring of structured lending transactions that incorporate derivatives as backed securities. The report outlines observed practices, marketability-related points, and key issues for regional banks to address through strengthened risk management systems and improved disclosure, and notes that the authority will continue institution-specific monitoring and dialogue.
SupervisionRisk monitoring & watch pointsSupervisory data
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2026-03-31•Angola•Angola Insurance Authority (ARSEG)
The Angola Insurance Authority (ARSEG) has adopted a new mandatory chart of accounts for insurance and reinsurance companies via Regulatory Standard No. 01/26 of 18 March, establishing a standardised framework aligned with International Financial Reporting Standards/International Accounting Standards while retaining IFRS 4 instead of IFRS 17. The standard applies retroactively from 1 January 2026 and becomes mandatory from 1 January 2027, with 2027 financial statements prepared under the new chart of accounts.
Policy & regulationRules & requirementsAccounting and financial reporting
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2026-03-31•Japan•Japan Financial Services Agency
The Japan Financial Services Agency has published a partially revised case collection on verifying the effectiveness of anti-money laundering measures to support financial institutions in maintaining and enhancing their AML management frameworks amid evolving risks. The update incorporates new examples from the agency’s monitoring activities, covering deposit-taking institutions, crypto-asset exchange companies and fund transfer companies, with further additions planned over time.
Policy & regulationGuidance & interpretationAML and CFT
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2026-03-31•Japan•Japan Financial Services Agency
The Japan Financial Services Agency has published the results of its public consultation on partial revisions to its Guidelines for Countermeasures against Money Laundering and Countermeasures against the Financing of Terrorism and has applied the revised guidelines and updated FAQs. The package includes a summary of comments and responses and comparison tables of old and new texts, and is intended to support institutions in maintaining and upgrading their money laundering and terrorist financing risk management systems.
Policy & regulationGuidance & interpretationAML and CFT
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2026-03-31•Japan•Bank of Japan
The Bank of Japan published its Payment and Settlement Statistics for February 2026, reporting higher settlement activity in BOJ current accounts, which averaged 99,175 transactions per day valued at JPY 240.2 trillion, up 4.3% in volume and 2.0% in value year on year. The release details volumes and values across Japanese government bond settlement, the Zengin System, the Electronic Clearing House, and the Foreign Exchange Yen Clearing System, and notes BOJ-NET participation of 490 institutions for funds transfers and 461 for foreign exchange settlement services.
Data & statistics
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2026-03-31•Italy•Bank of Italy
The Bank of Italy published its Annual Accounts for 2025. The release is linked to the ordinary meeting of shareholders held on 31 March 2026.
Institutional developmentGovernanceAuditing
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2026-03-31•Italy•Bank of Italy
The Bank of Italy published Governor Fabio Panetta’s address to the Ordinary Meeting of Shareholders at Palazzo Koch in Rome, convened to approve the Bank’s annual accounts and conduct other statutory duties. The Bank also released its Annual Accounts for Year 2025.
Institutional developmentGovernanceAccounting and financial reporting
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2026-03-31•Ireland•Department of Finance (Ireland)
The Department of Finance (Ireland) has convened the first Annual Savings and Investment Forum to support changes to Ireland’s savings and investment landscape, with the 2026 Forum focused on developing a framework for a Personal Investment Account aligned with European Commission recommendations. Established following the Government’s Funds Sector 2030 report and supported by the Central Bank of Ireland and the Competition and Consumer Protection Commission, the Forum will inform the design of the new framework, including regulatory, consumer-protection and financial education considerations, and will be linked to the next iteration of the Ireland for Finance strategy.
Policy & regulationCooperationMarket development
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2026-03-31•Japan•Bank of Japan
The Bank of Japan published February 2026 statistics on average contract interest rates for loans and discounts, covering new lending and end-of-month rates on outstanding loans and bills discounted by maturity and bank category. New short-term loan rates averaged 1.247% for domestically licensed banks, 1.299% for city banks, 1.340% for regional banks, 1.683% for regional banks II, and 1.614% for shinkin banks.
Data & statisticsFinancial and market indicatorsSupervisory data
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2026-03-31•Global•World Bank
The World Bank Group, African Development Bank and The Rockefeller Foundation have launched a Mission 300 Private Sector Council to mobilize private investment to connect 300 million Africans to electricity by 2030 and support jobs. Fourteen private sector leaders will help crowd in capital, scale catalytic finance platforms, including local-currency solutions, and accelerate commercial investment, with Makhtar Diop and Ray Chambers as co-chairs. Mission 300 has connected 44 million people since 2024, 30 countries have signed energy compacts, and the International Finance Corporation and Multilateral Investment Guarantee Agency have committed USD 5 billion to support private sector investment under Mission 300 by 2030.
Policy & regulationImplementation, projects & pilotsOther
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2026-03-31•Global•OECD
The OECD’s “Financing SMEs and Entrepreneurs 2026: An OECD Scoreboard” finds that although financing conditions have begun to ease, SME borrowing costs, collateral requirements and lending terms remain tighter than before the pandemic, and new lending has not produced sustained credit growth or investment. The report notes uneven trends across debt, asset-based finance and venture capital, the growing role of fintech and non-bank lenders, and policy measures to support trade, sustainability and tech-enabled finance. A thematic chapter reviews government venture capital programmes, often via public development banks, and urges better data, including gender- and location-disaggregated indicators and coverage of online alternative finance.
ResearchSME financing
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2026-03-31•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario has revoked the mortgage administrator licence of 2748204 Ontario Inc. operating as Flex Home Loans and imposed an administrative penalty of CAD 8,000 on Michael Yosher, following a settlement. FSRA found that Flex Home Loans conducted mortgage lending business in Ontario without being licensed or exempt, and that Yosher made false declarations in licence renewal applications, breaching the Mortgage Brokerages, Lenders and Administrators Act, 2006.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2026-03-31•Bahamas•Central Bank of the Bahamas
The Central Bank of the Bahamas issued a public notice clarifying that, unless exceptionally approved, payments between resident parties in foreign currency are not permitted and all domestic bank payments between residents, including salaries, must be made in Bahamian dollars. It reiterated that resident foreign currency accounts, whether held in The Bahamas or abroad, may only receive foreign currency revenue or approved foreign currency loan proceeds and be used to meet foreign currency obligations outside The Bahamas, with accounts abroad requiring prior Central Bank approval and certain trade-related accounts in The Bahamas approvable by authorised dealers.
Policy & regulationGuidance & interpretationCross-border payments
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2026-03-31•Ukraine•Ministry of Finance (Ukraine)
Ukraine’s Ministry of Finance has launched a competitive selection to appoint a single financial adviser for divesting state shareholdings in systemically important JSC Sense Bank and JSB UKRGASBANK. The adviser’s mandate, running until 1 March 2029, covers full transaction support, including investor outreach and value maximisation, with remuneration comprising a fixed fee plus a success fee of up to 3% of sale proceeds. Eligibility is limited to legal entities ranked by the London Stock Exchange Group for 2023–2025 for advising on European financial institution sales, with international observers involved in the assessment.
Institutional developmentProcurementOther
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2026-03-31•Brazil•Central Bank of Brazil
The Central Bank of Brazil has published its 2025 Annual Report on International Reserve Management. The report is available online.
Data & statisticsBalance of payments and other external statistics
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2026-03-31•Aruba•Central Bank of Aruba
The Central Bank of Aruba’s quarterly Economic Bulletin for the fourth quarter of 2025 reports that the government’s cash-basis financial balance moved to a deficit of AWG 9.4 million from a AWG 6.9 million surplus a year earlier, as revenue fell more than expenditure. Outstanding government debt declined year on year to AWG 5,124.4 million at end-December 2025, while wage-related spending rose to AWG 159.0 million and the ratio of wage-related outlays to tax revenue increased to 40.7% from 37.6%.
Data & statisticsEconomic data and developments
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2026-03-31•United States•Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency’s Quarterly Report on Bank Trading and Derivatives Activities for Q4 2025 showed USD 2.9 billion in trading revenue for the quarter and USD 14.9 billion for the year, with quarterly revenue down 16.3 percent from Q3 and 4.4 percent year-on-year. At quarter-end, 1,197 insured U.S. commercial banks and savings associations held derivatives, with four large banks accounting for 85.1 percent of the USD 208.1 trillion total notional, down 10.3 percent and still concentrated in interest rate products. Net current credit exposure fell 4.2 percent to USD 241 billion.
Data & statisticsFinancial and market indicatorsSupervisory data
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2026-03-31•South Africa•National Treasury (South Africa)
The National Treasury (South Africa), with research partners under the Spatial Economic Activity Data – South Africa initiative, has published the Cities Economic Outlook 2026 on economic and labour-market shifts across eight metropolitan municipalities. Using anonymised tax-based Spatial Tax Panel data, it finds weak employment growth outside Cape Town and Tshwane, stagnation in higher-value tradable sectors, pressure from rapid population growth, uneven green transition and COVID-19 recovery impacts, and severe, persistent youth job losses. Aggregated Spatial Tax Panel indicators are publicly available via the National Treasury Secure Data Facility, with the report accessible through the SEAD-SA platform.
ResearchOther
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2026-03-31•Mexico•Mexico Comision Nacional Bancaria y de Valores (CNBV)
Mexico’s National Banking and Securities Commission announced the interconnection of financial entities to the Single Identity Platform to support the search, location and identification of missing or unlocated persons. The system validates data across public and private databases using the Unique Population Registry Code, generates real-time match alerts to authorities, and is structured so that institutions retain control of their data and no financial information or databases are shared.
Policy & regulationImplementation, projects & pilotsOther
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2026-03-31•Brazil•Central Bank of Brazil
The Central Bank of Brazil has launched a public consultation on draft regulations revising the framework for Operadoras de Sistemas do Mercado Financeiro within the Brazilian Payments System, aiming to strengthen governance, risk management, operational resilience and interoperability. The proposal introduces enhanced authorisation and senior management notification requirements, stricter information technology, cybersecurity and outsourcing standards, more conservative capital and net worth rules, and consolidated prudential criteria for central counterparties, including more robust margin models and expanded application of Cover 2.
Policy & regulationRules & requirementsMarket infrastructure
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2026-03-31•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority has held the first in a series of expanded stakeholder meetings with insurance companies, focused on addressing regulatory and operational bottlenecks under the Unified Insurance Law No. 155 of 2024. Discussions covered implementation of supervisory requirements, use of InsurTech and the Regulatory Sandbox, reinsurance market development, and new corporate governance rules under FRA Board Decision No. 200 of 2025, against total premiums of EGP 10.9 billion and claims of EGP 3.8 billion as at end-January 2026.
Policy & regulationImplementation, projects & pilotsOperational excellence
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2026-03-31•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority issued Board Decision No. 82 of 2026 granting insurance companies and insurance pools an additional 15 days to present their annual financial statements to their general assemblies. The extension applies to 2025 year-end financial statements, related disclosures, the external auditor’s report and the board of directors’ report, moving the deadline to 15 May 2026 from 30 April 2026 in response to industry requests.
Policy & regulationRules & requirementsAccounting and financial reporting
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2026-03-31•Tanzania•Bank of Tanzania
The Bank of Tanzania issued a public notice reminding Certified Financial Educators to adhere to programme objectives and professional conduct requirements following concerns over misinformation and misrepresentation. It clarified that CFEs must teach only certified content, use correct programme branding, and not present themselves as financial institutions, Bank of Tanzania employees, brokers, consultants or financial advisors, while disclosing other relevant qualifications where applicable. The Bank and designated academic institutions may withdraw CFE certificates in cases of non-compliance.
Policy & regulationGuidance & interpretationFinancial inclusion
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2026-03-31•Canada•Ontario Securities Commission
The Ontario Securities Commission has commenced an enforcement proceeding against KPMG LLP over alleged audit failures in its 2019 and 2020 audits of four funds managed by Bridging Finance Inc. The regulator alleges KPMG’s audit reports falsely stated the funds’ financial statements were fairly presented and that audits complied with Canadian generally accepted auditing standards, particularly in relation to loan valuations, described as the most critical aspect of the financial statements.
EnforcementInvestigations & enforcement actionsAuditing
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2026-03-31•Chile•Chile Financial Market Commission
The Chile Financial Market Commission has extended for three months the suspension of management at Konsegur Seguros de Garantías y Crédito S.A. and the appointment of Robert Rivas Carrillo as its administrator. The authority cited the need to preserve business continuity and protect policyholders in light of Konsegur’s claims and policies portfolio and its economic and financial situation.
SupervisionInterventionsOther
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2026-03-31•Chile•Chile Financial Market Commission
The Chile Financial Market Commission has extended for three months the suspension of the management of Konsegur Seguros de Garantías y Crédito S.A. and the appointment of Robert Rivas Carrillo as its administrator. The extension is based on the need to preserve the firm’s continuity and protect policyholders’ interests given Konsegur’s current claims and policies portfolio and its economic and financial situation.
SupervisionInterventionsOther
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2026-03-31•Chile•Chile Financial Market Commission
The Chile Financial Market Commission has launched a public consultation on amendments to General Rule No. 538 on minimum security and authentication standards for electronic transactions, to facilitate the transition to Reinforced Client Authentication by allowing certain clients to continue using coordinates cards. Issuers would be permitted to define specific client groups, based on objective criteria and reported to the Commission, that may retain coordinates cards, though such transactions would not qualify as Reinforced Client Authentication.
Policy & regulationRules & requirementsCyber resilience
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2026-03-31•Chile•Chile Financial Market Commission
The Chile Financial Market Commission has launched a consultation on amendments to minimum security and authentication standards for electronic transactions to permit certain clients to continue using coordinate cards during the transition to Reinforced Client Authentication. Issuers would define eligible client groups based on objective criteria such as accessibility or mobility constraints, notify the Commission with supporting justification and client numbers, and transactions using coordinate cards would not be considered authenticated through Reinforced Client Authentication.
Policy & regulationRules & requirementsCyber resilience
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2026-03-31•Seychelles•Central Bank of Seychelles
The Central Bank of Seychelles published its 2025 Annual Report and International Reserves Management Report, including audited financial statements and analysis of economic, monetary, external-sector and reserves developments. It reported provisional domestic growth of 5.1% in 2025 driven by tourism, fisheries and ICT, negative year-on-year inflation at end-December, and Gross International Reserves of USD 878.1 million and Net International Reserves of USD 727.9 million, both higher year on year, with net reserves above the IMF programme target. The Annual Report also includes the 2025 Access to Information Annual Report and a summary of the 2025 Board Evaluation Report.
Monetary policyMonetary policy assessments & outlooksActivity and performance reporting
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2026-03-31•Canada•Canadian Public Accountability Board
The Canadian Public Accountability Board’s 2025 annual report confirms completion of its disclosures project and the introduction of individual public inspection reports for each inspected firm, with first firm-specific reports in March 2026. CPAB reported a 23% significant findings rate across 120 inspected audit files, four restatements linked to significant findings, enforcement actions against 20 firms, and one denial of access to component auditor working papers in China. The expanded disclosure framework, including mandatory issuer-specific reporting to audit committees, applies to inspections starting after a March 24, 2025 rule change, and CPAB flagged 2026 decisions on regulatory interventions and a CEO transition to Sonny Randhawa.
Policy & regulationImplementation, projects & pilotsRegulatory reportingSupervisory data
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2026-03-31•Canada•Canadian Public Accountability Board
The Canadian Public Accountability Board published its 2025 regulatory report, launching public firm-specific inspection reporting and summarising audit inspection and enforcement outcomes. CPAB reported significant findings in 27 of 120 audit files (23%), with particularly high rates at non-annually inspected firms and in first-year audits, four restatements since its 2024 report, and one denial of access to working papers in China. It also began mandating disclosure of issuer-specific significant findings to audit committees and reported 20 firms under enforcement actions, with decisions on future intervention expected in 2026.
SupervisionReviews, inspections & stress testsAuditing
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2026-03-31•United States•U.S. Securities & Exchange Commission
The U.S. Securities and Exchange Commission’s Office of Investor Education and Assistance will use April’s National Financial Literacy Month to highlight financial planning tools and educational resources on Investor.gov. The campaign will focus on long-term diversified investing, debt management, emergency savings, tax-advantaged accounts, fraud avoidance, and retirement planning, supported by new materials and targeted outreach to military communities, older adults, and educators.
Financial literacy & educationFinancial literacy and education
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2026-03-31•Ethiopia•National Bank of Ethiopia
The National Bank of Ethiopia held its policy rate at 15% and annual credit growth cap at 24% to sustain single-digit inflation, despite bank credit expanding 45.3% year on year by end-February. Headline inflation fell to 9.7%, while higher oil prices and Middle East tensions increased upside risks and prompted plans for more frequent policy reviews.
Monetary policyPolicy rate decisionsMonetary policy decisions and developments
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2026-03-31•Algeria•Algeria Market Authority (COSOB)
The Algeria Market Authority took part in the annual IOSCO Africa and Middle East regional committee meeting to deepen coordination with peer regulators. Discussions focused on market developments, financial system resilience, the use of modern technologies and artificial intelligence in supervision, and stronger cross-border cooperation on emerging risks.
Policy & regulationCooperationCross-border cooperationSupervision process and methodologies
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2026-03-31•Vietnam•State Bank of Vietnam
The State Bank of Vietnam outlined strategic priorities for the Cooperative Bank of Vietnam at its 2025 member delegates congress, urging it to strengthen its role as apex bank for nearly 1,200 People’s Credit Funds and accelerate digital transformation. For 2026–2031, the Cooperative Bank is expected to align credit growth with safety and efficiency, focus funding on priority sectors such as agriculture and rural development, enhance supervision, and lead payment and digital banking infrastructure for the network. The congress elected new leadership for 2026–2031, appointing Nguyen Quoc Cuong as chair of the Board.
Policy & regulationGuidance & interpretationOther
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2026-03-31•Vietnam•State Bank of Vietnam
The State Bank of Vietnam reported on a meeting between Governor Nguyễn Thị Hồng and the ASEAN+3 Macroeconomic Research Office as part of AMRO’s 2026 consultation with Vietnam, focusing on regional macroeconomic risks, Vietnam’s policy stance and cooperation. AMRO flagged risks from US tariff policy and Middle East-driven energy price volatility, recommended shifting monetary and fiscal policy from accommodative to neutral, and highlighted Vietnam as the region’s fastest-growing economy in 2025. The parties also discussed green energy transition, digital transformation and artificial intelligence, with SBV seeking deeper cooperation on information-sharing, AI adoption in banking supervision, and technical assistance and capacity-building.
Policy & regulationCooperationCross-border cooperation
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2026-03-31•Portugal•Bank of Portugal
The Bank of Portugal has maintained the countercyclical capital buffer at 0.75% of total risk exposure from April 1, 2026, continuing the rate in force since January. It applies to Portugal-headquartered credit institutions with exposures to the domestic private non-financial sector.
Policy & regulationRules & requirementsCapital adequacyMacroprudential policy and tools
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2026-03-31•Global•International Monetary Fund
The International Monetary Fund announced a staff-level agreement with Ecuadorian authorities on the Fifth Review under Ecuador’s 48‑month Extended Fund Facility, which, subject to Executive Board approval and confirmation of international partners’ commitments, would provide immediate access to about USD 394 million and catalyze further multilateral support. The IMF highlighted a strong rebound in real GDP in 2025, improved external and fiscal positions, corrective fiscal measures, and the meeting of key structural benchmarks on the mining sector’s fiscal regime and the Anti‑Money Laundering/Combating the Financing of Terrorism framework, alongside Ecuador’s return to international capital markets in January 2026.
Policy & regulationImplementation, projects & pilotsEconomic data and developmentsFinancial stability and systemic risk
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2026-03-31•Russia•Central Bank of Russia
The Central Bank of Russia published feedback on its paper on a National Digital Infrastructure of the Financial Market, noting broad support for its criteria on which components should be developed by the state versus businesses. Respondents called for more detail on infrastructure parameters, timelines and next steps, and stressed the need for transparent, equally accessible infrastructure, including for services based on the Faster Payments System, the digital ruble and Open APIs. Further deliberations will continue at the Advisory Board for Financial Market Digitalisation.
Policy & regulationImplementation, projects & pilotsCBDC
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2026-03-31•Russia•Central Bank of Russia
The Central Bank of Russia and the Russian Ministry of Finance issued joint recommendations for public companies to align management remuneration with long-term shareholder value. The information letter outlines preferred key performance indicators such as total shareholder return or market capitalisation, suggests long-term incentive horizons of three to five years with back-loaded payouts, and proposes a bonus pool cap of 2–5% of the issuer’s market value to support equity market capitalisation growth.
Policy & regulationGuidance & interpretationCorporate governance
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2026-03-31•Russia•Central Bank of Russia
The Central Bank of Russia’s National Financial Board reviewed Q4 2025 supervisory activities and AML/CFT/CFP measures supporting the digital ruble platform, and discussed actions to counter fraudulent transactions involving money mules and social engineering. It also considered initiatives on the rating industry and experimental legal regimes, assessed the independence and quality of audit firms for the Bank of Russia’s annual financial statements, and approved its 2026 Action Plan.
Policy & regulationReform agendas & prioritiesAML and CFTSupervision process and methodologies
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2026-03-31•Argentina•Argentina Superintendency of Insurance
The Argentina Superintendency of Insurance has launched the Integral System for Claims Information and Analysis (SINIAS), a new platform for insurers to submit and consult loss-event and claims-related data, including reserves, payments and recoveries. The system aims to enhance traceability, operational efficiency in claims management and regulatory oversight, and will replace legacy reporting requirements, with voluntary use starting in June 2026 and mandatory reporting from January 2027.
Policy & regulationImplementation, projects & pilotsRegulatory reporting
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2026-03-31•Russia•Central Bank of Russia
The Central Bank of Russia’s 2025 supervisory data show suspicious transactions fell 19% to RUB 72.6 billion and suspicious cash withdrawals dropped 25% to RUB 48.3 billion, mainly due to fewer card-based schemes and illegal shell-company transfers. Suspected fund siphoning abroad declined 5% to RUB 24.3 billion, supported by closer bank cooperation and the Know Your Customer Platform, with 97.1% of companies and entrepreneurs rated low-risk. The Bank also tightened controls on money mules through near real-time blocking, sharply reducing average transaction size and cutting suspicious mule-account activity several-fold.
Data & statisticsAML and CFT
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2026-03-31•Argentina•Argentina Superintendency of Insurance
The Argentina Superintendency of Insurance announced that the Association of Latin American Insurance Supervisors has approved the United States National Association of Insurance Commissioners’ request to join as an Associate Member, aiming to deepen cooperation between Latin American and US insurance supervisors. The decision, presented during an “Insurance Week” session on global standards and future regulation, will be formalised through a welcome letter to the NAIC President and ratified at ASSAL’s next General Assembly.
SupervisionCooperationCross-border cooperation
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2026-03-31•Libya•Central Bank of Libya
The Central Bank of Libya said it is stepping up digital payments and foreign currency measures after a meeting with commercial banks and sector participants. The package includes a USD 2 billion allocation starting the following day for letters of credit, transfers and personal purposes, a planned USD 1 billion cash supply for foreign currency sales, and accelerated work on POS rollout and foreign currency account-to-account transfers under ONEPAY and LY PAY. Commercial banks and central bank departments were also told to extend working hours to process applications.
Policy & regulationImplementation, projects & pilotsPayments and payment systemsForeign exchange policy and marketsLiquidity risk
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2026-03-31•Canada•Canadian Securities Administrators
The Canadian Securities Administrators has launched Project Tokenization under its CSA Collaboratory to examine tokenized financial products in Canada’s capital markets and their interaction with Canadian securities laws, aiming to support coordinated regulatory responses. The initial phase will assess opportunities and risks through stakeholder engagement, issue mapping, and targeted research, with potential later phases including a discussion paper and live testing of tokenized instruments and related infrastructure.
Policy & regulationImplementation, projects & pilotsTokenization
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2026-03-31•United States•Commodity Futures Trading Commission
The Commodity Futures Trading Commission Director of Enforcement outlined a shift in enforcement priorities toward policing fraud, abuse, and manipulation, focusing on insider trading (including in prediction markets), market manipulation (especially in energy), market abuse and disruptive trading, retail fraud, and willful AML and KYC violations. He stressed that Commodity Exchange Act insider trading prohibitions apply to prediction markets and highlighted exchanges’ surveillance and contract-listing obligations. The Division plans a new Staff Advisory on Cooperation and Enforcement Manual updates, introducing a clearer declination pathway and a more binary cooperation framework requiring prompt self-reporting, full non-privileged disclosure, record preservation, and remediation.
EnforcementEnforcement framework
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2026-03-31•United States•Federal Reserve Bank of New York
The Federal Reserve Bank of New York’s Board of Directors has appointed Jane Fraser, chair of the board and chief executive officer of Citi, as the New York District’s representative on the Federal Reserve Board of Governors’ Federal Advisory Council for a one-year term beginning January 2026. The council comprises one banking industry representative from each of the 12 Federal Reserve districts, meets quarterly with the Board of Governors to discuss economic and banking developments, and members typically serve three one-year terms.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2026-03-31•Croatia•Croatian National Bank
The Croatian National Bank reported on a joint conference with the European Investment Bank Group on building an “AI-ready” Croatian economy, where new EIB research showed that while 89% of Croatian firms are investing, only around one fifth systematically use generative artificial intelligence, below the European Union average in AI adoption. Speakers identified access to finance, skills shortages, fragmented data and regulatory uncertainty as key barriers, and highlighted financing, skills and policies as levers to accelerate AI use, while noting risks from overreliance on AI and labour market impacts.
Policy & regulationCooperationArtificial intelligenceMarket development
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2026-03-31•South Africa•South Africa Financial Sector Conduct Authority
The South Africa Financial Sector Conduct Authority has published its Sustainable Finance Update Report 2026 and a discussion paper on environmental, social and governance rating services and data providers under its Sustainable Finance Programme. The report outlines 2025/26 progress across five pillars: green finance taxonomy, disclosure, market development, active ownership and consumer education. The discussion paper sets out preliminary observations on transparency, governance and conflicts of interest and reviews approaches in other jurisdictions to inform future sustainable finance regulation and supervision.
Policy & regulationImplementation, projects & pilotsESGDisclosures
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2026-03-31•South Africa•South Africa Financial Sector Conduct Authority
The South Africa Financial Sector Conduct Authority has appointed a curator, by agreement and without court intervention, for part of the financial services business of Johannes Lodewicus Du Plessis and JLD Investments CC under the Financial Institutions (Protection of Funds) Act. The curatorship, overseen by Aubrey Magerman of Magerman Attorneys under FSCA control, aims to protect clients who invested funds allegedly collected for equity trading with unrealistic return promises, while the FSCA’s investigation remains ongoing.
SupervisionInterventionsFraud and scams
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2026-03-31•Iceland•Central Bank of Iceland
The Central Bank of Iceland has published a working paper analysing the evolution and drivers of Icelandic trend inflation using a Bayesian model with stochastic volatility and time-varying persistence. It finds that while trend inflation has fallen and become more stable since the mid-1980s, most of the improvement in overall inflation performance reflects lower volatility and persistence in the cyclical component. The paper concludes that Iceland’s trend inflation remains more volatile than in other advanced economies, linked to less firmly anchored inflation expectations and their interaction with large global supply shocks.
Research
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2026-03-31•Montenegro•Insurance Supervision Agency of Montenegro
The Insurance Supervision Agency of Montenegro published its Q4 2025 Statistical Bulletin, reporting gross written premium of EUR 148.3m for 2025, up 10.5% year on year, settled claims of EUR 65.5m, up 9%, and a balance sheet total of EUR 370.3m, up 10.3%. Non-life premium was EUR 117.4m and life premium EUR 30.9m, with motor third-party liability the largest line, while long-term financial investments made up 61.9% of assets and provisions 61.2% of liabilities. Based on preliminary unaudited data, insurers posted aggregate pre-tax profit of EUR 13.9m, down 3.8%, with eight of nine insurers profitable.
Data & statisticsFinancial and market indicatorsSupervisory data
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2026-03-31•Brazil•Central Bank of Brazil
The Central Bank of Brazil published updated Fiscal Statistics with data now available through February 2026. The release refreshes official fiscal data for the latest reference period.
Data & statisticsFinancial and market indicators
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2026-03-31•United States•Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency issued a final rule rescinding its recovery planning guidelines for insured national banks, federal savings associations, and federal branches with at least USD 100 billion in assets, removing related prescriptive expectations. The OCC still expects supervised institutions to maintain appropriate risk management and contingency funding plans, and confirmed the rule does not affect OCC-supervised banks with less than USD 100 billion in assets or community banks.
Policy & regulationRules & requirementsRecovery and resolution
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2026-03-31•France•France Autorite des marches financiers
The France Autorité des marchés financiers published a decision approving amendments to the operating rules of the MTS France multilateral trading facility.
Policy & regulationRules & requirementsMarket infrastructure
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2026-03-31•France•France Autorite des marches financiers
The France Autorité des marchés financiers has approved amendments to the operating rules of the LISE multilateral trading facility, including its registration as a small and medium-sized enterprise Growth Market. The decision concerns modifications to LISE’s rulebook under the authority’s framework for approved professional rules applicable to market infrastructures.
Policy & regulationRules & requirementsMarket infrastructure
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2026-03-31•United States•National Credit Union Administration
The National Credit Union Administration issued two conviction-based Orders of Prohibition in March 2026, permanently barring two former credit union employees from participating in the affairs of any federally insured depository institution. Daniel Johnson was convicted of bank fraud in the U.S. District Court for the Southern District of Indiana, and Jacqueline Burns was convicted of theft of property between USD 150,000 and USD 300,000 in the 10th District Court of Galveston County, Texas.
EnforcementSanctions & designationsFraud and scams
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2026-03-31•United States•Financial Industry Regulatory Authority
The Financial Industry Regulatory Authority has launched the Financial Intelligence Fusion Center, a secure portal for FINRA and member firms to share timely cybersecurity and fraud threat intelligence and coordinate responses. The platform collects, analyzes and disseminates threat information, incorporates input from government and private sector partners, and expands FINRA’s existing cybersecurity and fraud-related resources for member firms.
Policy & regulationImplementation, projects & pilotsCyber resilienceMarket abuse
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2026-03-31•Czech Republic•Czech National Bank
The Czech National Bank reported inflation near target in 2025 and a record koruna return on international reserves of CZK 253 billion (10.3%), but exchange rate losses produced an overall accounting loss of CZK 73 billion and an accumulated loss of CZK 350 billion. Reserves were CZK 3.6 trillion, with the CNB raising the equity share toward 30% by 2029 and gold holdings toward 100 tonnes by 2028. It also disclosed new data on managerial benefits and staff transport changes, and will keep adjusting reserve composition, managing costs and investing in AI, data tools and payment modernisation via its CNB Lab to eliminate accumulated losses and eventually create a reserve fund for profit transfers to the state budget.
Data & statisticsFinancial and market indicatorsMonetary policy decisions and developments
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2026-03-31•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission has filed a criminal complaint against Mr. Nantawat Sumraunhant, a capital market auditor at Deloitte Touche Tohmatsu Jaiyos Audit Co., Ltd., for failing to comply with auditing standards in his audits of STARK Corporation Public Company Limited and key subsidiaries, and has revoked his approval as a capital market auditor for six years from 1 April 2026. The authority found serious deficiencies that resulted in insufficient audit evidence on key balance sheet and revenue items, which it said facilitated fraud and falsification of STARK’s financial statements and constituted an offense under Section 287 of the Securities and Exchange Act B.E. 2535 (1992).
EnforcementInvestigations & enforcement actionsAuditing
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2026-03-31•Europe•European Central Bank
The European Central Bank published a working paper assessing the impact of the EU’s Recovery and Resilience Facility on institutional quality in major recipient Member States using Worldwide Governance Indicators and a Bayesian synthetic control model. The paper finds early, economically meaningful improvements in Italy, while evidence for other large recipients is mixed and often statistically uncertain, and cautions that firmer conclusions will require more data given the programme’s ongoing nature and perception-based indicators.
Research
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2026-03-31•Europe•European Central Bank
The European Central Bank has published an Occasional Paper analysing the macroeconomic and global value chain effects of export controls on rare earth elements, using recent Chinese measures and disruption scenarios. The study finds that supply restrictions can generate output losses and cost-push inflation in importing economies, with particularly pronounced impacts on automotive, electronics, semiconductors and defence-related sectors. Losses are highly sensitive to the severity of controls and substitutability, ranging from 0.3%–0.6% of output under stringent partial restrictions to around 2% under near-total bans.
ResearchOther
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2026-03-31•Europe•European Central Bank
The European Central Bank published analysis from its Survey on the Access to Finance of Enterprises for the fourth quarter of 2025, examining euro area firms’ artificial intelligence adoption and investment plans. The study finds uneven but substantial AI uptake, with advanced users more likely to anticipate higher turnover, fixed-asset investment, wages and employment, and planning a larger share of total investment in AI than non-users and early-stage adopters.
ResearchArtificial intelligence
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2026-03-31•Europe•European Central Bank
The European Central Bank published the disaggregated Eurosystem financial statement as at 27 February 2026, showing total assets and liabilities of EUR 6,226,783 million by national central bank. Key assets include EUR 3,988,512 million in securities of euro area residents in euro (EUR 3,655,897 million held for monetary policy), EUR 279,479 million in gold and gold receivables, and EUR 508,169 million in foreign-currency claims on non-euro area residents. Banknotes in circulation were EUR 1,605,953 million and liabilities to euro area credit institutions related to monetary policy operations were EUR 2,574,238 million. Capital and reserves can be negative for individual national central banks due to accumulated losses.
Data & statisticsFinancial and market indicatorsSupervisory data
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2026-03-31•Spain•Bank of Spain
The Bank of Spain reported that Spain’s general government debt under the Excessive Deficit Procedure methodology stood at 100.7% of gross domestic product in the fourth quarter of 2025, down 1 percentage point year-on-year and the lowest level since 2020, with nominal debt at EUR 1,698bn. Central government accounted for EUR 1,563bn (92.6% of gross domestic product), autonomous communities EUR 342bn (20.2%), local governments EUR 21bn (1.2%) and social security EUR 136bn (8.1%), with 94.8% of the stock in long-term debt.
Data & statisticsEconomic data and developments
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2026-03-31•Spain•Bank of Spain
The Bank of Spain published its monthly balance of payments advance for the 12 months to January 2026, reporting Spain’s net lending capacity at 3.9% of GDP (EUR 66.2bn), with a current account surplus of 2.9% of GDP (EUR 49.1bn) and a tourism balance of 4.2% of GDP. Compared with January 2025, net lending and the current account surplus narrowed, while the 12‑month financial account balance excluding the Bank of Spain fell to 2.6% of GDP (EUR 44.3bn), mainly due to lower “other investment” and direct investment, partly offset by higher portfolio investment.
Data & statisticsBalance of payments and other external statistics
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2026-03-31•Israel•Bank of Israel
The Bank of Israel reported that foreign exchange reserves rose by USD 14.9 billion in 2025 to USD 229.5 billion, with the reserves portfolio delivering a 7.9 percent return against its currency benchmark but a -2.5 percent return in shekel terms due to a 9.6 percent shekel appreciation. Revised reserve management guidelines took effect at end-2025, tightening safety and liquidity constraints while moderately expanding the CVaR5% risk budget and scope to invest in risk assets, resulting in a portfolio allocated 65 percent to government bonds, 25 percent to equities and 10 percent to corporate bonds, with lower overall volatility but higher tail risk.
Data & statisticsFinancial and market indicatorsMonetary data