Vietnam's Ministry of Finance and the Vietnam State Securities Commission have initiated a consultation on a draft circular to amend regulations on securities offerings, public tender offers, share repurchases, and public company status registration. The draft circular is available on the SSC's website for public comment.
The Brazil Securities Commission (CVM) will conduct a public judgment session on 21 October 2025 to assess the liability of Edson Jacintho Borges, liquidator of CCX Carvão da Colômbia S.A., for not submitting 2022 and 2023 registration forms. The case involves a potential breach of Article 24 of CVM Resolution 80. The session will be held at CVM's headquarters in Rio de Janeiro, with options for in-person or videoconference attendance.
The Guernsey Financial Services Commission has designated Dimitri Herard and Kempes Sanon under the UK Haiti (Sanctions) Regulations 2020, imposing an asset freeze in Guernsey. Businesses must comply by freezing relevant assets and reporting findings to the Policy & Resources Committee and the Commission. Firms are prohibited from providing funds or resources to the designated individuals unless permitted by a derogation or licence.
The Guernsey Financial Services Commission announced that Guernsey’s Policy & Resources Committee issued a general licence under the Russia sanctions regime, with a guidance document. This licence is under regulation 64 of the Russia (Sanctions) (EU Exit) Regulations 2019, implemented in the Bailiwick through the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations 2020. Both are accessible on the States of Guernsey finance sanctions website.
The Central Bank of the Republic of Azerbaijan chaired the COMCEC Capital Market Regulators Forum’s Working Group on Capital Market Development, confirming a 2025 workstream focused on legal and regulatory conditions for introducing sukuk in Azerbaijan. This aligns with the central bank's 2024–2026 Financial Sector Development Strategy, aiming to expand investment instruments and promote Islamic finance products. The 2025 theme builds on previous work, addressing international practices and regulatory reforms needed for sukuk implementation.
The Ontario Securities Commission has initiated enforcement proceedings against six individuals for allegedly violating director and officer bans issued by the Capital Markets Tribunal. The review targets potential breaches of multi-year and permanent bans, with applications filed against Mitchell Carnie, Radhakrishna Namburi, Andre Itwaru, Nayeem Alli, Maurice Aziz, and Benjamin Ward. The OSC is monitoring compliance and may pursue further enforcement actions as necessary.
The Central Bank of Paraguay used the IMF and World Bank Annual Meetings to provide an update on Paraguay’s economy and its policy engagement with multilateral institutions. It said the IMF judged progress under the Policy Coordination Instrument and Resilience and Sustainability Facility as satisfactory, while other meetings focused on reserve management, payments modernization and capital market development. The bank also pointed to projected 2025 gross domestic product growth of 5.3%.
The Seychelles Financial Services Authority announced the refusal of Lazerus Holding Limited's application under the Virtual Asset Service Providers Act, 2024. The company, trading as "Wallet," was instructed to cease operations or relocate, and has since redomiciled outside Seychelles.
The Croatian Financial Services Supervisory Agency (Hanfa) discussed new Guidelines to enhance financial literacy in insurance and preparations for the European Insurance Recovery and Resolution Directive (IRRD). The Guidelines aim to standardize conduct and improve insurance knowledge, prohibiting marketing and prioritizing education on insurance basics. Hanfa noted the need to transpose the IRRD into Croatian law by January 2027 and highlighted regional efforts to integrate capital markets in Central and Eastern Europe.
The National Bank of the Kyrgyz Republic fined six currency exchange bureaus in Bishkek KGS 55,000 each for breaching Kyrgyz legislation and central bank regulations.
Melis Turgunbaev, chair of the National Bank of the Kyrgyz Republic, attended the IMF and World Bank Group Annual Meetings, addressing Kyrgyz economic challenges and the central bank's focus on price and financial stability. He discussed global economic developments and inflation risks within the Swiss IMF voting constituency and led events with regional central bank heads. Turgunbaev also met with the Swiss National Bank and the Central Bank of Bahrain to explore financial cooperation.
The National Bank of the Kyrgyz Republic has suspended the licence of LLC Appak-Nur's exchange bureau in Bazar-Korgon from 21 to 23 October 2025. The suspension follows an inspection revealing breaches of Kyrgyz legislation and the National Bank's regulatory acts.
The Bank of England, Prudential Regulation Authority, and Financial Conduct Authority published a paper on effective practices in operational resilience self-assessments for systemic firms, focusing on cyber response and recovery. Key practices include testing high-severity scenarios, defining impact tolerances, and developing crisis communication plans. It also highlights sector-wide initiatives by the Cross Market Operational Resilience Group, including guidance on cyber recovery capabilities and planned exercises.
The Central Bank of Russia has revised its inspection protocol for supervised entities, shifting from a triennial schedule to a risk-based approach. This change affects credit institutions, non-governmental pension funds, trading organisers, payment system operators, credit history bureaus, large insurers, and professional securities market participants. The amendments will be effective from 31 October 2025, with inspections commencing in the first half of 2026.
The International Swaps and Derivatives Association (ISDA) outlined initiatives at its Derivatives Trading Forum in Sydney to enhance derivatives margining, collateral mobilisation, and trade close-out, including a shift to a semiannual recalibration cycle for the ISDA Standard Initial Margin Model (ISDA SIMM) and support for tokenized collateral. ISDA also highlighted the rise in initial and variation margin for non-cleared exposures to USD 1.5 trillion by end-2024, liquidity challenges for superannuation funds, and the adoption of the ISDA Notices Hub for termination notices.
The Central Bank of Malta has initiated a public consultation on proposed amendments to CBM Directive No. 19. The amendments aim to promote alternative payment methods to cheques, particularly instant credit transfers, as a faster, safer, and more cost-effective option.
The Bank of Namibia hosted a Fintech Thought Leadership Forum, launching its FinTech Youth Programme to equip young Namibians for fintech innovation and job creation. The programme aims to enhance public-private collaboration through mentorship, financing, and regulatory guidance. Governor Dr. Johannes !Gawaxab emphasized modernizing Namibia’s regulatory environment and investing in digital infrastructure, while the Ministry of Finance highlighted fintech's role in competitiveness and inclusive growth.
The Department of Finance Canada unveiled Budget 2025 measures, including a National Anti-Fraud Strategy and proposed legislative changes for banks to combat financial scams. A new Financial Crimes Agency will investigate complex financial crimes and recover illicit proceeds. Additionally, a voluntary Code of Conduct for the Prevention of Economic Abuse will be developed with stakeholders and banks, overseen by the Financial Consumer Agency of Canada.
The Central Bank of Chile and the Pontifical Catholic University of Chile’s Public Policy Center hosted the Fifth International Financial Education Seminar, focusing on transitioning financial education from theory to practice in schools. Governor Rosanna Costa emphasized the link between economic stability and public understanding of financial concepts. The event included a keynote by Anand Marri and presentations on teacher training and findings from the Household Financial Survey.
The Egypt Financial Regulatory Authority held a workshop with the Egyptian Investment Management Association to guide private insurance funds on investing in open-ended equity funds, aligning with Decision No. 269 of 2024. The workshop included presentations on institutional investment practices and compliance with supervisory controls, as part of broader training initiatives under the Unified Insurance Law. Egypt had 671 private insurance funds with 4.6 million members at the end of 2024.
The Chile Financial Market Commission (CMF) released first-half 2025 statistics on motor vehicle repair times for claims covered by general insurance companies, showing an average of 55 days from claim filing to vehicle pickup, consistent with the previous period. The report noted a 2.5% increase in insured vehicle accidents compared to the prior half-year, with repair times varying by insurer and damage severity. The service network included 4,488 insurer-workshop agreements, with 32.7% in the Metropolitan Region.
The British Columbia Financial Services Authority released CEO Tolga Yalkin's speech at the Pacific West 2025 Real Estate Conference, emphasizing the need for real estate professionals and regulators to adapt to rising consumer expectations and a changing risk environment. Yalkin highlighted artificial intelligence's dual role in enabling and exposing fraud, alongside pressures like economic shocks and climate events. He stressed the importance of competence, integrity, and accountability in maintaining public trust and system resilience.
The Jersey Financial Services Commission (JFSC) issued a fraud warning regarding PGH Cayman, a scam entity falsely claiming a Jersey base. PGH Cayman is not registered in Jersey and is unrelated to the legitimate PGH (Cayman). The JFSC advises the public to avoid dealings with this entity and to verify firm registrations via its online registers.
The Bank of Canada's Q3 2025 Canadian Survey of Consumer Expectations reveals ongoing impacts of tariffs and Canada–U.S. trade tensions on household spending, financial health perceptions, and inflation views. The survey shows modest improvements in financial health and spending intentions, but deteriorating labour market perceptions, with two-thirds anticipating a recession within 12 months. Inflation expectations remain elevated, with tariffs increasingly seen as a key factor affecting the Bank's inflation control efforts.
The Bank of Canada's Q3 2025 Business Outlook Survey shows gradual improvement in firms' sentiment, though outlooks remain subdued due to tariff and trade tensions. Recession contingency planning rose to 33% of firms, with limited capacity pressures and weak investment intentions, especially in steel and aluminum sectors affected by US tariffs. Cost pressures persist, but weak demand limits price pass-through, with inflation expectations at 3% for one year ahead and 2.5% longer term.
Luxembourg's Finance Minister Gilles Roth attended the IMF and World Bank annual meetings, addressing global economic challenges like demographic divides, trade tensions, and technological change. Roth held bilateral discussions with counterparts from Oman, New Zealand, and Nigeria, and met African Development Bank President Sidi Ould Tah to explore cooperation on digital innovation. The ministry noted Roth's financial mission to Canada from 18–22 October 2025.
The Qatar Financial Markets Authority has launched a new trading surveillance system, implemented by Nasdaq, to enhance market transparency and integrity. The system, incorporating AI-based software, aims to improve the detection of suspicious transactions. This initiative is part of QFMA's efforts to advance financial-market technical and regulatory infrastructure.
The Qatar Financial Markets Authority's CEO attended the 31st meeting of the Heads of GCC Capital Market Authorities Committee, focusing on regional capital markets initiatives and integration. Discussions included enhancing bond and sukuk trading, dual listing, electronic linkage, and unifying investor numbers for GCC nationals. The committee also reviewed the Inter-Registration Regulation "Passporting" and progress on the GCC Capital Markets Integration Strategy.
The Eurasian Group on Combating Money Laundering and Financing of Terrorism reported that its fifth AML/CFT Forum focused on criminal asset confiscation, including virtual assets, and on stronger parallel financial investigations. The discussions were linked to the start of the EAG’s third round of mutual evaluations and to ongoing typologies work on asset recovery. The next forum is planned for the second half of 2026.
The State Bank of Vietnam reported on the opening of the 10th session of Vietnam’s 15th National Assembly, highlighting its agenda, including 53 draft laws and resolutions. Key areas of focus are land, investment, planning, construction, environment, energy, corporate bonds, and real estate, with an emphasis on removing institutional bottlenecks. The session will also review socio-economic plans, budget allocations, and national target programmes for 2026–2030.
The Qatar Financial Markets Authority has launched a new trading surveillance system to enhance market efficiency, transparency, and integrity. Implemented by Nasdaq, the system uses artificial intelligence to detect suspicious transactions swiftly, positioning QFMA as a pioneer in AI-driven trading surveillance.
The Qatar Financial Markets Authority's CEO joined the 31st GCC Heads of Capital Market Authorities Committee meeting via video conference, focusing on regional capital markets initiatives. Discussions included enhancing bond and sukuk trading, promoting dual listing and electronic linkage, and unifying investor numbers for GCC nationals. The committee also reviewed the Inter-Registration Regulation, GCC Capital Markets Integration Strategy, and communication and investor awareness efforts.
The Central Bank of Argentina signed a USD 20 billion exchange-rate stabilisation agreement with the United States Department of the Treasury for bilateral currency swap operations. This agreement aims to enhance the BCRA's monetary and foreign-exchange policy tools, bolster liquidity in international reserves, and support Argentina's macroeconomic stability.
The Isle of Man Treasury added Dimitri Herard and Kempes Sanon to the UK Sanctions List under the Haiti sanctions regime, subjecting them to an asset freeze. The sanctions, via the Sanctions (Implementation of UK Sanctions) Regulations 2024, target individuals linked to actions threatening Haiti's peace and security. Firms must freeze assets of listed individuals, confirm matches, and report to the Financial Intelligence Unit, with non-compliance constituting a criminal offence.
The National Bank of Moldova reported a net cash outflow of MDL 3,617.2 million from banks' cash desks for January–September 2025, as withdrawals exceeded receipts. Cumulative cash receipts increased by 5.6% year on year to MDL 136,864.6 million, driven by sales of consumer goods and deposits to individuals' accounts. Withdrawals rose by 5.2% to MDL 140,481.7 million over the same period.
The National Bank of Moldova has released a draft decision to amend the regulation on setting the official exchange rate of the Moldovan leu by removing the Bulgarian lev (BGN) from the list. This amendment will take effect on 2 January 2026.
The National Bank of Moldova reported a 6.2% increase in new term deposit volumes for September 2025, totaling MDL 4,546.3 million, driven by a rise in leu-denominated deposits. National currency deposits accounted for 74.9% of the total, with an average nominal rate increase to 5.12%, while foreign currency deposits decreased by 3.8% with a rate of 1.38%. Households and corporates contributed significantly, with notable year-on-year growth in leu deposits for both sectors.
The National Bank of Moldova released September 2025 banking statistics, revealing new loans totaling MDL 7,237.0 million, an 11.7% increase from August. The average nominal rate on national currency loans decreased to 9.35%, while foreign-currency loans averaged 5.16%. Loans to legal entities surged by 18.0%, with non-financial commercial companies accounting for 59.2% of total new loans.
The National Bank of Moldova recapped its participation in the World Bank Group and IMF Annual Meetings, highlighting discussions on Moldova’s macroeconomic outlook, structural reforms, and financial-sector modernization. Key milestones included completing Financial Sector Assessment Program evaluations and accession to the Single Euro Payments Area. Governor Anca Dragu engaged with IMF and World Bank leaders, emphasizing SEPA integration's benefits for payment efficiency.
The National Bank of Moldova and the International Finance Corporation held an online session on sustainable finance taxonomies for the Sustainable Financing Consultative Group. It focused on the EU Taxonomy's role in the EU sustainable finance action plan and introduced Moldova’s sustainable finance taxonomy, highlighting its importance in mitigating greenwashing and enhancing transparency. This is part of a one-year capacity-building programme aligned with international standards and EU regulations.
Dubai International Financial Centre (DIFC) reported over 8,000 active registered companies, with more than 1,000 regulated by the Dubai Financial Services Authority (DFSA). Banking assets managed from DIFC reached about USD 240 billion, and claim values filed at DIFC Courts exceeded AED 17.5 billion. DIFC plans to evolve its funds regime to maintain its "best-in-class" status, focusing on hedge funds, wealth and asset management, and alternative investment firms.
Saudi Arabia's Ministry of Finance summarized its participation in the 2025 World Bank Group and IMF Annual Meetings. Finance Minister Mohammed Aljadaan emphasized Saudi Vision 2030's role in economic performance, international cooperation amid economic shocks, and AI risk awareness. Assistant Minister Abdullah A. BinZaraah advocated for the Financial Sector Stability Fund and multilateral development bank reforms to enhance financial resilience and transparency.
The Central Bank of the Dominican Republic's Governor Héctor Valdez Albizu attended the IMF and World Bank Annual Meetings, discussing the country's economic outlook and monetary actions. He highlighted a coordinated monetary and fiscal programme to boost domestic demand, improved debt ratings, and projected foreign direct investment exceeding USD 4.8 billion in 2025. Valdez Albizu noted inflation within the target range, growth projections of 4.0% to 5.0% in 2026, and increased adult account ownership from 51% in 2021 to 65% in 2024.
The Tanzania Insurance Regulatory Authority's 2024 Insurance Market Performance Report notes insurance's GDP contribution rose to 2.08% and policyholders and beneficiaries increased by 10.2% to 25.9 million. It covers market development indicators, dispute resolution, and claims, highlighting low public understanding as a constraint. TIRA plans a National Insurance Education Strategy and enhanced digital channels to boost service delivery and inclusion.
The Tanzania Insurance Regulatory Authority (TIRA) unveiled the 2024 Insurance Market Performance Report and opened its new headquarters, TIRA Bima House. Commissioner Dr. Baghayo Saqware highlighted achievements such as digital transformation and increased market penetration. The new facility aims to enhance regulatory operations and industry engagement.
The Ukraine National Commission on Securities and Stock Market reported efforts to assist Freedom Finance Ukraine LLC clients in asset recovery, involving depositaries, banks, and other institutions. By September's end, 1,055 individuals and entities received compensation, with 125 applications processed for data updates and succession. The Commission is reviewing five applications linked to a sanctioned person and has managed numerous client inquiries, providing guidance through an infographic.
The Saudi Arabia Capital Markets Authority confirmed that Union Bancaire Privee KSA Company has fulfilled the necessary requirements to begin its Advising Activity under the Securities Business licence issued on 23 December 2024.
Governor Natia Turnava of the National Bank of Georgia and Finance Minister Lasha Khutsishvili engaged with international investors at the IMF and World Bank Annual Meetings in Washington, D.C., highlighting Georgia's investment potential and macroeconomic outlook. Turnava noted inflation trends, a robust financial sector, and increasing international reserves, while discussions focused on investor participation in Georgian government and corporate securities. Participants included major firms such as Citibank, J.P. Morgan, and Bank of America.
The National Bank of Georgia's Governor, Natia Turnava, participated in a World Bank discussion at the IMF and World Bank Annual Meetings, focusing on enhancing women's access to finance and entrepreneurship. Turnava expressed Georgia's readiness to join a World Bank programme to support women entrepreneurs and highlighted increased gender quotas in the National Bank's Corporate Governance Codes, raising women's representation on supervisory boards from 9% to 37%. She also noted that women occupy 54% of senior and mid-level management roles at the central bank.
Governor Natia Turnava of the National Bank of Georgia discussed outcomes from the IMF and World Bank Annual Meetings, highlighting plans for further IMF engagement in Georgia and a bilateral understanding with the Reserve Bank of India for a memorandum of understanding. Georgia anticipates several IMF missions, including an Article IV Consultation, and has requested expanded technical assistance, receiving a positive response. Meetings were also held with IMF and World Bank officials and investors from major banks.
The Central Bank of Iraq clarified public debt and deficit data, noting a planned deficit of IQD 191.5 trillion for 2023-2025, with an actual deficit of IQD 35 trillion financed domestically. The public debt-to-GDP ratio remains below 43%, and external debt is capped at USD 13 billion, with efforts underway to convert internal debts into investment instruments to support economic diversification and fiscal sustainability.
The Central Bank of Montenegro reported on Governor Irena Radovic's meetings with the IMF and the National Bank of Denmark, discussing the Western Balkans' macroeconomic outlook and payment-system interoperability. The IMF noted moderate growth and declining inflation in Central, Eastern, and Southeastern Europe, emphasizing structural reforms and investment in infrastructure and the digital economy. Discussions with Denmark's central bank centered on payment interoperability and technical solutions, including Montenegro's TIPS Clone project plans.
The Central Bank of Montenegro and the Ministry of Finance have initiated a new cooperation phase with the International Finance Corporation, focusing on sustainable financing and digital services under the World Bank Partnership Framework for Montenegro 2025–2029. Priorities include implementing the National Roadmap for Sustainable Financing, integrating Montenegrin banks into the IFC Climate Finance Program, and developing a regulatory framework for fintech innovations. The Ministry of Finance highlighted IFC support in strengthening the regulatory framework and ensuring transparency in awarding the airports concession.
Governor Gent Sejko led a delegation to the IMF and World Bank Annual Meetings, discussing Albania's economic conditions, policy stance, and financial stability priorities. Highlights included GDP growth of 3.5%, low inflation near the 3% target, and Albania's SEPA membership since 2024. IMF and World Bank officials praised Albania's progress and endorsed its free-floating exchange rate regime, emphasizing continued collaboration in banking supervision and payment systems.
The Egypt Financial Regulatory Authority (FRA) chair, Mohamed Farid, and Minister Rania Al-Mashat presented regulatory developments in Egypt's non-banking financial markets, emphasizing digital transformation and entrepreneurship support. Initiatives include simplified start-up procedures, Egyptian valuation standards for digital assets, and updates to align Egyptian Accounting Standards with IFRS. The FRA is advancing crowdfunding rules, digital real estate frameworks, SPAC listing rules, and e-KYC implementation.
The State Bank of Vietnam noted progress in digital transformation and non-cash payment growth at the Sóng Festival – Vietnam Card Day 2025. Deputy Governor Pham Tien Dung emphasized QR codes, mobile payments, and biometrics for a secure payments infrastructure. Deputy Prime Minister Ho Duc Phoc urged investment in technology, expansion of cashless payment points, and enhanced consumer protection.
National Bank of Moldova Governor Anca Dragu met with Moldova’s U.S. diaspora to discuss economic developments, financial market trends, and banking-sector stability. Dragu emphasized the solid, well-capitalized state of Moldova’s banking system, its alignment with European standards, and the significance of Moldova's accession to the Single Euro Payments Area. The meeting also highlighted the importance of financial education and strengthening ties with the diaspora.
Governor Ahmet Ismaili of the Central Bank of the Republic of Kosovo attended the IMF and World Bank Group 2025 Annual Meetings and the International Monetary and Financial Committee session in Washington, D.C. Discussions focused on global economic developments, financial stability, and sustainable growth, emphasizing macroeconomic stability, digitalisation, and central bank independence. Key topics included debt vulnerabilities, fiscal consolidation, and strengthening the global financial safety net.
Governor Ahmet Ismaili of the Central Bank of Kosovo met with World Bank Vice President Antonella Bassani to discuss central bank reforms and financial sector developments. They talked about a new project supporting the central bank and the Deposit Insurance Fund to enhance financial stability and digital payments infrastructure. Bassani stressed the need to ratify agreements approved by the World Bank Board for implementation.
Governor Ahmet Ismaili of the Central Bank of Kosovo spoke at the IMF’s closed Regional Economic Outlook for Europe forum, focusing on macroeconomic developments and financial stability in Europe, particularly the Western Balkans. He highlighted Kosovo's financial sector reforms, coordination of fiscal and macroprudential policies, and its first sovereign credit rating. Ismaili noted Kosovo's projected highest growth rate in the Western Balkans, while acknowledging uncertainties and EU support through the Growth Plan and SEPA inclusion.
Governor Ahmet Ismaili and Deputy Governor Milot Cakaj of Kosovo's Central Bank met with IMF's European Department Director Alfred Kammer to discuss Kosovo's macroeconomic developments and financial sector performance. The meeting highlighted progress in regulatory and supervisory framework enhancements, central bank activities under IMF-supported technical assistance, and ongoing reforms. Both parties committed to continued cooperation to support financial sector and economic objectives.
The Central Bank of the Republic of Kosovo is exploring cooperation with Clearstream, part of the Deutsche Börse Group, to enhance management of its international reserves. Discussions at the IMF and World Bank Annual Meetings focused on custody services and advanced financial market products, aiming to integrate modern technological solutions and improve operational efficiency.
Saudi Arabia's Finance Minister Mohammed Aljadaan, at the G20 Finance Ministers and Central Bank Governors meeting, emphasized enhancing the multilateral trading system to tackle global economic challenges. He highlighted fiscal discipline and public debt sustainability for macroeconomic stability, called for proactive regulatory frameworks for AI and digital assets, and stressed international financial institutions' role in aligning national policies with global financial stability.
Indonesia's Financial Services Authority (OJK) announced two new financial services models, Alternative Credit Scoring and Financial Services Aggregation Providers, at the Sultan Muda Digination Fest 2025. These models aim to enhance financing access, increase information transparency, and support financial inclusion. The event, in collaboration with the South Sumatra Provincial Government, highlighted the rapid growth of Financial Sector Technology Innovation in Indonesia.
Governor Natia Turnava of the National Bank of Georgia presented the NBG’s new risk analysis and management framework at an IMF and World Bank discussion for central bank governors. The framework emphasizes scenario-based monetary policy communication to maintain price stability and bolster confidence amid external risks. The event highlighted Georgia and Armenia as successful examples of this approach.
People's Bank of China Governor Pan Gongsheng met with IMF Managing Director Kristalina Georgieva at the IMF and World Bank Annual Meetings to discuss central bank-IMF cooperation. Pan stressed the IMF's role in opposing protectionism, promoting dialogue, and upholding multilateralism amid geopolitical and technological changes. Deputy Governor Xuan Changneng also engaged with IMF First Deputy Managing Director Katz before the talks.
At the 52nd International Monetary and Financial Committee meeting, People’s Bank of China Governor Pan Gongsheng highlighted trade frictions and geopolitical uncertainty's impact on global growth, advocating for enhanced international macroeconomic coordination. The meeting supported a strong, quota-based IMF and discussed quota share adjustments to reflect global economic weights while protecting the poorest countries. Pan emphasized advancing IMF quota reform and urged the IMF to strengthen surveillance and tailor policy advice to country-specific circumstances.
The Central Bank of Iraq issued a warning advising citizens, especially retirees, against interacting with entities impersonating bank staff to obtain personal data or official documents fraudulently. The alert emphasizes that licensed financial institutions do not request sensitive information or provide loans via social media or phone calls, urging recipients of suspicious messages to report them through official channels.
European Central Bank President Christine Lagarde, at a G30 panel, argued that Europe's external position is misunderstood, noting the euro area's shrinking current account surplus and balanced trade with the U.S. She highlighted a significant trade deficit with China and attributed the remaining surplus to demographics. Lagarde warned that trade policy volatility could impact European imports from the U.S. and advocated for closer coordination among allies to address dependencies and strengthen domestic demand.
ECB Executive Board member Piero Cipollone outlined the strategy for developing a European digital asset market, emphasizing central bank money as a risk-free settlement anchor. The ECB highlighted stablecoins' predominant use within the crypto ecosystem and associated financial stability risks, including deviations from parity and regulatory arbitrage. For wholesale settlement, the ECB plans to link distributed ledger technology platforms with TARGET services by 2026 and explore tokenised central bank money for cross-border interoperability.
Governor Jorgovanka Tabaković represented Serbia at an IMF and World Bank meeting on the European economic outlook, emphasizing a balanced macroeconomic policy to address inflation and financial stability. She advocated for deeper EU integration and structural reforms to enhance productivity and resilience, highlighting Serbia's fiscal consolidation and public sector reforms as key to its favorable economic position. Tabaković noted Serbia's cautious monetary policy, stable dinar-euro exchange rate, and record foreign exchange reserves as contributors to disinflation and macro-financial stability.
The Central Bank of Montenegro reported on meetings in Washington, D.C. between Governor Irena Radovic, Finance Minister Novica Vukovic, and IMF officials, discussing Montenegro's economic developments, IMF cooperation, and planned reforms. The IMF assessed Montenegro’s banking sector as stable, with strong capitalisation and liquidity. The Governor highlighted EU accession milestones, regulatory alignment, and financial system enhancements, while the Finance Minister emphasized economic priorities, including new air routes and balanced development.
National Bank of the Kyrgyz Republic Governor Melis Turgunbaev attended the IMF and World Bank Group Annual Meetings, stressing small economies' need to adapt to protectionism and unpredictability. He advocated phased development of regulated digital infrastructure, including central bank digital currencies, to enhance transparency and financial stability. Turgunbaev also urged greater IMF involvement in digital asset regulation amid rapid technological advancements.
The UAE Ministry of Finance participated in the World Bank Group and IMF Annual Meetings, focusing on global financial stability, development financing, and climate finance. Discussions covered IMF governance reform, private sector-led growth, and financial system stability. The UAE emphasized the Rio de Janeiro vision on IMF quota reform and supported the UN Framework Convention on International Tax Cooperation.
The China Banking and Insurance Regulatory Commission highlighted AI's transformative potential in finance at the Global Wealth Management Forum, emphasizing cost reduction and expanded reach. Concerns were raised about increased concentration risks as large firms leverage AI, potentially creating barriers for smaller entities. The Commission advocates for balanced supervision, encouraging AI adoption while enhancing risk management and supervisory capabilities.
The National Bank of Moldova reported Governor Anca Dragu's participation in the "Women Leaders’ Discussion" at the World Bank Group and IMF Annual Meetings, emphasizing gender equity and financial inclusion as key to economic competitiveness. Dragu highlighted the bank's commitment to diversity, equity, and inclusion, noting women make up 64% of staff and hold over half of leadership roles. The event also covered national programs supporting women's entrepreneurship and access to finance.
The Angola Capital Markets Commission participated in the "Road to NCXP – Data Security in the Financial Sector" event in Luanda, focusing on cybersecurity and data governance solutions. Executive Administrator Edna Mascarenhas and Director Eggleston Vasconcelos represented the Commission at the closed-door meeting, which showcased next-generation tools to enhance digital resilience in Angola's financial institutions.
The European Securities and Markets Authority has updated its Questions and Answers under the European Market Infrastructure Regulation and the Markets in Crypto-Assets Regulation. The updates provide guidance on error notifications for exchange-traded derivatives under EMIR and clarify responsibilities for offerors and service providers regarding Title II tokens under MiCA.
The Central Bank of the Republic of Kosovo reported on Governor Ahmet Ismaili's meetings with IMF and World Bank Executive Directors during the 2025 Annual Meetings, focusing on economic and financial-sector developments. Discussions with IMF Executive Director Yiğit Yaşar addressed banking supervision, macroprudential policy, and financial-sector digitalisation. Talks with World Bank Executive Director Nathalie Francken reviewed projects like Kosovo's SEPA integration and TIPS Clone fast payments system, highlighting positive progress and plans to enhance cooperation.
The Hong Kong Insurance Authority has introduced a framework for classifying Domestic Systemically Important Insurers (D-SIIs), identifying AIA Group Limited and Prudential Corporation Asia Limited as D-SIIs. The framework aims to enhance supervision and recommends including D-SIIs under the Financial Institutions (Resolution) Ordinance for improved resolvability assessments. An annual review of D-SII classifications will align with international practices.
The Pensions Superintendency (SIPEN) participated in the Financial Summit 2025 in Santo Domingo, operating an information stand to assist attendees with pension system inquiries. A panel discussion highlighted the scale of pension funds in the local market, with USD 24bn in pension fund investments compared to USD 16bn for banks and USD 5bn for investment funds. SIPEN was represented by Amaury Feliz Flores and Santiago Núñez.
The Central Bank of the Republic of Kosovo, led by Governor Ahmet Ismaili, met with the US Treasury’s Office of Technical Assistance during the 2025 IMF and World Bank Annual Meetings to reaffirm and potentially expand their partnership. Discussions included Kosovo's financial sector developments, anti-money laundering and counter-terrorist financing efforts, and risk-based supervision capacity-building. The US Treasury confirmed its commitment to ongoing projects and a new technical assistance programme.
The Central Bank of Bolivia completed a non-deliverable gold forward sale of three tonnes, generating over USD 388 million to meet State obligations. The transaction included a USD 270 million prepayment and USD 118.8 million at settlement, with funds allocated to external debt servicing and fuel imports. The bank used hedging strategies to mitigate gold price fluctuations, ensuring no losses and compliance with legal reserve requirements, while retaining title to its gold holdings.
The Bank of Italy's Economic History Working Paper No. 56 tests the Cambridge School of monetary theory for Italy, focusing on Pigou’s Cambridge k ratio. The study finds the ratio follows a non-stationary process, challenging the stable velocity of circulation, but identifies a long-term equilibrium relationship when modeled with nominal interest rates. Using Italian data from 1861 to the euro's introduction, the research supports the Cambridge School's theoretical predictions.
The Angola Capital Markets Commission highlighted its cooperation with the Competition Regulatory Authority at Angola’s sixth Annual Conference on Competition and Economic Regulation. The event focused on enhancing competition culture and regulatory capacity under their 2022 bilateral cooperation protocol.
The Central Bank of the Republic of Kosovo (CBK) announced a technical assistance project with the International Monetary Fund (IMF) to enhance Kosovo’s macroeconomic frameworks. The initiative aims to improve the CBK’s analytical and decision-making capacity through advanced macroeconomic modelling and scenario analysis. The IMF confirmed its commitment to the project, which builds on recent assessments and ongoing reforms in Kosovo's financial sector.
The Insurance Supervision Agency of Montenegro released stress test results for Montenegrin non-life insurers, showing resilience and capital stability despite potential declines in compulsory motor third-party liability (MTPL) insurance premiums. Capital adequacy remained above legal minimums under hypothetical MTPL premium declines of 5%, 10%, and 15%, although profitability metrics weakened. The average gross combined ratio in the MTPL segment increased significantly, indicating a material impact on profitability if prices fall.
Governor Ahmet Ismaili of the Central Bank of Kosovo presented at the World Bank Constituency meeting during the 2025 IMF and World Bank Annual Meetings, emphasizing Kosovo's collaboration with the World Bank Group. Discussions included productivity growth, trade and investment, digitalisation, and financial inclusion. Ismaili highlighted Kosovo's progress in World Bank projects, including digitalisation and financial-sector development, and noted its removal from the fragility list.
The Central Bank of the Republic of Kosovo reported a decline in total assets, deposits, and international reserve assets for September 2025. Total assets decreased to EUR 1.97 billion, with significant reductions in deposits from the Kosovo budget and commercial banks. International reserve assets fell to EUR 1.54 billion, primarily due to revaluation effects from market price and exchange rate movements.
The Central Bank of the Republic of Kosovo (CBK) met with the International Monetary Fund (IMF) to discuss economic and financial sector developments and enhance cooperation. Discussions included financial stability, structural reforms, and the implementation of IMF programme recommendations. The CBK will continue meetings with IMF and World Bank officials in Washington, D.C.
The French Financial Markets Authority and the French Prudential Supervision and Resolution Authority warned about unauthorised operators in France's unregulated Forex and crypto-asset derivatives markets. Their blacklists now include 43 Forex sites and 23 crypto-asset derivatives sites added since early 2025. Investors should verify intermediary authorisation via the REGAFI register, ORIAS, or the AMF register.
The Central Bank of Montenegro (CBCG) engaged with senior International Monetary Fund (IMF) officials to enhance cooperation and technical assistance, focusing on institutional and supervisory capacity. Discussions included the CBCG Communication Strategy, Central Bank Independence Index, and potential support for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT). Meetings with the Belgian–Dutch IMF Constituency emphasized support for CBCG modernization and alignment with Eurosystem practices for European System of Central Banks (ESCB) membership.
The National Bank of Ukraine invites papers for its online workshop, "Monetary Policy in Emerging Markets: Evolution of Inflation Targeting," on 27 November 2025. The event will discuss Ukraine's inflation-targeting amid geopolitical challenges, featuring a keynote by Erik Thedéen, Governor of Sveriges Riksbank. Topics include inflation targeting evolution, policy responses to geopolitical risks, and the interaction between financial stability and monetary policy.
ASIC has charged Phillip Bird and Daniel Holmes, directors of Sheffield Insurance Pty Ltd, for failing to lodge financial statements and auditors’ reports from 2019 to 2024. The charges, under sections 989B(2) and 989B(3) of the Corporations Act, were brought in the Perth Magistrates Court, with proceedings adjourned to 21 November 2025. The prosecution is led by the Commonwealth Director of Public Prosecutions following an ASIC referral.
The Bank of Botswana announced Moody’s downgrade of Botswana’s sovereign credit rating from A3 to Baa1, maintaining a negative outlook but still investment grade. The downgrade is due to structural challenges in the diamond industry affecting economic activity and external buffers. Moody’s emphasized Botswana’s institutional strength and policy discipline, noting that export earnings, fiscal consolidation, and economic diversification will be crucial for the credit profile.
The Mauritius Financial Services Commission approved the amalgamation of Jubilee Allianz General Insurance (Mauritius) Limited into Sanlam General Insurance Limited under section 56(2) of the Insurance Act 2005, with Sanlam as the surviving entity.
The Tanzania Insurance Regulatory Authority (TIRA) released its 2024 Insurance Market Performance Report, emphasizing digital upgrades to enhance insurance distribution and underwriting. Achievements include digitalization, implementation of Inbound Mandatory Travelling Insurance in Zanzibar, and strengthened supervision of compulsory insurance. TIRA aims to expand inclusive insurance to 3% by 2030 and increase average insurance usage to 50% by 2050.
Ukraine’s National Commission on Securities and Stock Market released its September 2025 analytical digest, highlighting securities trading volumes and trends. Organised market trading reached UAH 101 billion, primarily in government bonds, while unorganised market turnover was UAH 40.7 billion, with government bonds and other securities prevailing. Commodity exchange turnover was UAH 24.3 billion, driven by electricity and increased trading in commodities.
The Ukraine National Commission on Securities and Stock Market issued decisions on rulemaking, governance, licensing, and sanctions supervision. Key actions include amendments to a 2022 decision, approval of board appointments for several firms, and termination of On-line Capital LLC's licenses. Additionally, the NSSMC updated the list of assets subject to sanctions for Freedom Finance Ukraine LLC.
The Federal Deposit Insurance Corporation outlined an agenda to recalibrate supervision and regulation, focusing on core financial risks and including reforms to the CAMELS rating system, supervisory appeals process, and examination frequency thresholds. Additional initiatives involve interagency rulemakings, capital standards modernization, crypto-asset supervision, and measures to address unlawful debanking and reputational risk in examinations.