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2025-04-22•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines launched BSP Mobile, a smartphone app to enhance access to Bangko Sentral ng Pilipinas information and services for Filipinos and investors. The app offers key rates, public announcements, a service locator, consumer complaint filing, and mobile-specific functions like real-time notifications and offline access. BSP plans ongoing enhancements and additional features for the app, available on Apple and Google platforms.
Policy & regulationImplementation, projects & pilotsFintech and insurtechConsumer and investor protection
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2025-04-22•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has instructed two individuals to pay a VND 1,000,000 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 in person. Failure to collect the certificate within one year will result in cancellation.
SupervisionAuthorisations & approvalsLicensing and supervisory fees
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2025-04-22•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission requires Ms. Nguyen Thi Ngoc Linh to pay a VND 1,000,000 fee for a securities practice certificate, as per Ministry of Finance Circular 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.
SupervisionAuthorisations & approvalsLicensing and supervisory fees
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2025-04-22•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan released a report on the 2024 implementation status of its 2024–2026 Financial Sector Development Strategy. The report details progress, delays, sector achievements, and next steps, with a focus on financial inclusion, service reach, instrument diversification, efficiency, corporate governance, transparency, and sustainability.
Policy & regulationImplementation, projects & pilotsMarket development
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2025-04-22•Malaysia•Malaysia Securities Commission
Securities Commission Malaysia has launched the third cohort of its Shariah Mentorship Programme to cultivate Shariah professionals for the Islamic capital market. The programme, funded by the Capital Market Development Fund and run by ISRA Consulting, includes classroom learning and industry placements. Over 70% of the 30 alumni are employed in Islamic finance, with expectations to register as Shariah advisers within five years.
Policy & regulationImplementation, projects & pilotsOther
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2025-04-22•Albania•Albania Financial Services Authority
The Albania Financial Services Authority released the agenda for its Board meeting on 29 April 2025, including draft regulations on life insurance linked to Collective Investment Undertakings and registration of debt securities offering documents. The Board will review thematic inspections of insurance firms and assess compliance of pension funds and depositary activities against Law No. 76/2023. Additional items include a proposed amendment to Insig Jetë’s statute and information on risk-level categorisation based on 2024 self-assessment forms.
Policy & regulationRules & requirementsOther
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2025-04-22•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia facilitated a memorandum of understanding between Royal Group Securities PLC and the American University of Phnom Penh for a securities sector incubation programme.
Policy & regulationImplementation, projects & pilotsFintech and insurtechDomestic cooperation
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2025-04-22•Malaysia•Bank Negara Malaysia
Bank Negara Malaysia reported international reserves of USD118.4 billion as of 15 April 2025, covering 4.9 months of imports and 0.9 times total short-term external debt. The reserves are sufficient to meet short-term external obligations, primarily from resident banks and multinational corporations, without impacting the central bank's reserves.
Data & statisticsBalance of payments and other external statistics
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2025-04-22•Canada•Ontario Securities Commission
The Ontario Securities Commission report highlights financial influencers' significant impact on Canadian retail investors, linking reliance on their advice to increased vulnerability to social media scams. A survey found 35% of investors made decisions based on influencer advice, making them more likely to trust influencers and fall victim to scams. An online experiment showed exposure to finance-related posts led nearly 40% of participants to buy promoted assets, with non-investors being more susceptible.
ResearchConsumer and investor protection
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2025-04-22•Croatia•Croatian Financial Services Supervisory Agency
The Croatian Financial Services Supervisory Agency released March 2025 statistics showing a decline in mandatory and voluntary pension funds' net assets, while UCITS net assets rose by EUR 106.3m to EUR 3.5bn. The insurance market saw a 9.1% increase in premiums collected, totaling EUR 493.0m, with a decrease in claims settled. The Zagreb Stock Exchange experienced a 27.1% increase in turnover and a 3.4% rise in market capitalisation, despite a 1.0% drop in the CROBEX.
Data & statistics
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2025-04-22•Kosovo•Central Bank of the Republic of Kosovo
The Central Bank of the Republic of Kosovo discussed cooperation in international reserve management with Clearstream Vice President Christian Rossler. Talks during the 2025 IMF and World Bank Spring Meetings explored collaboration in custody services, securities lending, and borrowing. The central bank highlighted potential for enhanced operational efficiency and income opportunities through modern technological solutions in asset management.
Institutional developmentCooperation & capacity buildingCross-border cooperation
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2025-04-22•Kosovo•Central Bank of the Republic of Kosovo
The Central Bank of the Republic of Kosovo engaged with the IMF’s Monetary and Capital Markets Department and Institute for Capacity Development during the 2025 IMF-World Bank Spring Meetings to enhance cooperation. Discussions focused on banking, insurance, pension supervision, financial stability, cybersecurity, and strengthening institutional and legal frameworks. The agenda included implementing the Supervisory Review Process, reviewing the Transparency Code, developing macro-modelling tools, and enhancing IT supervision and cyber risk management.
Institutional developmentCooperation & capacity buildingCapacity buildingDomestic cooperation
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2025-04-22•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission sanctioned JKN Global Group and CEO Mr. Jakkaphong Jakrajutatip for disseminating misleading information. Sanctions include THB 4,124,078 payments and a 56-month ban on Mr. Jakkaphong as a director or executive in securities companies. The case involved misleading disclosure about selling the Miss Universe Organization, contradicted by an agreement to sell shares to Legacy Holding Group USA Inc.
EnforcementInvestigations & enforcement actions
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2025-04-22•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission advises bondholders of three Property Perfect Public Company Limited bond series to review information and exercise their rights at an upcoming meeting. The meeting will address proposals to waive an event of default related to the bondholder register closing process and extend bond maturities. Bondholders are encouraged to seek detailed information and consider the implications before voting.
Policy & regulationGuidance & interpretationCorporate governance
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2025-04-22•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission reminded holders of Grande Asset Hotels and Property Public Company Limited’s GRAND254A bond to review information and exercise voting rights at the upcoming electronic meeting. The agenda includes waivers of default events, an extension of the bond's maturity, an interest rate increase, and revised repayment terms. The SEC mandates the bondholders’ representative to assess these proposals' implications.
SupervisionInterventionsCorporate governance
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2025-04-22•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission imposed civil sanctions on 10 individuals for manipulating securities of Thai Capital Corporation Public Company Limited, including TCC shares and warrants TCC-W3, TCC-W4, and TCC-W5. Sanctions include THB 59,780,191 in penalties, trading suspensions, and bans on serving as directors or executives. The case, from a 2019 referral, revealed coordinated trading to mislead the public and inflate prices.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-04-22•Jersey•Financial Services Unit (Jersey)
The Financial Services Unit (Jersey) has launched the Government of Jersey’s Financial Services Competitiveness Programme to enhance Jersey’s financial sector and status as an international finance centre. The programme involves government, industry, and regulatory bodies, structured into four workstreams, including an International Tax Strategy and a Business and Regulatory Environment stream. The first phase, focusing on business facilitation reforms, is underway, with a progress report expected in spring 2026.
Policy & regulationImplementation, projects & pilotsMarket development
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2025-04-22•Global•Group of International Finance Centre Supervisors
The Group of International Finance Centre Supervisors (GIFCS) held a seminar with the Financial Stability Institute on lessons from the March 2023 banking turmoil and admitted the Anguilla Financial Services Commission as a new member during their Plenary meeting. Key initiatives include a revised commitment on asset recovery, new guidance for suspicious transaction reporting for trust and company service providers, and a revision of the GIFCS Standard on regulation.
Policy & regulationCooperationFinancial stability and systemic riskSupervision process and methodologies
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2025-04-22•Canada•Department of Finance (Canada)
Canada's Department of Finance announced that Finance Minister François-Philippe Champagne will co-chair a G7 Finance Ministers and Central Bank Governors meeting in Washington, D.C. with Bank of Canada Governor Tiff Macklem. The meeting will focus on the global economic outlook and Ukraine. Champagne will also attend the G20 meeting and engage in bilateral discussions, emphasizing global trade uncertainty as a challenge to economic activity.
Policy & regulationCooperationCross-border cooperation
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2025-04-22•Hungary•National Bank of Hungary
National Bank of Hungary Governor Mihály Varga outlined priorities on price stability and enhancing the bank's efficiency and transparency. The bank will focus on core tasks and strengthen cooperation with economic and financial sectors amid external risks like the Russian-Ukrainian war and global tariff tensions. Recent initiatives include agreements with the Hungarian Chamber of Commerce and Industry and the banking sector to support sustainable development and reduce banking costs.
Monetary policyMonetary policy assessments & outlooksFinancial stability and systemic risk
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2025-04-22•Vietnam•State Bank of Vietnam
The State Bank of Vietnam must use monetary policy tools to manage exchange and interest rates, ensuring market stability and supporting credit institutions for 2025 economic growth. Banks are urged to reduce costs, enhance digital transformation, and offer preferential credit packages, including a VND 500 trillion loan for infrastructure and digital technology. The Ministry of Finance is to propose fiscal support for sectors affected by US tariffs and draft a resolution on piloting a crypto-asset market.
Policy & regulationReform agendas & prioritiesEconomic data and developments
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2025-04-22•Vietnam•State Bank of Vietnam
The State Bank of Vietnam's research advocates a "green finance–carbon market" model to fund emissions-reduction projects and develop green financial instruments. It highlights Vietnam's green finance landscape, with green credit reaching VND 680 trillion by end-2024 and green bonds exceeding USD 1 billion. It recommends policy enhancements, including legal framework alignment, emissions management, and easing access to green funding, to support sustainable development.
ResearchClimate risk and sustainable finance
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2025-04-22•Vietnam•State Bank of Vietnam
The State Bank of Vietnam met with a Czech delegation led by Finance Minister Zbynek Stanjura to enhance banking and finance cooperation under their strategic partnership. Discussions focused on banking and financial cooperation as a driver of trade and investment, addressing global and regional economic developments. The Czech delegation expressed interest in ongoing engagement and experience-sharing with Vietnam's monetary and financial authorities.
Policy & regulationCooperationCross-border cooperation
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2025-04-22•Vietnam•State Bank of Vietnam
The State Bank of Vietnam summarized a Federal Reserve Bank of Boston study on cross-border monetary policy spillovers. The study finds the US Federal Reserve is the dominant source, but interest rate decisions by other central banks, including those in the euro area, Australia, and Canada, also significantly impact medium and long-term yields in advanced economies. US spillovers account for nearly 60% of the impact on advanced economy bond yields, with non-Fed decisions also affecting US and euro area yields and corporate borrowing costs.
Research
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2025-04-22•Vietnam•State Bank of Vietnam
The State Bank of Vietnam has extended its approval for a Telecommunications Corporation to pilot telecommunications accounts for low-value payments until 31 December 2025. This amendment to Article 3 of the Governor’s 2021 decision took effect on 18 April 2025, with implementation responsibilities assigned to various departments and the corporation's chief executive.
SupervisionAuthorisations & approvalsRegulatory sandbox
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2025-04-22•Russia•Central Bank of Russia
The Central Bank of Russia recommends credit institutions support borrowers affected by incomplete individual housing projects due to unscrupulous contractors, including through debt restructuring. Banks should assess each case individually, considering the borrower's economic situation and social status, and may offer measures such as unchanged interest rates, deferred repayments, waived fines, or debt write-offs.
Policy & regulationGuidance & interpretationLendingConsumer and investor protection
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2025-04-22•Namibia•Bank of Namibia
The Bank of Namibia and the Namibia Financial Institutions Supervisory Authority said they will jointly launch the 2025 Financial Stability Report on 24 April 2025. The report will assess risks and resilience across Namibia’s financial system, including banks, non-bank financial institutions, payment infrastructure and macroprudential conditions. It will be streamed live, with the full report to be published afterward on both institutions’ websites.
SupervisionRisk monitoring & watch pointsFinancial stability and systemic riskMacroprudential policy and tools
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2025-04-22•Egypt•Central Bank of Egypt
The Central Bank of Egypt clarified that it continues to print EGP 10 and EGP 20 polymer banknotes, countering social media claims. Both paper and polymer versions of these banknotes remain valid for circulation.
Monetary policyMonetary policy instruments & operationsCurrency and cash management
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2025-04-22•United States•U.S. Securities & Exchange Commission
The U.S. Securities & Exchange Commission (SEC) filed a civil enforcement action against Ramil Palafox, alleging a USD 198 million fraud through PGI Global, with over USD 57 million misappropriated. The SEC claims Palafox marketed high-return "membership" packages and operated a Ponzi-like scheme until PGI Global's collapse in 2021. The complaint seeks injunctions, disgorgement, and penalties, and names additional relief defendants; Palafox also faces criminal charges from the U.S. Attorney’s Office for the Eastern District of Virginia.
EnforcementInvestigations & enforcement actionsFraud and scams
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2025-04-22•Moldova•Ministry of Finance (Moldova)
Moldova's Ministry of Finance, led by Minister Victoria Belous, is attending the IMF and World Bank Group Spring Meetings in Washington, D.C. from April 22-26, 2025. The agenda includes discussions on Moldova's macroeconomic outlook, IMF programme performance, and finance reform in the context of European integration, with meetings involving the World Bank, IMF, EBRD, and other international financial institutions. National Bank of Moldova Governor Anca Dragu is participating.
Policy & regulationCooperation
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2025-04-22•Moldova•National Bank of Moldova
The National Bank of Moldova, led by Governor Anca Dragu, is attending the IMF and World Bank Group Spring Meetings in Washington, DC, focusing on Moldova's financial sector development. Discussions will address macroeconomic developments, IMF programme performance, and central bank reforms for Moldova's integration into the Single Euro Payments Area. The delegation includes high-level meetings with IMF, World Bank, and other international institutions.
Policy & regulationCooperationMonetary policy decisions and developments
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2025-04-22•Moldova•National Bank of Moldova
The National Bank of Moldova released its March 2025 statistics on the domestic cash foreign exchange market, reporting a total turnover of EUR 351.0 million. The euro dominated with EUR 258.6 million, followed by the US dollar at EUR 59.6 million. Total turnover increased by 5.0% from the previous month and 4.6% year on year.
Data & statisticsCurrency and cash management
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2025-04-22•Moldova•National Bank of Moldova
The National Bank of Moldova released March 2025 statistics on licensed banks' foreign-currency assets and liabilities, showing total assets of MDL 50.78bn and liabilities of MDL 50.65bn. The banking system recorded long open positions of MDL 306.8m, mainly in euro and US dollars, and short positions of MDL -177.7m. The data, compiled under the Regulation on the Bank’s Open Foreign Exchange Position, includes on-balance-sheet and off-balance-sheet items.
Data & statisticsBalance of payments and other external statistics
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2025-04-22•Moldova•National Bank of Moldova
The National Bank of Moldova reported that in March 2025, individuals' net foreign currency supply covered 88.6% of economic agents' demand, up from 85.1% in February. The central bank intervened in the interbank market with net purchases of EUR 8.5 million. The leu's exchange rate against the euro increased by 0.2% on average, with the euro comprising 75.1% of individuals' net foreign currency supply.
Monetary policyMonetary policy instruments & operationsBalance of payments and other external statistics
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2025-04-22•Switzerland•Swiss Financial Market Supervisory Authority (FINMA)
FINMA updated sanctions lists under Switzerland’s Ordinance on Ukraine, effective 23 April 2025. Financial intermediaries must enforce prohibitions, freeze sanctioned assets, and report to SECO. Reporting to SECO doesn't exempt intermediaries from anti-money laundering obligations, requiring further checks and potential reporting to the Money Laundering Reporting Office.
Policy & regulationGuidance & interpretationSanctions list update
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2025-04-22•South Korea•Bank of Korea
The Bank of Korea published its Loan Officer Survey on Financial Institution Lending, detailing lending trends in Q1 2025 and expectations for Q2 2025. Full details are available in an accompanying attachment.
Data & statisticsLendingMarket development
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2025-04-22•South Korea•Bank of Korea
The Bank of Korea released preliminary Producer Price Index data for March 2025, indicating no change month on month but a 1.3% increase year on year. Agricultural, forestry, and marine products rose 0.4% month on month, while manufacturing products and services remained unchanged, and electric power, gas, water, and waste declined by 0.2%.
Data & statisticsEconomic data and developments
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2025-04-22•Taiwan•Central Bank of Taiwan
The Central Bank of Taiwan reported March 2025 statistics for the Taipei foreign exchange market, with a total net trading volume of USD 1,021.4 billion and an average daily turnover of USD 48.6 billion. Interbank transactions dominated at USD 748.3 billion, while New Taiwan dollar pairs accounted for USD 416.7 billion. Foreign exchange swaps were the primary instrument, totaling USD 568.7 billion.
Data & statisticsForeign exchange policy and markets
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2025-04-22•Trinidad & Tobago•Trinidad & Tobago Securities & Exchange Commission
The Trinidad and Tobago Securities and Exchange Commission has initiated a written comment process on the Trinidad and Tobago Stock Exchange Limited's proposed amendment to Rule 224, concerning trading sessions. The Exchange, a registered self-regulatory organisation, submitted a Statement of Substance and Purpose for the proposed change.
Policy & regulationRules & requirementsTrading
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2025-04-22•Isle of Man•The Treasury (Isle of Man)
The Treasury of the Isle of Man has issued a reminder that annual tax returns for the year ending 5 April 2025 are due by 6 May 2025, with submissions after this date incurring penalties. A GBP 250 penalty applies from 7 May 2025, with an additional GBP 50 per day for continued non-compliance. Employers with fewer than five employees can register for online services to file returns.
Policy & regulationGuidance & interpretationOther
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2025-04-22•Trinidad & Tobago•Central Bank of Trinidad & Tobago
The Central Bank of Trinidad & Tobago reported on a delegation's participation in the IMF and World Bank Spring Meetings in Washington, DC. The delegation engaged in technical assistance discussions, attended Group of 24 meetings, and participated in CARICOM-focused sessions. They also made interventions at IMF and World Bank constituency meetings.
Policy & regulationCooperationCross-border cooperation
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2025-04-22•Palestine•Palestine Monetary Authority
Palestine Monetary Authority Governor Yahya Shunnar is attending the IMF and World Bank Spring Meetings in Washington, D.C., focusing on trade wars, central bank independence, and global debt. He will engage in discussions with IMF, World Bank, U.S., and European officials on the economic impact of Israeli aggression on Palestine and regional challenges. The meetings aim to foster cooperation, exchange expertise, and highlight Palestinian banking sector developments.
Policy & regulationCooperationCross-border cooperationMonetary policy decisions and developments
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2025-04-21•Hong Kong•Hong Kong Mandatory Provident Fund Schemes Authority
The Hong Kong Mandatory Provident Fund Schemes Authority (MPFA) updated stakeholders on its consultation about full portability of MPF contributions, expanding from employee-only to include employer contributions, increasing the transferable share of vested benefits to nearly 100%. This builds on the Employee Choice Arrangement, which saw significant growth in transfers from 2020 to 2024. Feedback highlighted the need for further clarification on operational details, with stakeholders encouraged to submit their views.
Policy & regulationReform agendas & prioritiesOther
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2025-04-21•South Africa•National Credit Regulator
South Africa’s National Credit Regulator (NCR) warned young consumers about the risks of the "soft life" culture, excessive spending, online gambling, and impulsive borrowing leading to harmful debt. The NCR highlighted that small loans and online betting can damage credit profiles, affecting future credit access and employment opportunities. It advised financial discipline, urging consumers to budget, assess affordability, and use registered credit providers.
SupervisionAlertsConsumer and investor protection
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2025-04-21•United Arab Emirates•Central Bank of the UAE
The Central Bank of the UAE imposed a financial sanction on a bank for non-compliance with Anti-money Laundering and Combating the Financing of Terrorism and Illegal Organisations policies. The penalty was enforced under Article 14 of the Federal Decree Law No. 20 of 2018. This action aligns with the CBUAE's mandate to ensure adherence to UAE laws and standards.
EnforcementSanctions & designationsAML and CFT
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2025-04-21•Peru•Central Bank of Peru
The Central Bank of Peru reported that non-traditional textile exports reached USD 142 million in February 2025, a 25.4% increase year on year. Export volumes rose 21.5%, marking 11 consecutive months of growth, driven by higher exports to the U.S. and increased demand for cotton clothing and alpaca or llama wool products. Cumulative textile exports for January and February totalled USD 280 million, up 17.4% from the previous year.
Data & statisticsBalance of payments and other external statistics
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2025-04-21•Ecuador•Superintendencia de Bancos de Ecuador
Ecuador's Superintendency of Banks announced that Banco Amibank S.A.'s liquidation is proceeding as planned, with depositor reimbursements entering the payout phase. Over 99% of depositors are covered by the COSEDE deposit insurance scheme, ensuring repayment up to USD 32,000. Another bank will take over a significant portion of Amibank's credit operations and certain deposits not covered by COSEDE, maintaining service continuity for former customers.
SupervisionInterventionsRecovery and resolution
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2025-04-21•China•Central Bank of the Republic of China
The People's Bank of China and other regulators have released an action plan to enhance cross-border financial services for Shanghai's international financial centre development. It includes 18 measures on foreign exchange risk management, financing, and digital infrastructure, such as piloting a revised foreign exchange business model and expanding the Cross-Border Interbank Payment System. Implementation will be coordinated by the People's Bank of China and the Shanghai Municipal People's Government, supported by a taskforce of local regulators and financial institutions.
Policy & regulationImplementation, projects & pilotsCross-border payments
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2025-04-21•United States•Federal Reserve Bank of New York
The Federal Reserve Bank of New York appointed Anna Nordstrom as Head of the Markets Group and to its Executive Committee. Nordstrom, who has been with the New York Fed since 2008, previously served as interim Head and led the Domestic and International Markets Function. Her responsibilities included overseeing domestic monetary policy operations, foreign exchange operations, and central bank liquidity swap lines.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-04-21•Portugal•Portuguese Insurance Regulator (ASF)
The Portuguese Insurance and Pension Funds Supervisory Authority (ASF) announced the commencement of duties for Prof. Rui Baleiras as vice-president and Prof. Paula Vaz Freire as a board member, following their appointment by the Council of Ministers Resolution No. 79/2025.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-04-21•United States•Financial Industry Regulatory Authority
FINRA launched FINRA Forward, initiatives to enhance regulatory program effectiveness and efficiency. It includes rule modernization, improved support for member firm compliance, and expanded efforts to address cybersecurity and fraud risks. FINRA plans to review its rulebook, facilitate innovation, and strengthen firms' risk management and resilience against emerging threats.
Policy & regulationImplementation, projects & pilotsRegulatory burden
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2025-04-21•India•Reserve Bank of India
The Reserve Bank of India has amended its Basel III Liquidity Coverage Ratio framework, adjusting run-off rates for retail and small business deposits and revising Level 1 high-quality liquid assets valuation. Key changes include a 2.5 percentage point increase in run-off factors for retail deposits with internet and mobile banking and a redefinition of the "other legal entities" category. These amendments apply to all commercial banks, excluding payments banks, regional rural banks, and local area banks, effective 1 April 2026.
Policy & regulationRules & requirementsLiquidity risk
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2025-04-21•India•Reserve Bank of India
The Reserve Bank of India revised instructions for banks on minors' savings and term deposit accounts, consolidating previous guidance. Minors can open accounts through guardians, with independent operation allowed above a bank-set age threshold, subject to risk management policies. Banks must ensure accounts remain in credit and comply with Know Your Customer regulations, with new policies required by 1 July 2025.
Policy & regulationRules & requirementsOther
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2025-04-21•United States•Federal Reserve Bank of Cleveland
The Federal Reserve Bank of Cleveland's Economic Commentary by Daniell R. Carroll and Christopher J. Walker highlights significant wage compression post-Covid-19. Below-median-wage workers saw the largest pay increases when switching to industries like leisure, hospitality, trade, and transportation, with earnings growing 4 percentage points faster than peers who stayed and 2 percentage points faster than those who switched jobs without changing industries. High-wage workers experienced smaller and delayed pay boosts in these sectors as wage growth accelerated in late 2021.
ResearchOther
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2025-04-21•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission sent teams to a bus crash site in Prachinburi province to verify insurance coverage and assist with claims. The bus, insured by Viriyah Insurance Public Company Limited, had compulsory and voluntary motor insurance, covering liabilities and medical expenses. The Office is coordinating with the insurer for direct payment of eligible medical costs to hospitals, while claims for fatalities are under investigation.
SupervisionInterventionsOther
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2025-04-21•Europe•European Central Bank
The European Central Bank's Working Paper No 3050 examines investor sentiment's impact on cross-market connectedness in European equity returns and volatility during the COVID-19 pandemic and the Russia-Ukraine conflict. The study finds strong interconnectedness between returns and sentiment, with heightened volatility spillovers during crises. The UK is the largest net transmitter of return spillovers, while Italy is a significant net receiver.
ResearchMarket risk and volatility
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2025-04-21•Tajikistan•National Bank of the Republic of Tajikistan
The National Bank of the Republic of Tajikistan attended the 23rd annual Shariah Board conference of the Accounting and Auditing Organization for Islamic Financial Institutions in Bahrain. First Deputy Chairman Firuz Sharifzoda highlighted Tajikistan’s progress in Islamic banking, received an AAOIFI award for contributions to Islamic finance, and discussed expanding bilateral cooperation and joint training initiatives.
Policy & regulationCooperationAccounting and financial reportingAuditing
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2025-04-21•Bosnia and Herzegovina•Central Bank of Bosnia and Herzegovina
The Central Bank of Bosnia and Herzegovina announced Governor Jasmina Selimovic's participation in the IMF and World Bank Spring Meetings in Washington, D.C., from 21 to 26 April 2025. Her agenda includes high-level discussions on global economic issues, a G30 Spring Lecture, and a regional meeting on instant payments alignment. She will also attend a World Bank session on financial inclusion and hold bilateral meetings on cooperation and reform priorities.
Policy & regulationCooperationCross-border cooperation
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2025-04-21•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines reported a shift to a USD 2.0 billion BOP deficit in March 2025, from a USD 1.2 billion surplus in March 2024, resulting in a cumulative USD 3.0 billion deficit for the year. This was driven by the national government's foreign currency drawdowns and the central bank's foreign exchange operations, amid a wider trade in goods deficit. Gross international reserves declined to USD 106.7 billion, covering 7.4 months of imports and 3.6 times short-term external debt.
Data & statisticsBalance of payments and other external statistics
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2025-04-21•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has instructed individuals on a specified list to pay a fee of VND 1,000,000 for the issuance of securities practising certificates, as per Ministry of Finance Circular 25/2022/TT-BTC. Payment can be made via bank transfer or directly at the Commission. Failure to collect the certificate within one year will result in cancellation.
Policy & regulationRules & requirementsLicensing and supervisory fees
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2025-04-21•Estonia•Central Bank of Estonia
The Central Bank of Estonia announced Governor Madis Müller and Deputy Governor Ülo Kaasik will attend the IMF and World Bank spring meetings in Washington, focusing on global economic challenges, climate risk, and development-policy financing. Discussions will address trade policy uncertainty, geopolitical fragmentation, and inflation trends. The World Bank will emphasize job creation and workforce development, particularly for young people and women.
OtherEconomic data and developmentsFinancial stability and systemic risk
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2025-04-21•Serbia•National Bank of Serbia
The National Bank of Serbia announced Governor Jorgovanka Tabaković will lead Serbia's delegation to the IMF and World Bank Spring Meetings in Washington from 21 to 26 April 2025. The delegation will engage in bilateral meetings with international institutions to discuss cooperation programmes and macroeconomic and financial stability. Key topics include global economic developments, challenges, and policy measures, with participation in committee meetings and a closed-door session on the regional economic outlook for Central and Eastern Europe.
Policy & regulationCooperationMacroprudential policy and toolsFinancial stability and systemic risk
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2025-04-21•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan hosted an event to advance digital transformation and innovation in the insurance sector, involving the Azerbaijan Insurers Association and industry executives. Discussions addressed digitisation, technological solutions, collaboration with startups, and future insurance technologies. Participants exchanged views on challenges and opportunities from technological change.
Policy & regulationImplementation, projects & pilotsFintech and insurtech
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2025-04-21•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia issued Instruction No. 34/25 SERC concerning the 29th Examination in the securities sector.
Policy & regulationRules & requirementsSupervision process and methodologies
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2025-04-21•Paraguay•Central Bank of Paraguay
The Central Bank of Paraguay and the Banking Superintendency have launched a project to adopt and implement IFRS with support from the Inter-American Development Bank. The plan will proceed in stages and is expected to reach the start of effective implementation within three to four years. The central bank said the shift should strengthen the quality and comparability of information used for bank supervision, funding access and risk assessment.
Policy & regulationImplementation, projects & pilotsAccounting and financial reporting
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2025-04-21•Kosovo•Central Bank of the Republic of Kosovo
The Central Bank of the Republic of Kosovo, led by Governor Ahmet Ismaili, is attending the IMF and World Bank 2025 Spring Meetings in Washington, D.C., focusing on financial developments and outlook. The delegation will engage in over 20 bilateral and multilateral meetings with key financial institutions. Additionally, Governor Ismaili will participate in a World Bank executive forum on international reserves management under the RAMP programme.
Policy & regulationCooperationCross-border cooperation
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2025-04-21•Morocco•Moroccan Capital Markets Authority
The Moroccan Capital Markets Authority approved a preliminary prospectus for a NEXANS share offer reserved for group employees, involving a capital increase and/or share transfer of up to 600,000 shares. The offer is available to employees of NEXANS Maroc and SIRMEL, with the reservation period in Morocco from 5 to 22 May 2025. The prospectus includes NEXANS’s universal registration document filed with the French Financial Markets Authority and other key documents.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-04-21•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission advises holders of Thai Polycons Public Company Limited’s TPOLY26NA bond to review information and exercise their rights before an electronic bondholders’ meeting on 24 April 2025. The meeting will address a proposed waiver of an event of default and amendments to collateral coverage requirements, including a temporary interest rate increase. Bondholders are urged to consult with the issuer and representative before voting.
Policy & regulationGuidance & interpretationCorporate governance
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2025-04-21•United States•Commodity Futures Trading Commission
The Commodity Futures Trading Commission's Divisions of Market Oversight, Clearing and Risk, and Market Participants are seeking comments on the potential extension of CFTC-regulated derivatives markets to a 24/7 trading basis. The request examines implications for trading, clearing, and risk management, focusing on market integrity, customer protection, and retail trading.
Policy & regulationReform agendas & prioritiesTrading
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2025-04-21•United States•Commodity Futures Trading Commission
The Commodity Futures Trading Commission (CFTC) has issued a request for comment on its approach to perpetual contracts in derivatives markets, focusing on their uses, benefits, and risks. The request examines the characteristics of perpetual derivatives and their implications for trading, clearing, and risk management, while also seeking input on market integrity and customer protection concerns.
Policy & regulationRules & requirementsTrading
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2025-04-21•Argentina•Ministry of Finance (Argentina)
Argentina’s Economy Minister Luis Caputo will attend the IMF and World Bank Spring Meetings in Washington, DC, engaging with IMF, World Bank leaders, and European and Indian counterparts. Caputo will participate in the International Monetary and Financial Committee plenary, G20 sessions, and the IMF and Financial Stability Board Early Warning Exercise. Finance Secretary Pablo Quirno will join meetings with the Inter-American Development Bank and a U.S. Chamber of Commerce event.
OtherCross-border cooperation
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2025-04-21•United States•U.S. Securities & Exchange Commission
The U.S. Securities and Exchange Commission announced Paul S. Atkins as the new Chairman, succeeding Acting Chairman Mark T. Uyeda. During his tenure, Uyeda established a Crypto Task Force, withdrew certain crypto enforcement actions, and updated guidance on Schedule 13G and the Advisers Act marketing rule. Additional actions included issuing Staff Legal Bulletin 14M, removing personal data from the Consolidated Audit Trail, and extending compliance dates for Treasury securities clearing.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-04-21•United States•U.S. Securities & Exchange Commission
The U.S. Securities and Exchange Commission has appointed Paul S. Atkins as its 34th Chairman, following his nomination by President Donald J. Trump and confirmation by the U.S. Senate. Atkins, previously CEO of Patomak Global Partners and an SEC Commissioner, brings extensive experience from roles including independent director at BATS Global Markets and member of the Congressional Oversight Panel for the Troubled Asset Relief Program.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-04-21•United States•U.S. Securities & Exchange Commission
The U.S. Securities and Exchange Commission awarded approximately USD 6 million to joint whistleblowers for providing information that initiated an examination and enforcement action. The award is funded by the SEC’s investor protection fund, sourced from sanctions paid by securities law violators. Whistleblowers can receive 10% to 30% of collected sanctions exceeding USD 1 million, with confidentiality protected under the Dodd-Frank Act.
EnforcementWhistleblowing
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2025-04-21•Qatar•Qatar Financial Markets Authority
The Qatar Financial Markets Authority's CEO, Dr. Tamy bin Ahmad Al-Binali, attended the 30th meeting of the Committee of the Heads of Capital Market Authorities in the Gulf Cooperation Council (GCC) countries. The meeting in Kuwait addressed the GCC Capital Markets Integration Strategy and coordination among GCC regulators, with discussions on artificial intelligence applications and human capital in securities markets.
Policy & regulationCooperationCross-border cooperationArtificial intelligence
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2025-04-20•Peru•Central Bank of Peru
The Central Bank of Peru reported a 13.6% increase in traditional exports and a 20.3% rise in non-traditional exports in February 2025. Traditional exports, totaling USD 4,675 million, were driven by higher prices, particularly in mining, fishing, natural gas, and oil. Non-traditional exports grew due to increased volumes in agriculture, steel, metal products, and textiles, with Peru achieving the highest regional growth in non-traditional exports over the past year.
Data & statisticsEconomic data and developments
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2025-04-20•Iraq•Central Bank of Iraq
The Central Bank of Iraq has initiated a project to establish the first virtual bank hosted by Iraqi universities, starting with Al-Muthanna University, to provide practical banking experience and promote financial inclusion. The initiative was unveiled at Al-Muthanna University's second scientific conference on artificial intelligence and labor market requirements.
Policy & regulationImplementation, projects & pilotsFintech and insurtech
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2025-04-20•Oman•Central Bank of Oman
The Central Bank of Oman has enhanced its direct debit service by implementing electronic authorization for mandates through banks' electronic channels, supported by the National Payment Systems Law No. 8/2018. The framework includes legal protections and penalties for misuse, with no fees on direct debit transactions to encourage adoption and reduce cheque usage. Initially soft-launched in 2021, the system is expected to be fully implemented by banks in 2025.
Policy & regulationImplementation, projects & pilotsPayments and payment systems
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2025-04-20•Oman•Oman Financial Services Authority
The Oman Financial Services Authority launched the National Health Insurance Platform, Dhamani, connecting insurers with healthcare institutions for data exchange and claims processing. It processed about three million transactions in Q1 2025, aiming to streamline settlements, enhance service quality, and improve fraud detection and data security. The authority also highlighted Decision No. 83/2023 and upcoming digital initiatives to advance the sector.
Policy & regulationImplementation, projects & pilotsOther
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2025-04-20•Bahrain•Central Bank of Bahrain
The Central Bank of Bahrain's Board of Directors approved a new organizational structure to align with its dual mandate of maintaining financial stability and supporting sector development. The revised structure aims to enhance leadership competencies within the financial sector.
Institutional developmentMandate & organizational structureOrganizational structure
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2025-04-20•Bahrain•Central Bank of Bahrain
The Central Bank of Bahrain announced executive management appointments to implement its new organisational structure, with roles in central banking, macro-prudential oversight, policy and enforcement, supervision, market development, and corporate services. Yousif Rashid Al-Fadhel will serve as Advisor to the Governor from 20 April 2025. The appointments are linked to the Board of Directors’ decision to adopt the new structure.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-04-19•Algeria•Algeria Market Authority (COSOB)
The Algeria Market Authority said it is supporting the Jeune Idée national caravan to promote financial education and economic awareness among young project holders. Its participation focuses on explaining alternative financing options, including capital market financing, private equity and crowdfunding.
Financial literacy & educationFinancial literacy and educationMarket development
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2025-04-19•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority outlined priorities for non-banking financial markets, focusing on disciplined growth, financial stability, and participant protection. Key initiatives include reforms to Egyptian Exchange listing rules, fintech market development, and amended investment rules for private insurance funds. The FRA is advancing sustainability infrastructure and nearing completion of a regulatory framework for crowdfunding in real estate and equity fund structures.
Policy & regulationReform agendas & prioritiesMarket developmentFinancial inclusion
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2025-04-19•Vietnam•State Bank of Vietnam
Deputy Governor Doan Thai Son urged Vietnam Cooperative Bank to modernize operations and support People’s Credit Funds. Priorities include increasing charter capital, upgrading staff, investing in technology, and aligning with the 2024 Law on Credit Institutions. The agenda also emphasizes strengthening internal controls, resolving non-performing loans, and supporting governance and product development for PCFs.
Policy & regulationGuidance & interpretationOther
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2025-04-19•Vietnam•State Bank of Vietnam
The State Bank of Vietnam updated on Governor Nguyễn Thị Hồng’s directives at the Kira Home social housing project groundbreaking, urging banks to enhance the social housing credit programme's implementation. The programme, now at VND 145 trillion, is funded by commercial banks and involves four state-owned banks as core lenders. Lending will commence once the Vĩnh Phúc People’s Committee releases the list of eligible projects.
Policy & regulationImplementation, projects & pilotsOther
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2025-04-18•Tanzania•Tanzania Insurance Regulatory Authority
Tanzania Insurance Regulatory Authority (TIRA) held a seminar for children and youth on insurance education, covering TIRA's mandate, types of insurance, and Tanzania's insurance market status, plus the Universal Health Insurance initiative. TIRA's Eastern Zone office offers registration, licensing, and public insurance education in Dar es Salaam, Pwani, and Morogoro.
Financial literacy & educationFinancial literacy and education
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2025-04-18•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market approved securities issuance and disclosure actions for collective investment funds, including new share issues and prospectus changes. It also appointed a state representative to the National Depository of Ukraine’s electronic AGM, approved an implementation plan for European Commission recommendations, amended prior decisions, and confirmed compliance of AMC UNIVES LLC and FC INTERSVIT LLC with government criteria.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-04-18•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan reported 2,757 new company registrations in March 2025, with 99.9% processed digitally, raising the total to 249,365. Private limited companies comprised 54% of new registrations, followed by single-member companies at 40%. Information Technology and e-commerce led sector additions, and 73 companies received foreign investment from countries including Australia and China.
Data & statisticsLicensing framework and process
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2025-04-18•China•Central Bank of the Republic of China
Deputy Governor Zhu Hexin of the People's Bank of China visited Japan to discuss macroeconomic and financial cooperation with Japanese counterparts and China-funded financial institutions.
Policy & regulationCooperationCross-border cooperation
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2025-04-18•United States•National Credit Union Administration
The National Credit Union Administration (NCUA) confirmed that President Donald J. Trump terminated the positions of Board members Todd Harper and Tanya Otsuka, leaving only one Board member. The NCUA assured that it can continue to meet its operational and statutory requirements with a single Board member, citing historical precedent and standing delegations of authority.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-04-18•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has implemented a supervisory capital add-on mechanism for banks' capital adequacy requirements based on the 2024 Supervisory Review and Evaluation Process and Asset Quality Review. Add-ons range from 0% to 6% for banks in a regular AQR and 0% to 3% for others, with 2024 add-ons varying from 0% to 4.5% based on risk profiles. Banks must integrate these add-ons into strategic and risk management processes, maintaining sufficient capital buffers.
SupervisionInterventionsSupervision process and methodologies
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2025-04-18•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
Kazakhstan's Financial Market Agency has set capital adequacy buffers for banks, based on 2024 stress test results, ranging from 0% to 3% of risk-weighted assets and contingent liabilities. Each bank received individual results, buffer sizes, and capital recommendations, concluding the latest risk-based supervision cycle. The 2024 stress test report is available on the Agency's website.
SupervisionInterventionsStress testing
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2025-04-18•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of Kazakhstan completed its 2024 risk-based supervision cycle of the banking sector, publishing its first report on the Supervisory Review and Evaluation Process (SREP). The cycle integrated SREP with Asset Quality Review and stress testing, focusing on corporate governance and risk management. The report aims to enhance supervisory transparency and professional engagement.
SupervisionReviews, inspections & stress testsSupervision process and methodologies
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2025-04-18•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of Kazakhstan focuses on expanding financial access for people with disabilities through AFI trainings and legislative amendments. Measures include adapting bank branches and digital platforms, mandating national service standards, and restructuring loans for disabled individuals. The agency also noted state support measures like preferential lending and debt relief under the mortgage refinancing programme.
Policy & regulationRules & requirementsFinancial inclusionFinancial literacy and education
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2025-04-18•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan released results from its 2024 supervisory stress test of 11 banks, covering 85% of sector assets. Core capital adequacy was 15.0%, 5.5 percentage points above the minimum threshold, with credit and market risks reducing capital by 5.8 and 3.2 percentage points, respectively. Despite these impacts, capitalisation remained well above regulatory norms.
SupervisionReviews, inspections & stress testsStress testingPrudential risks
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2025-04-18•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has drafted a resolution to amend securities market regulations, allowing international settlement organisations like Euroclear and Clearstream to confirm ownership rights to Kazakh securities. The draft also outlines how clearing organisations may engage in brokerage and dealer activities and sets conditions for the central depository's custodial services.
Policy & regulationRules & requirementsOther
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2025-04-18•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan released its 2024 supervisory stress test report for 11 banks, covering 85% of sector assets. The test revealed a core capital adequacy ratio of 15.0%, significantly above the 5.5% minimum requirement. Scenarios were developed with the National Bank of Kazakhstan, reflecting global shocks and sector downturns.
SupervisionReviews, inspections & stress testsStress testing
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2025-04-18•Slovenia•Central Bank of Slovenia
Acting Governor Primož Dolenc of the Central Bank of Slovenia is attending the IMF and World Bank Group Spring Meetings in Washington, D.C., participating in the International Monetary and Financial Committee. The agenda includes discussions on global economic developments, geopolitical tensions, the IMF's financial assistance role, the future of Bretton Woods institutions, and the General Review of Quotas.
OtherGeopolitical risk
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2025-04-18•Global•World Bank
The World Bank approved USD 120 million for a sustainable finance project in the Kyrgyz Republic, with an additional USD 50 million from the Asian Infrastructure Investment Bank, totaling USD 170 million. The initiative aims to expand green finance for micro, small, and medium enterprises (MSMEs), mobilize private capital, and enhance local financial institutions' capacity. It includes wholesale financing for green investments and a guarantee mechanism to reduce lender risk and improve MSME access to finance.
Policy & regulationImplementation, projects & pilotsClimate risk and sustainable finance
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2025-04-18•Slovenia•Central Bank of Slovenia
The Central Bank of Slovenia and the Ministry of Finance concluded the Bodi FIN project to enhance financial literacy among primary school students. It involved 3,000 students from 85 schools, featuring workshops, a nationwide competition, and coverage of banking, saving, budgeting, and online security. The project culminated in a ceremony with speeches from Finance Minister Klemen Boštjančič and Acting Governor Primož Dolenc.
Financial literacy & educationFinancial literacy and education