The Central Bank of Peru reported an 8.4% real-term growth in the formal wage bill for August 2025 compared to August 2024, driven by a 5.2% increase in formal employment. The private sector wage bill rose 10.4%, with significant contributions from services and agriculture. This marks the seventeenth consecutive month of improvement.
Mexico's National Banking and Securities Commission (CNBV) revoked CIBanco’s authorization to operate as a multiple banking institution following a voluntary request by the bank’s shareholders, initiating a liquidation process. The Institute for the Protection of Bank Savings (IPAB) has begun paying insured depositors up to 400,000 Unidades de Inversión (MXN 3,424,262.40) per person, covering 99.4% of depositors. CIBanco’s assets represent 0.44% of total banking system assets.
Indonesia's Financial Services Authority (OJK) unveiled the 2025–2030 Roadmap for the pawnshop industry, focusing on capital, governance, supervision, consumer protection, and ecosystem support. The roadmap, in three phases, includes risk-based supervision, handling unlicensed pawn businesses, and promoting sustainable finance. OJK plans to deregulate certain pawnshop rules in 2025 and has granted a national-scope licence to PT Gadai Mas Nusantara under the new framework.
Mexico's Ministry of Finance announced CIBanco's voluntary liquidation after its banking license was revoked by the National Banking and Securities Commission. The Institute for the Protection of Bank Savings (IPAB) is managing the liquidation, ensuring insured depositors are paid up to 400,000 investment units (UDIS), equivalent to MXN 3,424,262.40. The liquidation affects 32,656 depositors, with 99.4% fully covered, excluding certain insiders.
The National Bank of Georgia's Governor, Natia Turnava, is attending the IMF and World Bank Annual Meetings in the U.S. Her agenda includes bilateral meetings with key IMF and World Bank officials, discussions with the Reserve Bank of India and major financial institutions to promote Georgia's investment potential. Turnava will also participate in an IMF high-level roundtable and a regional meeting for central bank governors and finance ministers from the Caucasus and Central Asia.
The National Bank of Georgia's Vice Governor Nino Jeladze informed the Parliamentary Committee on Finance and Budget that the central bank has no comments on the 2026 State Budget draft, which is not expected to exert inflationary pressure. The budget deficit is projected to remain near a sustainable 3 percent, aligning with fiscal rules. Economic activity is anticipated to normalize to a 5 percent growth rate by 2025, with the economy reaching equilibrium in 2026.
The People's Bank of China and the Macao Monetary Authority signed a memorandum of understanding to enhance cooperation on cross-border payment interoperability between Mainland China and Macao. The initiative aims to improve payment efficiency, service levels, and support bilateral trade and economic activity.
Federal Reserve Bank of Philadelphia President Anna Paulson delivered her first economic outlook, stating tariffs will raise prices but likely won't cause persistent inflation, suggesting a neutral monetary policy stance. She supported the Federal Open Market Committee's recent rate cut due to labor market risks and indicated further easing might be appropriate if conditions align with expectations. For 2026, Paulson anticipates growth near potential and inflation fluctuations as tariffs and monetary policy effects unfold, with cautious policy decisions.
The European Banking Authority released its annual list of third-country banking groups and branches in the EU and EEA, detailing foreign ownership structures and third-country presence. The 2025 update includes 445 groups from 50 non-EU/EEA countries, with 10 establishing intermediate EU parent undertakings and 59 operating via 88 branches. This publication aids compliance with Article 21b of Directive 2013/36/EU and aligns with EBA's asset calculation and reporting guidelines.
The Financial Conduct Authority (FCA) has initiated criminal proceedings against Charles Hunter, Kayan Kalipha, and Luke Desmaris for allegedly promoting high-risk foreign exchange trading without authorization. The defendants, known as "finfluencers," pleaded not guilty to charges under the Financial Services and Markets Act 2000. This action is part of the FCA's broader crackdown on unlawful finfluencer promotions, following a coordinated operation with nine regulators.
Greece's Ministry of National Economy and Finance has integrated the TEPIX III Microloan Fund for Recovery from Natural Disasters into the 2021–2027 NSRF Competitiveness programme, establishing a EUR 10m microfinance facility for Thessaly businesses affected by natural disasters. The fund aims to generate a EUR 12m loan portfolio, offering loans up to EUR 25,000 with 75% interest-free financing and no collateral required. Co-financed by the European Social Fund Plus and national resources, it also provides business advisory and training services.
Greece's Ministry of National Economy and Finance announced the merger of OPAP with Allwyn, emphasizing it as a model for Greek businesses to expand internationally. The merged entity will remain listed on the Athens Stock Exchange, enhancing the Greek capital market's visibility. This coincides with FTSE Russell's upgrade of the Athens Stock Exchange to developed market status, supported by recent legal reforms to boost investor confidence.
The Hong Kong Securities and Futures Commission (SFC) has launched a dedicated REIT Channel and streamlined the authorisation process for real estate investment trusts (REITs) seeking public offering authorisation. The new process aims to decide on applications within four weeks and includes updated documentary requirements aligned with The Stock Exchange of Hong Kong Limited’s listing rules. Additionally, the SFC issued a circular to REIT managers outlining streamlined requirements for secondary offerings, focusing disclosures on specific offers.
The Hong Kong Securities and Futures Commission (SFC) secured a court order against AMTD Global Markets Limited for failing to comply with statutory notices during investigations into suspected fraudulent schemes and misleading disclosures in IPOs. The Court of First Instance penalized AMTD for contempt, requiring it to produce outstanding records, while dismissing AMTD's non-compliance explanations. The fine amount for contempt is yet to be determined.
The National Bank of Ethiopia marked the 18th National Flag Day by highlighting its reform agenda, including new legal frameworks and opening the financial sector to foreign banks. Key reforms involve monetary policy, foreign exchange management, and financial sector regulation under Proclamation No. 1359/2025 and Banking Business Proclamation No. 1360/2025. The market opening is part of Ethiopia's economic liberalisation to attract foreign capital and enhance competition.
The International Financial Reporting Standards Foundation has developed stand-alone modules for each section of the IFRS for SMEs Accounting Standard, updating them to reflect the 2025 amendments. These modules include full requirements, notes, examples, and comparisons with full IFRS, and are accessible via free registration. The materials are not approved by the International Accounting Standards Board and are subject to copyright.
The Hong Kong Monetary Authority issued a scam alert about fraudulent websites, fake internet banking login screens, and phishing emails linked to press releases from The Bank of East Asia, Shanghai Commercial Bank, Chong Hing Bank, and HSBC. The HKMA emphasized that banks will not send SMS or emails with hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals should contact their bank and report to the Hong Kong Police Force's Crime Wing Information Centre.
The Isle of Man Financial Services Authority issued guidance on consumer protection risks related to greenwashing, clarifying expectations for managing these risks within the regulated sector. Applicable to entities under several financial acts, it explains greenwashing and its potential consumer impact, aligning with existing frameworks without new requirements. This is part of the Isle of Man Sustainable Finance Roadmap's Pillar 1 initiatives.
The Central Bank of the Republic of Uzbekistan convened with foreign investors to discuss enhancements to pledge legislation, focusing on mortgages' role in economic stability and investment appeal. This meeting supports the implementation of the President’s Resolution No. PP-226 from 18 July 2025, related to agreements from the Council of Foreign Investors.
Mexico's National Commission for the Protection and Defense of Users of Financial Services (CONDUSEF) reported 6,855 consumer complaints in Nuevo León from January to August 2025, a 1.6% decrease from the same period in 2024. The total claimed amount was MXN 374.1 million, with MXN 36.9 million recovered, marking a 54.1% decline. Credit cards, debit cards, and personal loans were the primary sources of complaints, with unrecognised transactions and improper debt collection practices as leading issues.
Mexico's CONDUSEF awarded Grupo Financiero Banorte the Sáasil Insignia for promoting gender equity and women's economic independence. Banorte's Mujer PyME Banorte solution provided over MXN 1.5bn in financing to more than 3,500 women entrepreneurs, with improved credit terms and simplified requirements. The award followed an evaluation of internal policies, innovation, accessibility, financial education, and institutional transparency.
The Central Bank of Kuwait's 53rd Annual Report for fiscal year 2024/25 details efforts in monetary and financial stability, banking supervision, anti-money laundering, and financial innovation oversight, including a risk-based supervisory approach and digitalisation measures. It also highlights consumer awareness programmes, financial literacy initiatives, and workforce development with the Kuwait Institute of Banking Studies.
The Central Bank of Kuwait has issued an updated Consumer Protection Guide to enhance consumer protection and align with international best practices, replacing the previous version to improve transparency and efficiency in bank-customer interactions.
The Central Bank of Kuwait has imposed penalties on two local banks, two exchange companies, and four e-payment providers.
The Financial Sector Conduct Authority (FSCA) has imposed a ZAR 10.6 million penalty on Sanlam Collective Investments (RF) (Pty) Ltd for non-compliance with the Financial Intelligence Centre Act, 2001. The sanctions follow a March 2024 inspection revealing deficiencies in SCI's Risk Management and Compliance Programme and customer due diligence controls. ZAR 3.6 million of the penalty is suspended for two years, contingent on SCI addressing the issues and maintaining compliance.
The Brazilian Superintendence of Private Insurance (SUSEP) released its Boletim Susep for August 2025, reporting BRL 279.91 billion in revenues for January–August 2025, a 2.81% nominal decline from 2024. Indemnities and related payouts increased by 8.96% to BRL 175.74 billion. Non-life and personal insurance revenues rose 7.09% nominally, with motor insurance comprising 42% of non-life premiums.
The Brazilian Superintendence of Private Insurance (SUSEP), represented by Director Jessica Bastos, joined the Salzburg Global programme meeting on insurance solutions for resilient communities. International leaders discussed strategies for resilience, innovations for protecting low-wealth individuals, and engaging marginalized groups. The meeting identified opportunities for cross-sector collaboration and effective partnerships to implement action plans.
The National Bank of the Republic of Tajikistan, with the Agency for Innovation and Digital Technologies and the Communications Service, supported the "PLASS-Forum Digital Tajikistan" in Dushanbe, focusing on the digital economy and financial sector. Deputy Chairman Sirojiddin Ikromi emphasized legislative strengthening, payment infrastructure, and technology adoption, referencing strategies and a Presidential Decree for non-cash government payments. Future projects in 2025 will address payment infrastructure, trust, and financial inclusion, with discussions on AI, future payments, and cybersecurity.
The National Bank of the Republic of Tajikistan announced discussions with IMF Managing Director Kristalina Georgieva on Tajikistan’s economic policy agenda and future IMF engagement. Key topics included the Policy Coordination Instrument, financial support options, and capacity building for public-sector specialists. Both parties expressed commitment to expanding cooperation for economic reforms and sustainable development.
The Bank for International Settlements’ Financial Stability Institute published an Occasional Paper on a cross-border crisis simulation involving authorities in Morocco, Mauritania, Tunisia and the West African Monetary Union, assessing their readiness to manage the failure of a fictional regionally systemic cross-border banking group. The exercise highlighted gaps in cross-border coordination, operational continuity planning, crisis protocols and alignment of resolution tools and funding, and found early intervention largely judgment-based. The paper recommends enhancing resolution frameworks in line with the Financial Stability Board’s Key Attributes, improving operational readiness and governance, formalising any use of public funds, strengthening recovery and resolution planning, and conducting regular crisis simulations.
The Brazilian Pension Funds Authority (PREVIC) appointed Raquel Lamb Lautert as coordinator-general for Projects and International Relations to advance its sector-development agenda for closed supplementary pensions and enhance international engagement. A key focus is resuming the Commission for the Development of Closed Supplementary Pensions (COFOM) to develop strategies for strengthening the pension fund segment. COFOM subcommittees will submit proposals to PREVIC for a final report and action agenda, including cost analysis and regulatory impact assessment.
The European Central Bank's Working Paper No 3137 reviews medium-sized New Keynesian DSGE models for analyzing inflation dynamics and policy interventions. It highlights that inflation in 2021-2022 was driven by persistent cost-push shocks, with DSGE models suggesting ECB's 2022-2023 policy decisions were close to optimal. The paper calls for enhanced modelling to address limitations exposed by recent inflation episodes, including nonlinear dynamics and complex supply-side structures.
The European Central Bank has set transitional provisions for applying the Eurosystem’s minimum reserve requirements to credit institutions and branches in Bulgaria, effective 1 January 2026. This includes a transitional maintenance period from 1 January to 10 February 2026, detailing rules for calculating reserve bases and allowing deductions for liabilities owed to Bulgarian institutions. The decision will be published in the Official Journal of the European Union.
The National Bank of Serbia announced that Governor Jorgovanka Tabakovic and First Deputy Prime Minister Sinisa Mali will attend the IMF and World Bank Group Annual Meetings in Washington. The delegation will discuss investment opportunities, Serbia’s economic potential, and business-environment reforms, and participate in meetings on the Central and Eastern Europe economic outlook. Key agenda items include global economic developments, trade tensions, and the role of international financial institutions.
The National Bank of Serbia reported an increase in gross foreign reserve assets to EUR 29,051.8 million at the end of September 2025, with net reserves rising to EUR 24,662.1 million. The reserve stock covered 162.3% of M1 and 6.8 months of imports, influenced by net foreign exchange purchases and market valuation effects, including a rise in gold prices. Interbank foreign exchange turnover reached EUR 634.8 million in September, with the dinar's value against the euro remaining stable.
The European Systemic Risk Board, in a speech to the European Parliament’s Committee on Economic and Monetary Affairs, set out its views on the European Commission’s review of the EU securitisation framework, supporting simplification, greater proportionality and enhanced reporting of private securitisations. It cautioned against a new “resilient transaction” category and warned that allowing (re)insurers to provide unfunded guarantees under the simple, transparent and standardised framework would increase concentration and counterparty risks and strengthen contagion channels between banking and insurance.
The European Council's 23 October meeting in Brussels will focus on supporting Ukraine, increasing pressure on Russia, and advancing European defence readiness by 2030. Discussions will include financial support for Ukraine, options related to Russia's immobilised assets, and defence capability projects. The agenda also covers economic talks with ECB President Christine Lagarde, affordable housing, peace efforts in Gaza, and migration priorities.
The German Bundesbank reported a decline in Germany's current account surplus to EUR 8.3bn in August 2025, driven by a reduced goods trade surplus and a shift to a deficit in services and income transactions. The financial account showed net capital exports of EUR 20.8bn, reversing from net capital imports in July, with significant outflows in direct investment, portfolio investment, and derivatives.
The German Bundesbank's August 2025 securities statistics show a EUR 18.9bn increase in outstanding debt securities in Germany. Gross bond issuance decreased to EUR 109.6bn, with credit institutions and the public sector as primary issuers, while domestic enterprises saw net redemptions. Foreign investors were the main net buyers of domestic debt securities, and domestic investment funds experienced significant net inflows, particularly in special and equity funds.
Poland's Ministry of Finance reported on the 4th conference for cooperating units on the AML Act and the Central Register of Beneficial Owners (CRBR). General Inspector of Financial Information Jarosław Żółtowski emphasized the CRBR's role in enhancing transparency and combating abuse, while advocating for IT modernization and adherence to new EU data access rules. Discussions included improving data quality, cross-border cooperation, and implementing the EU AML package.
The Vietnam State Securities Commission has appointed Nguyen Hong Ha as Deputy Head of its Technology and Digital Transformation Department. This transfer from her previous role at the Ministry of Finance's Information Technology and Digital Transformation Department is effective immediately.
The Vietnam State Securities Commission has mandated individuals listed in a notice to pay a VND 1,000,000 licensing fee for securities practising certificates, as per the Ministry of Finance’s Circular No. 25/2022/TT-BTC. Payment can be made via bank transfer or directly to the Commission. Failure to complete the procedure within one year will result in certificate cancellation.
The Brazil Securities Commission (CVM) will hold a judgment session on 14 October to evaluate Alexandre Silva Melo and Felipe Medici Toscano's potential liability for alleged irregular securities portfolio management and a fraudulent market operation. The session will address possible breaches of CVM Instructions 306, 558, and 8, and Law 6,385. The session is public, with attendance options at CVM headquarters or via videoconference.
Bank Negara Malaysia and the Malaysia International Islamic Financial Centre Leadership Council announced the winners of the MIFC Global Impact Challenge 2025, recognizing e-Wakalah, Gobarakah, and Koha Islamic Digital under the Social Resilience Track, and Bagh-e under the Climate Resilience Track. Winners will receive cash prizes and up to 12 months of support from the Asia School of Business’ Innovation and Entrepreneurship Center. The challenge attracted over 50 applications from 10 countries, with 29 teams shortlisted.
The National Bank of the Kyrgyz Republic suspended the licence of Muras Profi LLC’s exchange bureau in Bishkek due to violations of Kyrgyz legislation and regulatory requirements. The suspension is effective from 11 to 15 October 2025.
The National Bank of the Kyrgyz Republic’s Board has amended regulatory legal acts to reallocate supervisory responsibilities, aiming to optimize Board operations and enhance supervision effectiveness. The resolution delineates powers between the Board and supervision committees and is available on the Bank’s website.
The National Bank of the Kyrgyz Republic has authorized the establishment of Closed Joint-Stock Company Bereket Bank following a Board decision on 10 October 2025.
The National Bank of the Kyrgyz Republic's Talas regional office fined exchange bureau LLC Aral-Chechtobo KGS 55,000 for breaching Kyrgyz Republic legislation and National Bank regulations.
The National Bank of the Kyrgyz Republic has suspended the licence of OsOO “Arena key ji” exchange bureau in Bishkek from 14 to 28 October 2025. The suspension is due to breaches of Kyrgyz Republic legislation and the National Bank’s regulatory legal acts.
The Saudi Arabia Insurance Authority hosted a Lloyd’s Academy training camp in Riyadh for more than 95 insurance specialists. The program covered core insurance functions and specialized lines, supporting workforce development in a sector where Saudization reached 85% in 2024.
The European Securities and Markets Authority recommends amending the Regulatory Technical Standards on settlement discipline to enhance efficiency and support a T+1 settlement cycle by October 2027. Key proposals include same-day trade allocations, machine-readable formats, and mandatory hold and release functionalities. The draft amendments have been submitted to the European Commission for adoption consideration.
The Central Bank of Iceland submitted a report to the Government after September 2025 inflation exceeded the 1.5 percentage point deviation threshold from the 2.5% target, detailing reasons for the deviation, response plans, and timeline for returning to target. The report includes a letter to the Prime Minister and related monetary policy documents.
The Central Bank of Chile announced that President Rosanna Costa will attend the IMF and World Bank Annual Meetings in Washington, D.C. on 13 October. Her agenda includes bilateral meetings with IMF leadership, participation in the Center for Latin American Monetary Studies, and discussions with international investors on Chile’s macroeconomic outlook. Costa will also attend a breakfast with women central bank leaders to discuss payment system developments.
The National Commission for Financial Markets (CNPF) issued an alert regarding false social media claims that TUX has ceased operations and that investors can recover their investments. The CNPF clarified it is not involved with any fund return initiatives linked to TUX and urged the public to verify information through official sources and report suspicious messages.
The Chile Financial Market Commission is consulting on proposed amendments to General Rule No. 532, delaying the Information Systems Manual for Funds (ISMF) implementation to June 2026. Key changes include new fields for regulatory files, revised reporting of derivative transactions to the Central Bank of Chile, and updated cost rate calculations. Current reporting requirements remain until November 2026.
The Chile Financial Market Commission has released a new data presentation on mutual fund investments by instrument through its Temporary Series Statistical Database. The dataset offers system-level and fund manager-level insights, including historical data from January 1998, and is complemented by reports on the mutual fund industry's evolution and characteristics.
Norway's Financial Supervisory Authority revoked a real estate broker's licence for serious breaches in property value assessments, including unverified e-valuations and overvaluations. The broker was charged with gross corruption and indicted for embezzlement, receiving NOK 168,000 privately without employer or tax authority disclosure. The revocation is under section 8-4(3) of the Real Estate Brokerage Act, with an appeal option available.
The Norwegian Financial Supervisory Authority issued an ICT supervisory report on Vipps MobilePay AS, finding no material deficiencies but noting minor risk management observations. These include clarifying ICT governance documentation, enhancing change management, and improving outsourced ICT activity monitoring. Vipps MobilePay must comply with the Digital Operational Resilience Act framework from 1 July 2025.
The Australian Prudential Regulation Authority has released its Innovate Reconciliation Action Plan for October 2025 to September 2027, focusing on enhancing Aboriginal and Torres Strait Islander employee engagement, cultural connections, and reconciliation efforts within its operations and partnerships. This plan aligns with APRA's inclusion and diversity strategy and marks its third Reconciliation Action Plan since 2017.
The Central Bank of Egypt announced S&P Global Ratings' upgrade of Egypt’s long-term sovereign credit rating to “B” from “B-” with a stable outlook, reflecting confidence in recent monetary and structural reforms. Governor Hassan Abdalla emphasized the unification of the exchange rate regime and improved external indicators as key factors. Fitch Ratings affirmed Egypt’s rating at “B” with a stable outlook, noting resilient growth and fiscal reforms.
The Central Bank of Egypt launched an "AI for FinTech" hackathon under its FinTech Egypt initiative, in collaboration with the Ministry of Communications and Information Technology, to support youth in the Digital Egypt Builders Initiative. The event focused on converting banking challenges into digital solutions using AI and data analytics, culminating in a presentation to experts. Winning teams will receive support from Société Arabe Internationale de Banque, including project development, cash prizes, and jobs.
The Argentina Securities Commission (CNV) vice president Sonia Salvatierra spoke at the Merge Madrid conference, discussing Argentina's regulatory approach to tokenisation and virtual asset service providers. She highlighted Argentina's leadership in the region due to its tokenisation and PSAV regulations and participated in discussions on cross-border implementation of the EU Markets in Crypto-Assets Regulation and KYC/AML standards.
The Reserve Bank of Zimbabwe has dismissed a false social media post claiming Governor Dr. John Mushayavanhu supports a scheme offering USD 6,500 monthly for opening bank accounts with USD 230. The post, identified as a scam using an AI-generated voice to impersonate the Governor, falsely suggests endorsement by SABC News. The RBZ has reported the fake accounts and cautioned the public against such fraudulent "get rich quick" schemes.
The Monetary Authority of Macao and the People’s Bank of China have signed a memorandum to establish a cooperation framework for cross-border payment system interconnection between Mainland China and Macao. This initiative aims to enhance payment efficiency and service quality, facilitating economic activity and mobility between the regions. The authorities will encourage financial institutions' participation to ensure safe and efficient cross-border fund transfers for residents.
The Eurasian Group published the results of its fourth annual competition for financial institution compliance specialists. The National Bank of Egypt won with a money laundering case study involving a hawaladar, fictitious interest and a Ponzi investment scheme, while entries from Russia and Tajikistan were named laureates. The awards will be presented at the Eurasian Group plenary meeting in November in Minsk.
The Central Bank of Congo warned foreign exchange bureaus and money changers against disparate rates and speculative quotes amid the franc's appreciation, breaching Administrative Instruction No. 007 (amendment No. 3) of 2023. The Bank emphasized compliance with regulations prohibiting public display of exchange rates outside business premises and warned of potential sanctions, including withdrawal of authorization. The public is advised to conduct foreign currency transactions through commercial banks and authorized bureaus.
Switzerland's Federal Department of Finance announced that Federal Councillor Guy Parmelin, State Secretary Daniela Stoffel, and Swiss National Bank Governing Board Chairman Martin Schlegel will attend the IMF and World Bank Annual Meetings and the G20 finance ministers and central bank governors meeting in Washington. Switzerland will advocate for economic openness, sound public finances, and a robust global monetary and financial system, emphasizing the IMF's core mandate and the World Bank's efforts in sustainable job creation and infrastructure investment. At the G20 meeting, Switzerland will support growth-friendly international taxation rules and efforts to strengthen global financial stability.
The Caribbean Financial Action Task Force issued Suriname’s third enhanced follow-up report and upgraded six FATF technical compliance ratings. Recommendation 29 moved to Compliant, Recommendations 1, 10, 23 and 32 moved to Largely Compliant, and Recommendation 6 moved from Non-Compliant to Largely Compliant. Suriname is now Compliant with 10 Recommendations and Largely Compliant with 17.
The Central Bank of Mongolia shared its climate scenario analysis experience for the banking sector at the Asia–Pacific NDC Clinic in Bangkok. The analysis, developed with UNESCAP, assesses climate-related financial vulnerabilities and aligns monetary and prudential policies with national climate priorities. The event facilitated discussions on NDC implementation and financing strategies among government ministries and financial institutions.
The Pensions Regulator's latest defined contribution survey reveals that schemes are enhancing at-retirement and decumulation options in anticipation of the guided retirement duty in the Pension Schemes Bill. Master trusts lead in offering decumulation benefits, while 73% of DC schemes lack such options. Consolidation is more prevalent among larger schemes, with significant activity in transferring members to master trusts.
The National Bank of Moldova released a draft decision to amend credit risk regulations for banks using the standardized approach, aligning with Regulation (EU) 2024/1623. Key changes include recalibrated risk weights, credit conversion factors, and definitions across various exposure classes, notably impacting real estate, bank, and public sector exposures. The draft introduces new classifications, risk weight adjustments, and a preferential framework for covered bonds, with implementation set for 1 July 2026 and securitisation amendments from 1 January 2028.
The National Bank of Moldova, led by Governor Anca Dragu, will attend the IMF and World Bank Group Annual Meetings in Washington, DC, to discuss Moldova's financial-sector modernization and European integration. Moldova joined the Single Euro Payments Area (SEPA) in March 2025, with banks starting transactions in October. The successful completion of IMF and World Bank FSAP evaluation missions highlighted banking regulation, stress testing, and crisis management.
The National Bank of Moldova released a draft decision to establish new regulations for banks' own funds requirements for operational risk under the standardized approach, partially aligning with the EU Capital Requirements Regulation. Effective 1 January 2027, it applies to Moldovan banks and foreign bank branches, introducing a business indicator-based calculation and specific rules for loss data management. It revises the governance framework to include legal, model, and ICT risks, with updated disclosure requirements.
The European Insurance and Occupational Pensions Authority (EIOPA) has initiated a Call for Evidence to develop a toolkit for defined contribution (DC) pensions, aiding policymakers and regulators in transitioning from defined benefit to DC arrangements. The toolkit will provide guidance on maintaining flexibility, designing accumulation and decumulation phases, and ensuring value for money in DC plans. EIOPA seeks case studies and data to inform this initiative.
The National Bank of Moldova released a draft decision to amend its prudential framework, aligning with the EU Capital Requirements Regulation. Key changes include revised definitions for own-funds instruments, rules for eligible liabilities, a new deduction mechanism for non-performing exposures, and strengthened conditions for profit distributions. The draft sets an application date of 1 July 2026, with specific provisions for internal ratings-based approaches effective from 1 January 2027.
The Central Bank of Trinidad and Tobago announced that Trinidad and Tobago hosted the 186th CAF Board of Directors meeting, approving USD 1.09 billion for strategic operations in Brazil, Colombia, Uruguay, and Chile. Chaired by Central Bank Governor Larry Howai, it was the first CAF Board meeting in the English-speaking Caribbean and used a hybrid format. Approved projects include Colombia's railway reactivation, water security in Montevideo, urban modernization in Brazil, and credit expansion in Chile for SMEs and green initiatives.
The Central Bank of the UAE held the first meeting of the Islamic Finance and Halal Industry Development Committee, approving its operational framework and strategic plans for 2025–2026. The committee aims to enhance the UAE's position as a global hub for Islamic finance and the halal industry, with subcommittees established to coordinate efforts across sectors. These subcommittees will report on progress in implementing the strategy's initiatives and projects.
The Central Bank of the Dominican Republic reported remittance inflows of USD 8,912.8 million from January to September 2025, marking an 11.4% increase from the same period in 2024. The United States was the primary source, contributing 80.5% of September's USD 991.8 million remittances. The bank projects 2025 remittances to reach USD 11,700 million, with foreign direct investment at USD 4,800 million and gold export proceeds potentially over USD 2,000 million.
Kuwait's Capital Markets Authority (CMA) and the Ministry of Commerce and Industry are advancing the Smart Trade License Project to digitize commercial licensing. The first phase, involving electronic data exchange between the CMA and the Ministry, is complete. The second phase will integrate securities activities licenses into a unified digital process using APIs, with technical specifications jointly established.
Saudi Arabia's Finance Minister Mohammed Aljadaan will lead the Kingdom’s delegation to the 2025 World Bank Group and IMF Annual Meetings in Washington, D.C. from 13 to 18 October. The delegation includes the Governor of the Saudi Central Bank, Ayman Alsayari, and senior officials. Aljadaan and Alsayari will participate in the G20 Finance Ministers and Central Bank Governors meeting and the World Bank Group Development Committee, focusing on global economic developments, investment strategies, and the IMF’s role in financial assistance and policy advice.
The Algeria Market Authority (COSOB) has published its 2024 annual report, which reviews activity in Algeria's securities market.
The Egypt Financial Regulatory Authority held a workshop on financial fraud risks in consumer finance, emphasizing supervisory efforts and best practices. It reiterated warnings against unlicensed entities and highlighted the Consumer Finance Law No. 18 of 2020 governing 34 licensed companies and 12 service providers. A "negative list" of non-compliant entities will be updated periodically, with dedicated channels for fraud complaints and business model confirmations noted.
Central Bank of Egypt Governor Hassan Abdalla stressed monetary policy's focus on curbing inflation and maintaining price stability, while enhancing foreign exchange market mechanisms and banking sector development. Coordination between monetary and fiscal policy aims to balance macroeconomic stability with economic stimulus. ACI Egypt President Omar Khattab noted progress in inflation containment and foreign exchange market stability, with international reserves sufficient for six months of obligations.
The Maldives Monetary Authority is accepting applications for a Tier 1 Man Changing Licence under Regulation No. 99-R/2025 and the first amendment to the Man Changing Business Regulations (Regulation No. 92-R/2024).
The Tanzania Insurance Regulatory Authority (TIRA) emphasized the need for insurers to enhance customer service and innovate products during the 2025 Customer Service Week, aligning with the government's goal for the insurance sector to contribute 3% of GDP by 2030. Chief Secretary Zena Ahmed Said urged improved service delivery and transparency, citing "marriage insurance" as an example. TIRA also reported progress in registering insurance sales outlets in Zanzibar and developing systems to integrate insurance with road travel card requirements.
The Tanzania Insurance Regulatory Authority conducted a seminar for government lawyers to enhance their understanding of insurance laws and regulations, focusing on compliance and legal handling. Topics included universal health insurance legislation and the role of the Tanzania Insurance Ombudsman. TIRA plans to continue such training to improve support for citizens.
The Andorran Financial Authority reported that S&P Global Ratings has affirmed Andorra’s sovereign ratings at A-/A-2 with a stable outlook, citing robust public finances and economic performance. S&P forecasts GDP growth of 3.4% in 2024 and 2.2% in 2025, with low unemployment and public debt around 30% of GDP. The report also highlights the banking sector's strength and potential benefits from an EU Association Agreement.
Indonesia's Financial Services Authority (OJK) released its Q2 2025 Banking Surveillance Report, assessing the sector as solid with contained risks and strengthening intermediation. Asset quality improved, liquidity buffers exceeded minimum requirements, and capitalisation remained high, supporting economic growth. OJK urged banks to maintain prudential practices, strengthen capital, and conduct stress tests amid global and domestic policy changes.
Indonesia's Financial Services Authority (OJK) emphasized the PVML sector's role in productive financing and sustainable growth during an “OJK Mengajar” session at Sam Ratulangi University. The sector's asset portfolio reached IDR 1,046.94 trillion as of August 2025, with IDR 967.59 trillion disbursed in financing, prioritizing micro, small, and medium-sized enterprises. OJK's financial education efforts in North Sulawesi included 274 activities reaching 273,448 participants.
The Federal Reserve Bank of Cleveland's Economic Commentary evaluates a model using Beige Book sentiment to forecast recessions, estimating a 24% chance of a U.S. recession in October 2025. The model was accurate from the mid-1980s to 2021, but its reliability has declined due to increased economic uncertainty and negative sentiment since mid-2022. Authors Christian Garciga and James Mitchell attribute this to volatility in economic uncertainty and public debate on interest rates and trade policy.
The Federal Reserve Bank of Cleveland's Survey of Firms’ Inflation Expectations shows a decline in US business leaders' inflation expectations for 2025:Q4, with a forecasted CPI inflation of 3.3% over the next 12 months, down from 3.5% in 2025:Q3. The survey, including a broad panel of manufacturing and services firms, highlights the potential impact of business leaders' expectations on pricing and inflation trends.
The Central Bank of Brunei Darussalam and the Ministry of Finance and Economy have jointly warned that an article claiming the launch of a government bond platform is false. They emphasize potential criminal liabilities for fraud and spreading false information, urging the public to verify claims and report suspicious activities through official channels.
The Central Bank of Egypt (CBE) launched the Banking Reform and Development Fund, appointing an 11-member Board chaired by CBE Governor Hassan Abdalla. Established under the Central Bank and Banking Sector Law No. 194 of 2020, the Fund aims to enhance banking technology infrastructure, cybersecurity, and staff capabilities. It will focus on national payment systems, digital infrastructure, FinTech innovation, and financial literacy, with authority to form joint-stock companies and engage in cooperation agreements.
The State Bank of Vietnam showcased its digital transformation efforts at a science and technology exhibition linked to the Government Party Committee Congress. Deputy Governor Pham Tien Dung and representatives from major state-owned banks presented innovations such as Agribank’s smart service counter and Vietcombank’s VCB Digibank. The Prime Minister-led delegation praised the banking sector's creativity and preparedness.
The Grenada Authority for the Regulation of Financial Institutions (GARFIN) updated CLICO International Life Insurance Ltd policyholders on the Grenada Distribution Plan, sending letters to 2,354 policyholders for a proposed distribution of up to $2.05 million. Distributions are sequenced by claim size, and a new CLICO website provides updates. GARFIN emphasized its supervisory focus on insurers' solvency, fund assets, reinsurance, market conduct, and risk management.
The Belgium Financial Services and Markets Authority has issued a warning to BIOSENIC for the delayed publication of its half-yearly financial report, highlighting concerns over issuer disclosure compliance.
The Angola Capital Markets Commission hosted a panel at the Catholic University of Angola during World Investor Week 2025, focusing on the ethical and legal challenges of insider trading. Moderated by Eliana Kapinãla, the session included representatives from major financial institutions and discussed preventing illicit market practices, the current legal framework, and supervisory mechanisms.
The Angola Capital Markets Commission participated in a Mindset Radio programme during World Investor Week 2025, discussing "Regulation and the use of Crowdfunding in project financing." The session reviewed Angola's regulatory framework and explored crowdfunding's potential and challenges in supporting business projects, focusing on capital-raising opportunities, participant protection, and platform operation requirements.
The Angola Capital Markets Commission conducted a lecture at the Luanda Secondary Institute of Economics during World Investor Week 2025, focusing on the fundamentals of Angola's capital market. The session included discussions on key instruments, operating mechanisms, and market benefits, aiming to enhance financial literacy and investment culture.
The Egmont Group's Information Exchange Working Group has initiated Phase II of its project to enhance Financial Intelligence Units' (FIUs) role in asset recovery, focusing on strengthening FIU powers, cooperation, and use of financial intelligence tools, aligned with recent Financial Action Task Force amendments. This phase aims to support jurisdictions in improving FIU contributions to identifying and securing illicit assets.