The National Bank of Bulgaria transferred BGN 550 million to the Ministry of Finance for the state budget, sourced from its 2024 income surplus. It also anticipates making interest payments of up to BGN 250 million in 2025 for the state budget.
The Isle of Man Financial Services Authority announced updates to the Russia and Syria sanctions regimes, including legislative amendments and financial sanctions updates. Firms are directed to the Isle of Man Government and Treasury websites for detailed notices and can subscribe to notifications for ongoing changes.
The Bank for International Settlements released a bulletin on AI's impact on central banks' human capital, outlining scenarios with AI copilots and autonomous agents. It emphasizes continuous retraining, cross-disciplinary collaboration, and robust AI governance. The bulletin also highlights recruitment challenges, with significant capability gaps in cybersecurity, IT, fintech, data science, and AI/machine learning.
The Bank for International Settlements (BIS) and European central banks' Project Meridian FX showed that wholesale payment infrastructures can use distributed ledger technology to synchronise foreign exchange transactions across jurisdictions. This synchronised settlement reduces FX settlement risk and is agnostic to asset and ledger technology. Insights will inform future work programmes of the participating central banks.
The Reserve Bank of India amended its Master Directions on compounding contraventions under the Foreign Exchange Management Act, 1999, capping the maximum compounding amount at INR 200,000 in specified cases. This cap applies to contraventions under row 5 of the computation matrix, subject to the compounding authority's satisfaction and consideration of exceptional circumstances and public interest. Authorised Dealer Category-I banks and authorised banks must inform their constituents of the updated guidelines.
The Reserve Bank of India updated guidelines for the Currency Distribution and Exchange Scheme (CDES), a performance-based incentive framework to enhance customer service and support the Clean Note Policy. Incentives include reimbursement for currency chest operations in specific regions, financial rewards for exchanging soiled and mutilated notes, and service charges for coin distribution and cash deposits. Operational instructions detail the calculation and invoicing processes for claiming these incentives.
The Thailand Office of Insurance Commission (OIC) has introduced enhanced preventive supervision measures to bolster insurers' financial stability, targeting groups 2, 3, and 4 under the Early Warning System. These measures aim to address gaps in existing legal tools and provide a framework for intervention before capital levels fall below statutory requirements. The OIC is considering industry feedback before finalizing and communicating the measures to all insurers.
The European Central Bank's working paper examines mortgage refinancing's impact on households' marginal propensity to consume (MPC) using US data. Findings show MPCs decrease post-refinancing, especially for households with lower liquid assets and higher debt-to-income ratios, indicating refinancing provides liquidity that reduces consumption responses to income shocks. The paper also notes potential fiscal savings from targeted transfers to non-refinancing households, estimating significant savings for programs like the CARES Act.
The National Bank of the Republic of Tajikistan held a seminar in Guliston on implementing monetary and credit policy as part of its 2021–2025 strategy and the Eurasian Council's retraining programme. Attended by central bank representatives from Kazakhstan, Belarus, Tajikistan, and Russia, the event focused on experience-sharing in managing banking system liquidity and modernising monetary policy tools, including liquidity forecasting, operational monetary policy instruments, and their impact on macroeconomic indicators.
The National Bank of the Republic of Tajikistan announced that its chairman, Firdavs Tolibzoda, participated in an IMF consultation for the Middle East and Central Asia, discussing monetary issues, economic uncertainty, and climate-related financial strategies. Additionally, Tajikistan's delegation attended a meeting with IMF Deputy Managing Director Bo Li, focusing on regional economic cooperation, green financing, and trade integration.
The Brazilian Superintendence of Private Insurance (SUSEP) joined the launch of the National Confederation of Insurers’ third Institutional Agenda, prioritizing 2025 projects. Superintendent Alessandro Octaviani stressed the need for a legal framework for rural insurance, restructuring surety insurance, and developing protections against climate catastrophes. SUSEP supported recent legislative milestones, advocating for a climate-catastrophe framework based on national consensus and broad stakeholder involvement.
Bulgaria's Finance Minister Temenuzhka Petkova met with France’s Ambassador Joel Meyer, highlighting Bulgaria's readiness to adopt the euro by 1 January 2026 and advance OECD accession. The ministry expects convergence reports from the European Commission and European Central Bank in early June, while continuing technical preparations and an information campaign. France supports Bulgaria's priorities, with the French-Bulgarian Chamber of Commerce and Industry promoting euro introduction and investment opportunities.
Governor Jasmina Selimovic of the Central Bank of Bosnia and Herzegovina met with senior World Bank and IMF officials at the Spring Meetings. Discussions centered on cooperation to enhance financial stability, institutional capacities, and the investment environment, focusing on SEPA implementation and regional challenges like the green transition and energy security. They also addressed macroeconomic trends, inflation pressures, and alignment with EU standards for European integration.
The South African Reserve Bank and National Treasury issued a joint statement on the G20 Finance Ministers and Central Bank Governors meeting, highlighting discussions on global macroeconomic stability, international financial architecture, and Africa-specific priorities. Key outcomes include advancing a Monitoring and Reporting Framework for Multilateral Development Banks, strengthening cooperation on debt vulnerabilities, and endorsing a work programme for Africa's growth. The meeting also committed to facilitating dialogue ahead of the next G20 meeting in July 2025 in Durban, South Africa.
The Bank for International Settlements Innovation Hub published findings from Project Meridian FX, conducted with several European central banks, on how wholesale payment infrastructures can interoperate with new technologies for foreign exchange transactions. It showed that a technology-neutral synchronisation operator can coordinate atomic payment-versus-payment FX settlement across different payment systems, including between a real-time gross settlement system and a distributed ledger technology platform, without taking on credit or liquidity risk. The insights will inform the Bank of England’s work on an RTGS synchronisation interface and the Eurosystem’s programme to settle DLT-recorded transactions in central bank money.
The Brazilian Pension Funds Authority (PREVIC) completed a draft sanctions decree for closed pension funds to enhance certainty and support risk-taking within a clearer supervisory framework. The decree aligns with recent regulatory changes, including Resolution PREVIC 23/2023 and National Monetary Council Resolution 5,202/2025, and aims to differentiate outcomes like warnings from wilful misconduct. A timeline for issuance has not been provided, and a separate draft resolution on expanding automatic enrolment is under public consultation.
The Central Bank of the Philippines’ Monetary Board approved amendments to foreign exchange regulations under BSP Circular No. 1212, expanding access to Philippine peso hedging instruments and updating FX derivatives and registration processes. The revised rules include new hedging products, relaxed maturity requirements for deliverable FX forwards, clarified rules for banks, and an online submission system for foreign investment registration. Banks have six months to comply with the new guidelines.
The Central Bank of Brunei Darussalam has updated its Alert List to include Tefozepoint, cautioning that the entity may be mistakenly perceived as licensed or regulated by the central bank. The bank advises the public to engage only with licensed financial institutions and warns against unlicensed entities, particularly those resembling get-rich-quick or pyramid schemes.
The Vietnam State Securities Commission issued Notice No. 31/TB-UBCK requiring three individuals to pay a VND 1,000,000 licensing fee for a Securities Practicing Certificate, as per Ministry of Finance Circular No. 25/2022/TT-BTC. Payment can be made via bank transfer or directly at the commission. Failure to collect the certificate within one year of the fee-payment notice will result in cancellation.
Vietnam's State Securities Commission mandates individuals on a specified list to pay a VND 1,000,000 licensing fee for securities practice certificates, as per the Ministry of Finance's Circular 25/2022/TT-BTC. Payment can be made via bank transfer or directly at the Commission. Failure to complete the certificate issuance within one year of the fee notice will result in cancellation.
The Brazil Securities Commission (CVM) released the fourth edition of its Integra Integrity Plan for 2025-2026, focusing on enhancing an ethical and transparent work environment. Key priorities include the Plan for the Prevention and Addressing of Harassment and Discrimination (PPEAD) and actions from the 2024 integrity survey. The plan outlines responsibilities, workflows, and actions for integrity functions within the CVM.
The Central Bank of Estonia will publish a quarterly statistical release alongside its monthly payment statistics, starting with the first quarter of 2025. This release will detail key movements in payment statistics, including payments sent and received, card payments, and payees by main economic activity.
The Central Bank of Estonia has announced its publication schedule for monthly payment statistics and a separate quarterly statistical release. The quarterly release will detail changes in payment statistics, including transactions and card payments by economic activity, and will be issued independently from economic policy releases.
Governor Jorgovanka Tabakovic of the National Bank of Serbia highlighted Serbia's macroeconomic performance at the Swiss Constituency meeting, noting 2024 GDP growth of 3.9% and inflation within the 3% ± 1.5% target range. She reported a stable dinar exchange rate, record foreign exchange reserves, and a decline in non-performing loans to below 2.5%. Foreign direct investment reached EUR 5.2 billion, the highest in the Western Balkans, with Standard & Poor’s affirming a strong growth outlook.
The National Bank of Serbia reported that Governor Jorgovanka Tabaković and Serbia’s First Deputy Prime Minister met with IMF Deputy Managing Director Bo Li, who praised Serbia's rapid economic growth and emphasized policy credibility and central bank independence. The IMF will continue collaborating with Serbia under the new non-financial advisory Instrument for Policy Coordination. Tabaković noted inflation within the target band, a low non-performing loan ratio, high foreign exchange reserves, and significant foreign direct investment inflows, with GDP growth driven by consumption and investment.
The Central Bank of the Republic of Azerbaijan and the National Depository Center held an "open microphone" meeting with joint-stock companies to discuss corporate governance and legal obligations. The session addressed annual report preparation, shareholder meetings, and legal compliance. The Central Bank plans to continue these investor rights protection initiatives.
A delegation from the Central Bank of the Republic of Azerbaijan, led by First Deputy Chairman Aliyar Mammadyarov, is attending the World Bank and International Monetary Fund Spring Meetings in Washington. The delegation will hold bilateral meetings with senior executives of financial and investment institutions and participate in a regional finance conference organized by the US-Azerbaijan Chamber of Commerce.
Securities Commission Malaysia completed the second cycle of its investED Leadership Programme, with over 190 graduates. The programme, a collaboration with various ministries and institutions, aims to develop a capital market talent pipeline, training 368 graduates and employing 233 over two years. The investED Foundation Programme exceeded enrolment targets, and career initiatives reached over 110,600 students nationwide.
The Bank of Papua New Guinea identified major deficiencies in the country's anti-money laundering and counter-terrorism financing framework after a Financial Action Task Force evaluation, prompting a cross-government remediation programme through October 2025. Key initiatives include a Strategic Implementation Plan with 73 actions, a National Coordination Committee, and regulatory enhancements, with ongoing monitoring by the Financial Analysis and Supervision Unit and the Department of Justice and Attorney General.
The Financial Services Regulatory Authority of Ontario (FSRA) has submitted its proposed Fraud Reporting Service Rule to the Ontario Minister of Finance for approval, mandating auto insurers to report specified fraud information. The rule aims to quantify auto insurance fraud, identify trends, and establish a baseline for tracking and reduction. FSRA plans collaboration with industry and government for implementation upon approval.
The UNEP FI released its Annual Overview 2024, detailing milestones and partnerships in sustainable finance across banking, insurance, investment, and nature-related finance. The report highlights support for over 550 financial institutions and initiatives like the Responsible Banking Blueprint and net-zero insurance practices. UNEP FI’s head, Eric Usher, emphasized the evolving landscape of sustainable finance.
Ireland’s Finance Minister and the UNDP announced a UNDP Project Office for Sustainable Finance in Dublin, supported by EUR 7.5 million in Irish Government funding over 2025–2027. The office will host the secretariats of the Sustainable Insurance Forum and UNDP’s Financial Centres for Sustainability, aiming to connect financial institutions, regulators, and public agencies across over 40 countries with tools and insights to mobilise capital for sustainable development goals.
The World Federation of Exchanges published a policy paper suggesting that central bank digital currencies (CBDCs) could enhance tokenised markets by offering a digital settlement method free from credit and liquidity risks. The paper highlights the need for industry investment in modernising systems, legislative changes for CBDC recognition, and cross-border coordination to address oversight and legal challenges.
The Thailand SEC advised Hydrotek shareholders to scrutinize information and vote at the AGM on a private placement. The independent financial advisor recommended rejecting the proposal, citing the offer price of THB 0.80 per share as below the fair value range of THB 1.07 to THB 1.30. Despite the board's support to bolster cashflows and capital structure, the IFA highlighted project uncertainties and deemed the price inappropriate.
The Thailand Securities and Exchange Commission is reviewing applications from 19 asset management companies to establish 37 Thailand ESG Extra Funds (Thai ESGX), with IPOs and LTF unit transfers starting on 2 May 2025. The SEC approved a new FundConnext feature for investors to check tax-benefit fund holdings via the Stock Exchange of Thailand website. Thai ESGX funds must invest at least 80% of net asset value in environmentally or sustainably focused assets, with specific tax deductions for new investors and LTF unitholders.
The Bank of Namibia's April 2025 Financial Stability Report confirms the stability of Namibia's financial system in 2024, despite global vulnerabilities. The banking and non-bank financial sectors showed strength, with improved asset quality and growth in aggregate assets. The report highlights macroprudential measures, including preparations for a countercyclical capital buffer framework and adopting a growth-at-risk model for enhanced surveillance.
Finance Minister François-Philippe Champagne concluded his participation in the G7 and G20 Finance Ministers and Central Bank Governors meetings in Washington, D.C., focusing on global economic outlook and trade policy changes. As part of Canada's 2025 G7 presidency, Champagne co-chaired the G7 meeting with Bank of Canada Governor Tiff Macklem, addressing economic uncertainty and the Ukraine situation. The G20 session discussed macroeconomic risks, financial stability, and growth opportunities in Africa.
The National Bank of Hungary's April 2025 Balance of Payments report shows an improved external position for Hungary in 2024, with a current account surplus of 2.2% of GDP and a net lending position of 2.6% of GDP. Key factors include reduced energy and income balance deficits and a near-equilibrium general government primary balance. Despite lower net foreign direct investment inflows, net external debt decreased to about 10% of GDP, and international reserves reached EUR 44.6bn.
The National Bank of Hungary and the Oesterreichische Nationalbank hosted a workshop on EU integration in the Western Balkans, involving central banks, the European Central Bank, and regional stakeholders. Discussions emphasized reform needs, efficient regulation, innovation support, and convergence with EU standards. Panels covered payment infrastructure, geopolitical roles, trade impacts, and accession obstacles, including the EU-funded Reform and Growth Facility.
The New Brunswick Financial and Consumer Services Commission issued a warning that SM Trading Center, also known as Stanford Markets, is not registered to deal or advise in securities in New Brunswick. The Commission also flagged websites maplefinhub.com and maplefinsteps.com for directing users to SM Trading Center, advising investors to verify registration status via the National Registration Search tool.
UNDP Financial Centres for Sustainability announced a UNDP Project Office for Sustainable Finance in Dublin, funded by EUR 7.5 million from the Irish Government for 2025–2027. The office will connect financial institutions, regulators, and public agencies with tools and insights to mobilize capital for climate and sustainable development, hosting the secretariats of FC4S and the Sustainable Insurance Forum.
The U.S. Department of Justice sentenced Roberto Gustavo Cortes Ripalda, former CEO of Biscayne Capital, to 10 years in prison for conspiracy to commit wire fraud, with USD 3.4 million in forfeiture and USD 103 million in restitution. Cortes and co-defendant Ernesto Heraclito Weisson Pazmino operated a Ponzi-style scheme, misleading investors about their real estate business, resulting in over USD 155 million in losses. The investigation was led by IRS Criminal Investigation with international assistance.
The State Bank of Vietnam held the inaugural meeting of the banking sector's steering committee on science and technology development, digital transformation, and "Project 06," establishing implementation priorities. Progress under Decision 1364 was reviewed, including a draft decree on a controlled testing mechanism and a 2025 programme for developing SBV circulars. The Governor emphasized digitalization, information security, legal framework amendments, and international cooperation, directing institutions to enhance data connectivity, biometric verification, technology infrastructure, and cybersecurity measures.
The State Bank of Vietnam met with Agricultural Bank of China Limited to discuss the Hanoi branch's activities and enhance Vietnam–China banking cooperation. The central bank emphasized increasing credit for Vietnam's infrastructure projects to boost bilateral trade and investment. Both banks committed to leveraging their networks to support Chinese enterprises in Vietnam while adhering to local regulations.
The State Bank of Vietnam hosted a Government Youth Union roundtable to analyze factors affecting the 2025 GDP growth target of 8% and discuss young officials' roles in policy design. Deputy Governor Pham Tien Dung emphasized the need for practical policies and encouraged youth to propose innovative ideas during economic reforms. Economist Tran Dinh Thien and other representatives also contributed to the discussions.
The Central Bank of Russia's 2025 Q1 data for the Faster Payments System (SBP) shows a rise in household usage, especially fee-free transfers between individuals' accounts at different banks, making up 40% of transfers. Over four billion transactions worth RUB 22.6 trillion occurred, with volumes rising 1.6 times and values more than doubling year on year. Person-to-person transfers are used by 70% of Russians, and SBP purchases by 50%, with the SBP loyalty program distributing RUB 500 million in cashback in Q1 and RUB 4 billion over the past year.
The Federal Deposit Insurance Corporation and the Federal Reserve Board have withdrawn two joint statements on banks' crypto-asset activities, clarifying that banks may engage in permissible crypto activities consistent with safety and soundness. The withdrawn statements, from January and February 2023, addressed crypto-asset and liquidity risks. Further clarification is being explored with the Office of the Comptroller of the Currency.
Payments Canada reported the Real-Time Rail (RTR) program's technical build is 60% complete and on track for Q3 2025 completion, with internal testing to follow. The update highlights progress on centralized fraud services and a framework for participant connection and settlement options, including direct and indirect clearing through the Bank of Canada. Expanded membership eligibility follows amendments to the Canadian Payments Act and the introduction of the Retail Payment Activities Act.
The Norwegian Financial Supervisory Authority reviewed AutoStore Holdings Ltd’s financial reporting, identifying "Order intake" and "Order backlog" as alternative performance measures under European Securities and Markets Authority Guidelines. The authority criticized the company's disclosure practices and noted plans for enhanced future reporting, including correcting missing disclosures on remaining performance obligations under IFRS 15. AutoStore must provide follow-up on these disclosures in upcoming financial reports.
The Federal Reserve Board has withdrawn supervisory guidance on banks' crypto-asset and dollar token activities, shifting oversight to the normal supervisory process. It rescinded its 2022 and 2023 supervisory letters and, along with the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency, withdrew from two 2023 joint interagency statements on crypto-asset risks. The Board will collaborate with other federal banking agencies to evaluate the need for further guidance to support innovation in crypto-asset activities.
The Chile Financial Market Commission has introduced CMF Supervisa, a mandatory platform for information submission by supervised entities starting 1 May 2025. CMF Supervisa will replace the current Online Information Submission System and Extranet. Entities must verify or update their legal representative via CMF Sin Papel before the transition.
Argentina's Ministry of Finance reported that Economy Minister Luis Caputo and Finance Secretary Pablo Quirno participated in the 2025 IMF and World Bank Spring Meetings in Washington, DC. Key topics included Argentina’s IMF programme, international economic policy, and potential benefits from an EU-Mercosur agreement. Meetings were held with France’s Minister of Finance, Germany’s Finance Minister, IMF officials, and other stakeholders.
Argentina's Ministry of Finance announced that the Central Bank of the Argentine Republic (BCRA) achieved a profit of ARS 19.4 trillion in fiscal year 2024, reversing a previous loss. ARS 11.7 trillion was allocated to the National Government for potential Treasury debt repayment, while ARS 7.7 trillion was designated for rebuilding capital and reserves. Debt to the private sector and international organisations decreased from 56.5% of GDP in November 2023 to 40.8% in February 2025, due to fiscal surplus, increased economic activity, debt repayments, and a stronger currency.
The U.S. Securities and Exchange Commission announced a jury verdict finding investment adviser Jeffrey Cutter and Cutter Financial Group, LLC liable for violating Section 206(2) of the Investment Advisers Act of 1940 due to undisclosed commissions and conflicts of interest. The jury ruled in favor of the defendants on claims under Sections 206(1) and 206(4). The SEC emphasized its commitment to addressing investment adviser misconduct.
Argentina Securities Commission President Roberto E. Silva outlined the CNV's regulatory approach to virtual asset service providers, emphasizing full compliance by end-2025. Silva reviewed developments since Law No. 27.739, including the creation of a PSAV register and approval of final rules. The forum addressed sector changes, market behavior, and challenges, with discussions on FATF recommendations and enhanced measures for 2025.
The Qatar Financial Markets Authority's CEO, H.E. Dr. Tamy Bin Ahmad Al-Binali, participated in the 19th annual Union of Arab Securities Authorities Board meeting, marking the end of Qatar's presidency. The meeting reviewed 2024 activities and discussed draft guidelines for Islamic sukuk, KYC due diligence, and cooperation on financial technology and cybersecurity.
The National Bank of Moldova, led by Governor Anca Dragu, participated in the IMF and World Bank Constituency meeting, discussing economic and geopolitical challenges. Moldova reaffirmed its commitments to economic stability, sustainability, and European integration, while supporting Ukraine amid geopolitical risks. Discussions also addressed digitalisation and AI impacts, with Moldova highlighting financial system modernization and maintaining high regulatory standards.
National Bank of Moldova Governor Anca Dragu met with IMF Deputy Managing Director Kenji Okamura in Washington to discuss Moldova's IMF-supported programme and broader cooperation, including the Financial Sector Assessment Program (FSAP). Discussions focused on IMF technical assistance, macroeconomic framework, energy independence, and resilience strategies. The meeting was part of the National Bank of Moldova's participation in the IMF–World Bank Spring Meetings.
The Bangladesh Securities and Exchange Commission proposed amendments to the Securities and Exchange Rules, 2020, regarding interest on consolidated customers’ accounts for stock brokers and dealers. The draft mandates 25% of net interest income go to the Investors’ Protection Fund and 75% to investor education, with quarterly reporting to the exchange and Commission. Stakeholders are invited to provide feedback.
The Bank for International Settlements Innovation Hub released a report on Project Meridian FX, testing a "synchronisation operator" for payment versus payment foreign exchange settlement across various ledger technologies. Involving the Bank of England, Bank of France, Deutsche Bundesbank, Bank of Italy, and the European Central Bank, the project demonstrated potential cost, risk, and time reductions in cross-border FX settlement, highlighting interoperability between real-time gross settlement systems and distributed ledger technology platforms.
The Bank of Korea released its April 2025 report on the Business Survey Index and the Economic Sentiment Index. The report includes detailed results for the Business Survey Index, Composite Business Sentiment Index, and Economic Sentiment Index.
The Bank for International Settlements Innovation Hub, with several European central banks, published findings from Project Meridian FX showing that wholesale payment infrastructures can interoperate for foreign exchange transactions using distributed ledger technology for synchronized settlement. This approach, reducing FX settlement risk, may inform future central bank work and aligns with the Group of 20 cross-border payments roadmap.
The Isle of Man Treasury announced the removal of 10 entries from the Syria financial sanctions regime, lifting the asset freeze on these individuals. The Syria (Sanctions) (EU Exit) Regulations 2019, applicable via the Sanctions (Implementation of UK Sanctions) Regulations 2024, require immediate asset freezing for suspected matches to the UK sanctions list, with reporting obligations to the Financial Intelligence Unit. The notice emphasizes the importance of sanctions screening, including ownership or control by designated persons, and warns against attempts to circumvent sanctions.
At the IMF and World Bank Spring Meetings, Palestine Monetary Authority Governor Yahya Shunnar urged the IMF to address pressures on the Palestinian economy and banking sector, and called for increased Palestinian representation. He highlighted challenges from economic conditions and Israeli aggression, emphasizing the need for international financial support. IMF Managing Director Kristalina Georgieva acknowledged these concerns and committed to developing mechanisms to address them.
The Bulgaria Financial Supervision Commission approved Metizi AD's IPO prospectus and extended European Insurance Company AD's licence for additional vessel-related insurance. It will implement new EU supervisory guidelines and set the minimum yield for mandatory pension funds for the 2023-2025 period. The Commission also approved new board members for two REITs and aligned supervisory practices with European guidelines.
The Central Bank of Uruguay and the Ministry of Economy and Finance convened the thirteenth Sustainable Finance Roundtable, focusing on integrating sustainability in banking, insurance, and pension funds. Discussions emphasized managing environmental and climate risks and mobilizing capital for sustainable investments. The United Nations Development Programme will support capacity-building through a Green Climate Fund project.
The Spanish Securities Commission (CNMV) has initiated a public consultation on a draft circular to update statistical reporting for EU collective investment institutions, aligning with European Central Bank Regulation (EU) 2024/1988. The draft mandates returns from all collective investment entities and amends templates to comply with Regulation (EU) 2024/1988 and collect additional data for Regulation (EU) 1011/2012. It outlines size-based exemptions and potential sanctions for non-compliance under the European Central Bank Statistical Regulation.
The Central Bank of the Republic of Kosovo reported on Governor Ahmet Ismaili’s meeting with ECB President Christine Lagarde, focusing on financial-sector reforms and central bank cooperation. Key topics included Kosovo's progress towards SEPA membership, a fast payments system project, and a draft legal framework to combat counterfeiting. Discussions also covered alignment with EU banking regulations, cybersecurity framework development, and potential participation in supervisory colleges under ECB cooperation.
Saudi Arabia's Capital Markets Authority fined BAAN Holding Group Co. SAR 50,000 for breaching disclosure requirements. The company delayed disclosing a catering services project award in NEOM and omitted contract period details in a subsequent announcement.
The National Bank of Ukraine has updated its priority research areas to guide its research agenda and support central bank policymaking, inviting external experts to contribute. The revised priorities focus on monetary policy under uncertainty, financial stability, long-term growth challenges, and digitalisation, including AI and digital money regulation.
The Council of Financial Regulators, including the Reserve Bank of New Zealand, has opened a public consultation on introducing basic transaction accounts to improve access to banking services for excluded groups. These accounts would feature controls to prevent money laundering and terrorism financing, with the consultation closing on 18 June 2025.
The Dubai Financial Services Authority, with the Union of Arab Securities Authorities, hosted a session on adapting regulatory frameworks for financial technology and digital assets. It emphasized regional cooperation for investor protection and market integrity, and included updates on the DFSA’s Innovation Testing Licence and Cyber Threat Intelligence Platform. The DFSA plans to expand the platform with new data feeds to enhance threat intelligence and information sharing.
The Central Bank of Kenya proposes using the Central Bank Rate (CBR) as the reference for lending rates. The proposal includes setting rates as the CBR plus a bank-specific premium, with components published publicly. This review reassesses the Risk-Based Credit Pricing Model introduced in 2019 to address high lending rates and opaque pricing.
De Nederlandsche Bank Governor Klaas Knot, in a speech at the Peterson Institute, discussed trade-policy uncertainty and increased euro area defence spending's impact on inflation and the ECB's policy. Knot highlighted the ECB's recent 25 basis point rate cut to 2.25% as a precaution against downside risks, advocating for data-dependent and neutral policy settings. He also emphasized the benefits of a stronger international role for the euro, including reduced exchange-rate shock exposure and lower financing costs.
The National Bank of Georgia and the National Bank of Kazakhstan discussed banking system sustainability and a 2025–2026 cooperation roadmap at the IMF and World Bank Annual Meetings. The roadmap includes collaboration on financial technologies, virtual asset regulation, monetary policy, and risk management. The meeting also emphasized strengthening financial ties along the Middle Corridor.
The National Bank of Georgia has launched a digital sandbox initiative to provide access to synthetic data for fintech development and innovation. The data, generated using machine learning models and generative algorithms, aims to enhance privacy while maintaining statistical integrity. Access is available to both regulated and non-regulated entities for testing and model development.
The National Bank of Georgia and the Central Bank of the Republic of Türkiye agreed to enhance cooperation on payment systems and financial technologies during the IMF and World Bank Spring Meetings. Discussions included improving information exchange on monetary policy, payment systems, and financial supervision, focusing on Türkiye's instant payment system and QR code standard. A visit by Turkish representatives to Georgia is anticipated to further share expertise.
Mexico’s Ministry of Finance & Public Credit reported on a meeting between Finance Minister Edgar Amador Zamora and US Treasury Secretary Scott K.H. Bessent. The discussions, held during the IMF and World Bank Spring Meetings, focused on trade cooperation, financial and payment systems supervision, and enhancing institutional cooperation mechanisms.
Davit Onoprishvili, head of the Insurance State Supervision Service of Georgia, attended a high-level seminar in China on international insurance standards and supervisory approaches. The event covered capital, resolution regimes, climate risks, and macroeconomic impacts on the insurance sector. Onoprishvili also held bilateral meetings with IAIS Secretary General Jonot Dixon and other officials to discuss cooperation and future activities.
The Bank of Italy has published new economic research, including two "Temi di discussione" papers analyzing investment tax credits in Southern Italy and firms' asset revaluations. Four "Questioni di economia e finanza" papers explore topics such as AI in banking regulation, semiconductor ecosystem changes, inflation awareness, and trade fragmentation impacts on global value chains. Additionally, Research Newsletter No. 78 is available in English.
The Bank of Italy announced Denmark's migration of the Danish krone to the Eurosystem’s TARGET Instant Payment Settlement (TIPS) and T2 platforms, enabling central bank money settlements. Denmark is the second non-euro area country to adopt TIPS, following Sweden, and the first to integrate its currency into T2 for payments and monetary policy operations. Norway has also agreed to use TIPS in the future.
The National Bank of the Republic of North Macedonia's delegation, led by Governor Anita Angelovska-Bezhoska and Finance Minister Gordana Dimitrieska-Kochoska, is attending the World Bank Group and IMF Spring Meetings in Washington, DC. Discussions with the Federal Reserve Bank of New York focused on US dollar payments, government securities management, and monetary policy. The delegation will also engage with the IMF, World Bank, and Alliance for Financial Inclusion on financial topics, including regional cooperation in payment systems.
The Bank of Italy published two Working Papers and four Occasional Papers, along with its Newsletter No. 78, covering diverse economic research topics. Key papers include analyses of asset revaluations, credit conditions, and the impact of tax credits in Southern Italy, as well as studies on large language models in supervisory settings and changes in the semiconductor ecosystem.
The Bank of Italy has received ISO 29993:2017 and ISO 29994:2021 certifications for its learning services, encompassing both in-person and distance learning. These certifications, issued by CSQA, cover various training areas including managerial, behavioural, linguistic, technical-specialist, and onboarding training. This initiative is part of the Bank's efforts to enhance the quality and effectiveness of its training programme.
The People's Bank of China and other regulators unveiled a plan to enhance cross-border financial services for Shanghai's financial centre. It includes 18 measures to improve settlement, hedging, financing, insurance, and integrated services, featuring streamlined foreign exchange processes, expanded free trade accounts, and enhanced digital services. Key initiatives involve piloting RMB cross-border trade refinancing, supporting a syndicated loan centre, and advancing Shanghai's reinsurance hub.
The Luxembourg Commission de Surveillance du Secteur Financier issued a communiqué detailing the 2025 professional aptitude exam for audit profession candidates. The communiqué is part of the CSSF's public oversight of the audit profession and is available only in French.
The Financial Conduct Authority (FCA) has highlighted good and poor practices in communicating international remittance costs, stressing clear, fair, and non-misleading communications under the Consumer Duty. Many firms failed to disclose transaction fees, intermediary charges, and markups upfront, often using misleading "zero cost" messaging. The FCA expects firms to regularly monitor and improve disclosures, with ongoing supervisory engagement planned to assess improvements.
The Portuguese Insurance and Pension Funds Supervisory Authority (ASF) has issued a regulatory standard detailing disclosure requirements for pension fund managers, covering both closed and open funds. It specifies mandatory sections, formats, methodologies, and introduces a distributor-led risk assessment process with a seven-class risk indicator. The standard applies to pension fund managers in Portugal and certain EU institutions, requiring free, durable medium documents and mandates reporting to ASF via PortalASF.
The Bank of Portugal reported a EUR 1.2bn increase in non-financial sector indebtedness for February 2025, totaling EUR 820.5bn. Private sector debt rose by EUR 1.1bn, with households' debt increasing by EUR 0.8bn primarily through mortgage lending. Public sector indebtedness saw a rise in non-residents' purchases of public debt securities, despite a decrease in Treasury deposit liabilities.
The Banking Agency of the Federation of Bosnia and Herzegovina has revoked the licence of the microcredit company Digital Finance International d.o.o. Banja Luka. The decision, effective from 17 April 2025, affects the company's microcredit lending operations in Zenica and Sarajevo.
The Riksbank memo by Nicoletta Batini analyzed energy price shocks' impact on Swedish household consumption, highlighting the 2022–2023 energy cost surge's significant influence. Using Bayesian-estimated structural models, the study found pronounced effects on durable goods consumption and noted a reversal in energy-related contributions to consumption growth by Q4 2024. It also observed spillover effects on non-durable consumption due to rising food and essential costs.
The International Financial Reporting Standards Foundation, the Inter-American Development Bank, and IDB Invest have partnered to promote IFRS Sustainability Disclosure Standards in Latin America and the Caribbean. The initiative includes knowledge sharing, capacity building, and policy engagement, focusing on policy papers, self-assessment tools, and regional case studies. The IDB aims to align its disclosures with IFRS Standards through a multi-year roadmap.
The Bank of France published a report with 16 recommendations to enhance early detection and support for struggling companies, emphasizing stronger sanctions for late payments and improved local coordination. The report suggests fines based on turnover and proposes better outreach and training for small businesses. The minister responsible for trade and SMEs supports these priorities for swift implementation.
The Australian Prudential Regulation Authority has issued its response to submissions regarding updates to Reporting Standard ARS 110.0 Capital Adequacy. Further information on proposed changes to liquidity and capital requirements for authorised deposit-taking institutions and Interest Rate Risk in the Banking Book is available on APRA's website.
The World Bank's Bangladesh Development Update reports a decline in real GDP growth to 4.2% in FY24 from 5.8% in FY23, with further moderation to 3.3% expected in FY25 due to reduced private and public investment. Challenges include low export growth, elevated inflation, and financial sector vulnerabilities, though external pressures have eased with stronger remittance inflows. The fiscal deficit is projected to remain under 5% of GDP, with inflation expected to ease in the medium term amid tight monetary policy and fiscal consolidation.
Uganda's Ministry of Finance convened the steering committee for the National Financial Inclusion Strategy 2023-2028, aiming for 85% financial inclusion by 2028, with current inclusion at 81% per the 2023 Finscope Survey. Progress is attributed to increased access to financial accounts and digital payments, while challenges include low savings and high lending rates. The minister encouraged participation in government programmes like PDM, Emyooga, and GROW.
The Financial Action Task Force of Latin America conducted a course in Havana on "Preventive obligations within AML/CFT systems" to train Cuban stakeholders on FATF 40 Recommendations. The program included customer due diligence, transparency, beneficial ownership, and the role of financial intelligence units, with support from Spain. This initiative is part of Cuba's AML/CFT capacity-building plan ahead of its upcoming GAFILAT mutual evaluation.
The Hong Kong Monetary Authority issued an alert regarding fraudulent websites and internet banking login screens linked to Shanghai Commercial Bank Limited. The HKMA emphasized that banks will not send SMS or emails with hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals should contact the bank and report to the Hong Kong Police Force.
The Hong Kong Monetary Authority (HKMA) issued an alert regarding fraudulent websites and internet banking login screens linked to The Bank of East Asia, Limited. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information through such means. Affected individuals should contact the bank and report to the Police.
The Hong Kong Monetary Authority issued an alert regarding a fraudulent website and social media account linked to Dah Sing Bank, Limited. The HKMA reminded the public that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Individuals who have interacted with the fraudulent entities are advised to contact the bank and report to the Police.