The Financial Services Regulatory Authority of Ontario has launched its biennial stakeholder engagement survey to gather feedback on its performance and communication effectiveness. Conducted by Forum Research, the survey ensures confidentiality and reports results in aggregate.
The Financial Services Regulatory Authority of Ontario (FSRA) has initiated enforcement action against Tracy Scimeca and Antonino (Nino) Scimeca, proposing administrative penalties totaling CAD 250,000 and a compliance order. Tracy Scimeca faces allegations of unauthorized mortgage dealings and providing false information, while Nino Scimeca is accused of facilitating dishonesty or fraud. Both have requested a hearing before the Financial Services Tribunal.
The Prudential Regulation Authority has proposed a new Matching Adjustment Investment Accelerator (MAIA) framework to enable UK insurers to invest in new assets more swiftly and claim Matching Adjustment benefits without prior approval. The framework includes exposure limits, amendments to the PRA Rulebook, and new reporting requirements. Implementation is expected in Q4 2025, with template changes starting 31 December 2026.
The Thailand Securities and Exchange Commission announced Cabinet approval of amendments to strengthen measures against cybercrime and digital asset mule accounts. The amendments require digital asset business operators to exchange information, screen transactions linked to cybercrimes, and establish a blacklist of individuals and wallet addresses. Penalties are introduced for mule account owners, and foreign digital asset exchanges are deterred from servicing local investors.
The Thailand Securities & Exchange Commission urged JCK International bondholders to review information and exercise their rights at an e-meeting on 11 April 2025 regarding proposed amendments to JCK217A and JCK221A bonds. Changes include extending maturities, increasing interest rates, and revising principal repayments. The SEC also mandates the bondholders’ representative to evaluate the implications of the amendments.
The Thailand Securities & Exchange Commission urges holders of four CHO bond series to review information and vote at a reconvened e-meeting on 10 April 2025, as Cho Thavee Public Company Limited seeks approval for waivers and amendments related to covenant breaches and revised repayment terms. The SEC requires bondholders’ representatives to analyze the benefits and impacts of approval or non-approval. Proposals include waiving default events, extending maturity, and adjusting interest rates.
The Bank of England's Prudential Regulation Authority is consulting on reforms to the Matching Adjustment (MA) application process by introducing a Matching Adjustment Investment Accelerator (MAIA) permission. This framework would enable insurers to gain immediate MA benefit recognition before full permission, facilitating quicker investments. Insurers with MAIA permission would have 24 months to submit a formal MA application for assets with new features.
Scott O’Malia, CEO of the International Swaps and Derivatives Association, testified to the US House Committee on Financial Services, stressing the need for regulatory calibration to support US Treasury market liquidity and resilience amid mandatory clearing. He warned that without adjustments, bank balance sheet capacity might be strained, affecting Treasury issuance absorption and client clearing, potentially disrupting the repurchase agreement market.
HM Treasury and India released a joint statement from the 13th Economic and Financial Dialogue, outlining a bilateral work programme on financial services, capital markets, payments, and sustainable finance. Key agreements include cooperation between the Financial Conduct Authority and the International Financial Services Centres Authority, enhancing equity capital markets connectivity, and expanding Masala Bond issuance. The statement reaffirms coordination on multilateral and sustainable finance issues, including cross-border payments and climate-related financial risks, and commits to extending tax cooperation and launching a new green finance workstream.
The Global Legal Entity Identifier Foundation (GLEIF) has designated Certizen Technology as a Qualified vLEI Issuer, enhancing the ecosystem for verifiable Legal Entity Identifiers (vLEI) to support secure digital identities and promote global interoperability, particularly in the Greater Bay Area.
The National Bank of Hungary has updated its interactive charts with 2023 business accounting data for domestic non-financial corporations. The data, based on individual company accounts, is categorized by company size and activity for the period 2016–2023.
The National Bank of Hungary and the Hungarian Banking Association agreed on a five-part package to simplify, enhance transparency, and reduce household banking costs. Measures include making basic accounts free until inflation is below 4% for three months, notifying customers of better account options, and facilitating online account cancellation. Additional initiatives involve a customer information campaign and using the MNB’s fee package calculator on bank websites.
The New Brunswick Financial and Consumer Services Commission reported on the Joint Forum of Financial Market Regulators’ annual meeting in Calgary, focusing on AI systems and the economic environment. Discussions included the Canadian Securities Administrators’ consultation on AI use in capital markets, aiming to clarify securities laws and gather feedback on AI's regulatory impact. The meeting also introduced new senior regulatory leaders and featured a keynote on global dynamics.
The State Bank of Vietnam (SBV) is assessing its banking-sector database systems to create a modern, integrated "banking industry common database." Supported by the World Bank and Switzerland’s SECO, with KPMG as the consultant, the project includes international benchmarking, surveys, and workshops to develop a data governance and sharing platform. SBV has urged internal units and credit institutions to prioritize resources and participation, with the World Bank invited for ongoing support in future phases.
The Quebec Autorité des marchés financiers reported on the Joint Forum of Financial Market Regulators’ annual meeting in Calgary, discussing collaboration and emerging issues among insurance, securities, pensions, and other financial services regulators. New senior leaders from Canadian regulatory bodies participated. The plenary session addressed the CSA Staff Notice and Consultation 11-348 on artificial intelligence in capital markets, seeking feedback on AI's role and regulatory implications.
The Egypt Financial Regulatory Authority outlined initiatives for the non-banking financial sector, including digital transformation, the voluntary carbon market, and insurance. Key developments include a regulatory sandbox for non-banking finance, a framework for participatory financing, and amendments to investment rules for private insurance funds. The authority also plans legislative changes to the Consumer Finance Law and Capital Market Law to facilitate private equity and venture capital funds.
The Central Bank of Chile has initiated a selection process to appoint a new full member and an alternate to the Technical Investment Council for a four-year term starting 1 June 2025, under the 2025 pension reform. Candidates must have significant experience in investment portfolio management and are subject to conflict-of-interest restrictions. Appointees are expected to act independently and not represent the Bank.
FDIC Acting Chairman Travis Hill outlined initiatives on de novo bank formation, digital assets, and insured depository institution resolution planning. Key points include potential adjustments to capital expectations for new banks, rescinding prior notification requirements for crypto activities, and revising resolution planning FAQs to focus on rapid marketing and short-term operations. Hill also mentioned reviewing regulatory asset thresholds and interagency work on capital reforms and supervisory actions.
The Norwegian Financial Supervisory Authority announced the Ministry of Finance's decisions on four appeal cases regarding PSD2 exemptions and e-money classification. The Ministry upheld Finanstilsynet's decisions in three cases, including Amfi Drift and Edenred, but overturned a decision concerning Facebook Payments International Limited. The Ministry found Facebook's service could qualify for exemption and instructed Finanstilsynet to set a new compliance deadline for Universal Presentkort.
At Finansnæringens dag 2025, Norwegian Financial Supervisory Authority Director General Per Mathis Kongsrud highlighted a challenging risk environment for the financial sector, despite banks' profitability. He addressed rapid technological changes, regulatory complexity, and economic crime, emphasizing the need for capital strength and governance. A joint sandbox initiative with the Norwegian Data Protection Authority to combat economic crime was also announced.
The Bank of Albania and the EBRD discussed Albania's economic developments, focusing on modernising payment infrastructure and regulatory innovations. Key topics included EBRD-supported projects on climate change regulatory infrastructure, supervisory framework alignment with the EU, and enhancing financial support for SMEs. The EBRD expressed readiness to expand collaboration, emphasizing support for greener, more digital Albanian businesses.
The Canadian Securities Administrators reported on the Joint Forum of Financial Market Regulators’ annual meeting in Calgary, focusing on artificial intelligence systems and the economic and geopolitical environment. The CSA’s Staff Notice and Consultation 11-348 aimed to clarify the application of Canadian securities laws to AI use and sought feedback on regulatory oversight adjustments. New senior leaders from various regulatory bodies participated, with keynote remarks addressing the global political context.
The Chile Financial Market Commission announced that Commissioner Augusto Iglesias Palau has become Deputy Chairman, succeeding Bernardita Piedrabuena, whose term ended on April 8. The Deputy Chairman role rotates every 18 months with no re-election, as per the Board’s Internal Operating Regulations. Iglesias, a CMF Commissioner since October 2020, will represent the CMF in the Chairperson’s absence and coordinate thematic committees.
Chile’s Financial Market Commission released its biannual update on motor vehicle repair times, showing a reduction in average repair time to 55 days in the second half of 2024 from 60 days in the first half. The report covers 80,664 claims and highlights variability in repair times by insurer and damage extent. The platform provides detailed comparisons by company, vehicle brand, model, and workshop.
The Canadian Investment Regulatory Organization (CIRO) is conducting in-person financial literacy workshops at Toronto Public Library branches throughout 2025. The program, aimed at beginners, newcomers, youth, and retirees, covers topics such as investing basics, budgeting, and fraud protection. Sessions are scheduled from April to November, with details available on the TPL website.
The Hellenic Capital Market Commission will eliminate the 2.4% stamp duty and digital transaction duty on fees and periodic contributions starting 1 December 2024. This adjustment, in accordance with Part B of Law 5135/2024, ensures payments are made at the stated amounts without additional charges.
The British Columbia Securities Commission granted the Canadian Investment Regulatory Organization's (CIRO) request for a hearing and review of a disciplinary decision involving Teymur Englesby and Cale Nishimura. The Commission found the original CIRO panel erred in law by not adequately considering the public interest and remitted the case for reconsideration. Englesby and Nishimura were investigated for failing to respond to warning signs of potentially suspicious activity in client accounts.
The British Columbia Financial Services Authority (BCFSA) has initiated a 90-day consultation on adopting four Office of the Superintendent of Financial Institutions (OSFI) guidelines for B.C. incorporated insurance companies. The draft guidance covers large insurance exposures, reinsurance practices, third-party risk management, and operational risk management. Feedback is requested on implementation challenges and timelines, with final guidelines expected in late summer 2025.
The Central Bank of Egypt hosted AFI CEO Alfred Hannig to discuss cooperation on financial inclusion, focusing on best practices and expertise exchange. The Central Bank attributed Egypt's financial inclusion rate increase to 74.8% by end-2024 to a supportive legislative environment and incentive initiatives. AFI is collaborating with the Central Bank to share Egypt's experience globally through peer-to-peer knowledge exchange.
U.S. Securities and Exchange Commission Acting Chairman Mark T. Uyeda, at the Annual Conference on Federal and State Securities Cooperation, called for reassessing the federal-state regulatory divide concerning mid-sized investment advisers and securities transactions. Uyeda questioned the current oversight allocation under the Dodd-Frank framework and highlighted inconsistencies in state requirements affecting secondary liquidity. He invited input from state regulators and the public on potential adjustments to federal preemption and adviser oversight.
The Bank of Thailand announced that the National Bank of Cambodia has joined the Regional Payment Connectivity initiative, bringing the total to nine signatories. This expansion was formalized through the fourth supplemental pages to the Memorandum of Understanding on Cooperation in Regional Payment Connectivity. Established in 2022, the initiative aims to enhance cross-border payments in ASEAN through faster, cheaper, and more inclusive methods, including QR-based payments.
The Office of the Comptroller of the Currency (OCC) reported a major information security incident to Congress involving unauthorized access to OCC emails, as mandated by the Federal Information Security Modernization Act. Detected on 11 February 2025, the breach involved sensitive information about federally regulated financial institutions and was classified as a "major incident" after reviews. The OCC has engaged cybersecurity experts for investigation and is evaluating IT security policies, coordinating findings with the Department of the Treasury.
China's National Financial Regulatory Administration has adjusted the regulatory ratio framework for insurers' investments in equity-type assets, increasing allowable equity exposure. Changes include a 5 percentage point increase in the upper limit on equity-type asset allocations for certain solvency-adequacy tiers and a higher concentration ratio for venture capital fund investments. The regulator plans to further refine supervisory policies for insurance fund usage.
FINMA's 2024 Annual Report stresses stronger resilience for Swiss financial institutions in a stable market. Key activities included 111 on-site bank reviews, stress tests, and focus on cyber and outsourcing risks. FINMA highlighted 733 investigations and advocated for legislative changes to enhance supervisory powers.
The Securities and Exchange Board of India (SEBI) has launched an official X account, @SEBI_updates, to disseminate regulatory communications. SEBI will post notifications on regulations, orders, circulars, and press releases on this platform and its website, urging stakeholders to follow for timely updates.
The Bank of Korea reported a February 2025 current account surplus of USD 7.18 billion and a rise in net assets in the financial account by USD 4.96 billion.
The National Bank of Denmark's lending survey for Q1 2025 reveals stable loan demand among business customers across 15 banks, attributed to subdued investment appetite amid geopolitical uncertainty. Larger banks with significant global trade exposure have made write-downs based on management estimates, noting that responses preceded the USA's new tariff plan announcement.
The Taiwan Financial Services Commission reported that the average non-performing loan (NPL) ratio for Taiwan's 38 domestic banks remained at 0.16% as of February 2025, despite a slight increase in NPL balances. Total outstanding loans rose by TWD 164 billion to TWD 42.76 trillion, while allowance coverage decreased to 835.23%. The FSC considers asset quality manageable and will continue mandating improvements in banks' asset quality and financial structure.
The Taiwan Financial Services Commission reported that the average non-performing loan (NPL) ratio for 38 domestic banks remained steady at 0.16% in February 2025. Total outstanding loans rose to TWD 42.76 trillion (USD 1,303 billion), with NPL balances increasing to TWD 69.19 billion (USD 2.11 billion). The FSC deemed asset quality manageable and will continue to mandate banks to enhance asset quality and financial structure.
EIOPA plans to simplify regulations and reduce administrative burdens to boost European competitiveness. Initiatives include revising Solvency II guidelines, reducing stress test frequency, and streamlining product disclosure requirements. EIOPA also aims to support the European Commission in simplifying sustainability reporting and seeks a stronger mandate for supervisory convergence and enforcement.
The Central Bank of Nicaragua reported a 3.4% year-on-year increase in the Monthly Index of Economic Activity (IMAE) for January 2025, with a 3.3% rise in the average annual variation. The seasonally adjusted series showed a 2.2% monthly decline but a 3.8% increase compared to January 2024. Notable growth was seen in hotels and restaurants, construction, and financial services, while fishing and aquaculture experienced significant declines.
The European Securities and Markets Authority (ESMA) has released a consultation paper on the remaining Regulatory Technical Standards (RTS) for external reviewers under the European Green Bonds Regulation. The draft RTS outline requirements for reviewers' systems, compliance functions, and information controls to ensure robust reviews. ESMA seeks feedback from external reviewers and plans to finalize the RTS by December 2025.
The Hong Kong Insurance Authority has issued a public alert regarding phishing emails and fraudulent websites impersonating AIA International Limited to obtain personal or payment information. The emails originate from “contact@h-k-ala[.]site” and “info@hkala[.]site”, directing recipients to fraudulent sites. AIA has confirmed no connection to these emails or websites, and the issue has been reported to the Hong Kong Police Force.
The Insurance Supervision Agency of Montenegro released the application form for the professional exam necessary for insurance mediation or representation activities. Details on the exam date, time, and venue will be posted on the agency's website.
The Hong Kong Insurance Authority has issued a public alert regarding a phishing email and fraudulent website impersonating Manulife (International) Limited to obtain personal or payment information. The email originates from “info@manuiife-hk[.]site” and directs recipients to “manuiife-hk[.]site”. Manulife confirms no connection to these, and affected individuals are advised to contact Manulife and report to the Hong Kong Police Force.
The National Bank of Ukraine reported that international reserves reached USD 42,380.0 million as of 1 April 2025, a 5.6% increase from March. This rise was driven by substantial inflows from international partners and a decrease in net foreign exchange sales. The reserves cover 5.2 months of future imports.
The Spanish Securities Commission (CNMV) released its annual report on the supervision of 2023 Non-Financial Information Statements (EINF), highlighting disclosure improvement areas and future supervision priorities. The report reviewed 124 issuers, with 99 including an EINF and 85 providing EU environmental taxonomy information, leading to additional information requests from 17 entities. Key improvement areas include strategy description, materiality assessment, climate disclosures, and Article 8 of the EU Taxonomy Regulation.
The Australian Securities & Investments Commission (ASIC) secured Federal Court orders to wind up 95 companies due to false incorporation information and scam involvement, including online investment and romance baiting. The Court found a lack of confidence in management, with many linked to fraudulent websites and apps. ASIC is dismantling related scam operations, removing about 130 scam websites weekly, totaling over 10,000 sites, including fake investment platforms and cryptocurrency scams. Catherine Conneely and Thomas Birch of Cor Cordis are appointed as joint liquidators.
The Reserve Bank of New Zealand has opened applications for New Zealand-licensed non-bank deposit takers to access the Exchange Settlement Account System (ESAS) to meet liquidity requirements, following a comprehensive access review. The updated policy simplifies access criteria, with applications assessed individually, and plans to extend access to other non-bank entities in the third quarter of 2025.
The Dominican Republic's Pensions Superintendency (SIPEN) conducted a training session for over 50 employees of the General Directorate of Retirement and Pensions to enhance their social security knowledge. The workshop covered pension system operations, benefits, eligibility, and financial planning for retirement, and included technical Q&A and personalized consultations.
The European Securities and Markets Authority (ESMA) fined Modefinance S.r.l. EUR 420,000 for breaching the Credit Rating Agencies Regulation by implying ESMA endorsement of its credit ratings. Between September 2018 and October 2021, Modefinance inaccurately claimed ESMA had "certified" or "validated" its models. ESMA deemed the breach negligent, considering both aggravating and mitigating factors in determining the penalty.
The UAE Central Bank's 2024 Annual Report details key developments, including measures to bolster banking resilience and the UAE's exit from the Financial Action Task Force's enhanced monitoring. It highlights a 3.9% real GDP growth in 2024, with a forecast of 4.7% for 2025, and significant increases in non-oil foreign trade and banking assets. The report also covers initiatives under the Financial Infrastructure Transformation programme, such as the domestic card scheme Jaywan, the Aani instant payment platform, and the launch of an Open Finance regulation.
The Ukraine National Commission on Securities and Stock Market, with the Cyber Police Department, is protecting investors from fraud by blocking suspect websites. They identified 424 dubious projects with warning signs like high return promises, lack of permits, aggressive marketing, and concealed ownership. The Cyber Police restricted access to prevent harm.
The Superintendency of Banks of Ecuador will accept digital and electronic document submissions 24/5, excluding holidays, starting 1 April 2025, eliminating the need for in-person filing. Submissions must be made through the authority’s digital window email channel with a valid electronic signature, while queries and complaints are handled separately.
Superintendent Roberto Romero von Buchwald of Ecuador's Superintendency of Banks attended the III Ibero-American Forum on Labour Formalisation, highlighting the financial system's role in inclusion and development. He advocated for regulatory adjustments to address labour-market dynamics and stressed attracting resources for productive credit and employment. Romero also participated in bilateral meetings to promote coordinated regional supervision focused on employment formalisation and financial inclusion.
The Andorran Financial Authority reported that Fitch Ratings has maintained Andorra's sovereign rating at A- with a stable outlook. Fitch cites 3.4% economic growth in 2024, driven by tourism, construction, and financial services, and highlights the banking sector's strength due to adequate capitalisation and liquidity. The Association Agreement with the European Union is seen as a potential driver for economic diversification and integration.
Monaco’s Ministry of Finance and Economy announced the unanimous adoption of the national strategy and 2025-2027 action plan by the Committee for Coordination and Monitoring of the National Strategy against money laundering, terrorist financing, and corruption. Chaired by Minister Pierre-André Chiappori, the meeting followed Monaco's submission of its first progress report to the Financial Action Task Force since being placed on the grey list. The committee emphasized sustaining efforts ahead of discussions with the International Cooperation Review Group.
The Securities and Exchange Commission of Pakistan has released a concept paper on modernising Waqf to align with contemporary socio-economic needs, proposing the establishment of "Waqf companies" and Shariah-compliant financial products. The paper highlights the need for a robust regulatory framework and suggests amendments to provincial Waqf laws and the Companies Act, 2017. Stakeholder consultation is planned before any regulatory actions.
The Securities and Exchange Commission of Pakistan has released a consultation paper proposing amendments to the regulatory framework for issuing bonus and right shares, aiming to significantly reduce processing times. Current timelines can extend up to 181 days for right issues, with potential reductions exceeding 50%. The paper also notes that the existing framework does not adequately incorporate digitalisation in Pakistan’s capital markets.
The Bank of Italy announced a project on AI use in Italian financial markets, launched by the European Commission’s SG Reform and the OECD under the EU’s Technical Support Instrument. The initiative, involving multiple Italian financial authorities, aims to analyze AI adoption opportunities and risks, providing guidance for safe implementation. The OECD will publish a final report by spring 2026, following research and stakeholder engagement.
The Bank of Italy released Deputy Director General Chiara Scotti's keynote speech, "Financial and Tax Regulation for the Digital Era: Charting the Path Forward," from a conference on tax and financial regulations in the digital environment. The event, co-organized with the Institute for Austrian and International Tax Law, took place in Rome on 7–8 April 2025. The speech and conference programme are available in English, including an ePub version.
The People's Bank of China will issue the Hainan Tropical Rainforest National Park commemorative coin programme from 15 April 2025, featuring three legal tender coins. The set includes a bimetallic copper-alloy coin with a CNY 10 denomination and two proof precious metal coins: a 3 g gold coin (CNY 50) and a 30 g silver coin (CNY 10). Distribution will use a reservation-and-exchange mechanism, with China Gold Coin Group Co., Ltd. as the sole distributor.
The Federal Reserve Bank of Philadelphia will host an Economic Mobility Summit on 22–23 April 2025, focusing on economic mobility challenges and solutions. The event will feature panels and breakout sessions on career development, job growth, and employment barriers, with speakers including Federal Reserve Vice Chair Philip N. Jefferson and Philadelphia Fed President Patrick T. Harker. The summit is in partnership with other Federal Reserve Banks and organizations like Pew and the Urban Institute.
The European Banking Authority released a peer review of seven national deposit guarantee schemes (DGSs), assessing their stress testing against the Deposit Guarantee Schemes Directive and revised EBA Guidelines. While stress testing programmes generally align with EBA expectations, gaps were noted in the consistent completion and use of key elements. The report outlines follow-up measures for all EU DGSs and includes an overview of 194 stress tests conducted from 2021 to 2024.
Greece’s Ministry of National Economy and Finance met with the Hellenic Bank Association to discuss leveraging improved banking conditions for household and business support and accelerating digital modernization. Key topics included international developments, enhanced liquidity, reduced non-performing loans, and Greece's return to investment grade. The meeting also addressed consumer-facing technological advancements, such as commission-free instant payments via the IRIS system, and the need for intensified digital transformation.
Deputy Governor Sulisak Thanuvong of the Bank of the Lao attended the 12th ASEAN Finance Ministers and Central Bank Governors’ Meeting in Kuala Lumpur, focusing on regional financial cooperation challenges. Participants endorsed Malaysia's initiatives to strengthen financial linkages, including proposals for enhanced monetary policy exchanges and a rapid financing instrument for natural disaster crises. The meeting concluded with commitments to advance regional macroeconomic monitoring and integration efforts.
Sweden's Riksbank's spring 2025 Financial Markets Survey shows most participants view Swedish fixed-income and SEK foreign exchange markets as functioning well. It highlighted increased risk-taking over the past six months, with liquidity in nominal government bonds improving due to Riksbank's sales, while inflation-linked bonds remain weak. Respondents cited external risks, including U.S. political issues, geopolitics, and cyber threats, with limited use of AI tools in trading and analysis.
The Hong Kong Securities and Futures Commission has issued guidance for licensed virtual asset trading platforms (VATPs) and SFC-authorised funds on offering staking services. Staking is allowed within Hong Kong's regulated virtual asset market, subject to risk controls and regulatory approvals. VATPs must meet operational safeguards and obtain SFC approval, while VA Funds can stake only through licensed VATPs and authorised institutions, with a cap to manage liquidity.
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has revoked the licence of ProfitCenter Microfinance Organization LLP due to systematic violations of national legislation and regulatory requirements. The firm must re-register, reorganise, or liquidate within 30 days, while clients remain responsible for fulfilling existing microcredit agreements.
The Cyprus Securities and Exchange Commission announced that Gainfield Enterprises Ltd waived its authorisation to provide administrative services as of 30 December 2024, leading to the lapse of its CySEC authorisation. Consequently, the company was permanently removed from the licensed persons’ register.
The Hong Kong Monetary Authority (HKMA) issued an alert regarding a fraudulent website using the domain survey-hkma[.]com, clarifying no connection to it. The HKMA reported the case to the Hong Kong Police Force and advised potential victims to contact the Crime Wing Information Centre.
The Hong Kong Monetary Authority reported a decrease in Hong Kong's foreign currency reserve assets to USD 413.1 billion at end-March 2025, from USD 416.4 billion at end-February 2025. Including unsettled foreign exchange contracts, reserves were USD 412.5 billion. The reserves cover over five times the currency in circulation and approximately 37% of Hong Kong dollar M3.
The Central Bank of San Marino participated in the Network for Greening the Financial System plenary assembly via video link, focusing on best practices for managing environmental and climate risks. The event, held in New Delhi, included around 200 representatives from 61 countries. The Central Bank of San Marino emphasized its commitment to eco- and socio-sustainable policies and international collaboration.
The European Central Bank (ECB) detailed the policy rationale, design, and timeline for a digital euro to complement existing payments and enhance usability with cash-like features and privacy. It addresses the dominance of non-European payment solutions, ensuring privacy through EU data protection compliance. The timeline includes an investigation phase until October 2023, preparation until October 2025, and potential rollout post-November 2025, pending EU legislative approval.
The European Central Bank's Consumer Expectations Survey shows geopolitical conflict expectations weaken euro area consumer sentiment, affecting inflation and growth outlooks. Late 2024 sentiment deteriorates, with rising recession expectations and financial concerns, especially amid prolonged conflicts. Lower-income households are more concerned about geopolitical impacts, expecting financial deterioration and higher job-loss probabilities.
A Tajikistan delegation, led by Deputy Chairman Sirojiddin Ikromi of the National Bank, is attending a World Bank Academy training in Istanbul on financing and insuring climate and natural disaster risks. Ikromi discussed Tajikistan's risk profile, achievements, and disaster risk reduction priorities. The programme includes representatives from 15 countries focusing on modern financial mechanisms, particularly Disaster Risk Financing.
The Bank of Israel reported a decrease in foreign exchange reserves to USD 218.821 billion at the end of March 2025, primarily due to government foreign exchange activities, with reserves equating to 40.5% of GDP. The reserves include USD 214.405 billion excluding the International Monetary Fund and USD 4.416 billion held at the IMF.
The Bank of Israel's April 2025 macroeconomic forecast projects GDP growth of 3.5% in 2025 and 4.0% in 2026, with inflation at 2.6% in 2025 and 2.2% in 2026. The forecast assumes limited conflict in Gaza and considers U.S. import tariffs, predicting a government deficit of 4.2% of GDP in 2025 and 2.9% in 2026, with a debt-to-GDP ratio of 69% in 2025 and 68% in 2026, amid high uncertainty and potential risks of weaker growth and higher inflation.
The Bank of Spain clarified that it has not ordered the withdrawal of any euro banknotes, countering reports from some digital media. All euro banknotes remain valid and usable, with routine checks ensuring the authenticity and fitness of notes in circulation. Damaged notes can be exchanged for face value if more than half is presented or if the missing part is proven destroyed.
The South African Reserve Bank issued a Banks Act guidance note clarifying the status of previously issued guidance notes for banks and related entities. It confirms which legacy notes remain effective for the year and deems others withdrawn unless explicitly confirmed. Institutions must retain copies of effective notes, share them with auditors, and return an acknowledgment of receipt to the Prudential Authority.
The South African Reserve Bank reported an increase in gross reserves by USD 1.186 billion to USD 67.450 billion and a rise in the international liquidity position by USD 1.434 billion to USD 63.167 billion as of 31 March 2025. Gold reserves increased to USD 12.588 billion, and Special Drawing Rights holdings rose to USD 6.306 billion. The growth was primarily due to a higher US dollar gold price, valuation adjustments, and foreign currency proceeds received for the government.
The South African Reserve Bank reported total assets of ZAR 1.29 trillion as of 31 March 2025, an increase of ZAR 15.23 billion from February. The rise was driven by gold and foreign assets, with gold holdings increasing significantly due to a higher rand price per fine ounce. Foreign exchange reserves excluding special drawing rights (SDRs) decreased, while SDR holdings and banks' deposits saw an uptick.
The Central Bank of Iraq, in collaboration with Oliver Ayman Consulting, has launched a reform programme to modernize the Iraqi private banking sector, focusing on financial inclusion, efficiency, and resilience. The initiative includes mandatory banking standards, modernized payment systems, and enhanced depositor protection, with the first compliance evaluation cycle set for early 2026.
The Central Bank of Iraq has launched a reform plan for the private banking sector to enhance its role and align with international standards and technological advancements. The plan, developed over nearly a year with Oliver Ayman, focuses on financial inclusion, efficiency, productivity, and competitive fairness, amid increasing investment in fintech, digital development, and AI.
The Central Bank of the Philippines reported a decrease in gross international reserves to USD 106.2 billion at end-March 2025, down from USD 107.4 billion in February. This decline was attributed to national government drawdowns on foreign currency deposits and the central bank's net foreign exchange operations. The reserves covered 7.3 months of imports and 3.7 times the short-term external debt.
The Central Bank of the Philippines hosted the 2025 Youth Financial Inclusion Congress in Manila, featuring a student hackathon and the launch of YFI Ambassadors. Polytechnic University of the Philippines Manila won the hackathon with "AniKansya," a digital platform for farmers. The YFI Ambassadors will promote digital payments, financial literacy, and budgeting apps as part of the National Strategy for Financial Inclusion 2022–2028.
The Brazil Securities Commission (CVM) will conduct a judgment session on 8 April regarding alleged irregularities by Regen Serviços Fiduciários Ltda. in reporting investment fund liquidity, potentially breaching CVM Instruction 558 and Resolution 21. The session, open to the public, will be held at CVM's headquarters in Rio de Janeiro, with videoconference access. Director Marina Copola's report is accessible and may be revised post-session.
Moldova’s Ministry of Finance, in cooperation with the National Bank of Moldova, has secured government approval for a national sustainable finance taxonomy framework aligned with European principles. The taxonomy defines which economic activities qualify as sustainable to guide investment by banks, non-bank credit organisations and insurance companies, with implementation and reporting requirements to be set later through secondary regulations.
The Republic of Serbia Securities Commission presented the results of the National Risk Assessment for Money Laundering and Terrorism Financing on 3 April 2025. The presentation, led by National Risk Assessment Coordinator Jelena Pantelic and Commission Secretary Goran Kuprešanin, highlighted key risks and recommendations to enhance preventive measures.
The Monetary Authority of Singapore and the Cyber Security Agency of Singapore announced a ransomware attack on Toppan Next Tech, affecting customer data from DBS Bank and Bank of China Limited, Singapore branch. While customer log-in information was not compromised, MAS is working with the banks on risk mitigation and customer communication. The CSA is assisting with the investigation and issued an advisory on ransomware prevention and mitigation.
The Central Bank of the Solomon Islands has granted iumiCash Ltd a Money Transfer Service licence, enabling it to expand into overseas digital remittances. This approval, supported by the regulatory sandbox, aims to benefit underserved communities and facilitate remittances from Solomon Islanders working abroad.
The Central Bank of Poland reported that official reserve assets totaled EUR 219.4bn (USD 237.5bn) at the end of March 2025. In euro terms, reserves decreased by EUR 1.1bn from February, while in US dollar terms, they rose by USD 8.3bn. Reserve management focuses on safety and liquidity, with investments primarily in Treasury securities and securities from international institutions and government agencies.
The Thailand Securities and Exchange Commission announced temporary measures by the Stock Exchange of Thailand and the Thailand Futures Exchange to oversee trading in securities and futures contracts from 8 April 2025. Approved by the SEC Board and the Capital Market Supervisory Board, these measures aim to mitigate market volatility. The SEC will continue monitoring and coordinating with the exchanges to evaluate market conditions and the effects of these measures.
The Moroccan Capital Market Authority, with the Moroccan Foundation for Financial Education, announced activities for the 13th OECD/INFE Global Money Week, starting 7 April. Initiatives include student immersion days, conferences, and the "Quiz Finance" competition, alongside new educational materials and broadcasts. Since 2012, the initiative has engaged 123 organizations, reaching over 753,000 children and youth and 8,141 adults.
HM Treasury has launched a consultation on changes to the UK framework for Alternative Investment Fund Managers (AIFMs) and depositories, aiming to streamline the regime while maintaining protections. Key proposals include removing statutory assets-under-management thresholds and the Small Registered Regime, allowing the Financial Conduct Authority (FCA) to set proportionate requirements. The consultation also considers redefining regulatory perimeters and revising pre-marketing and private equity control-acquisition notifications.
The National Bank of Hungary released February 2025 securities statistics, showing a market value increase of HUF 723 billion to HUF 108,770 billion, driven by net transactions and price gains. Government securities slightly decreased, while mortgage bonds, other bonds, investment fund shares, and quoted shares saw increases. Data corrections from December 2024 impacted investment fund shares and other bonds statistics.
The Ministry of Finance (Malaysia) and Bank Negara Malaysia launched the Malaysia Open House @ ASEAN 2025 exhibition at the Kuala Lumpur Convention Centre during the ASEAN Finance Ministers’ and Central Bank Governors’ Meeting. Featuring over 30 booths, the event connects the public with micro-entrepreneurs and offers financial education, including Bank Negara Malaysia’s iTekad social finance initiative. Funded with RM15 million under Budget 2025, the initiative supports low-income micro-entrepreneurs in financial management and business capability.
The State Bank of Vietnam released a briefing on Q1 2025 socio-economic performance, noting 6.93% GDP growth and 3.22% CPI inflation. The Prime Minister directed the central bank to coordinate monetary and fiscal policies and develop credit packages for infrastructure and key industries. The report also highlighted a USD 3.16 billion trade surplus and significant increases in foreign direct investment.
The Central Bank of Russia's inaugural IPO market review noted a decade-high number of public offerings in 2024, with 19 issuers raising over RUB 102 billion. The market was driven by small- and mid-cap issuers in IT, digital technologies, the sharing economy, and pharmaceuticals, with retail investors playing a significant role. The review highlighted a decline in demand from many participants within 30 days post-listing, aligning with short-term investment strategies amid external uncertainties.
Over 2.4 million schoolchildren participated in Russia's Financial Literacy and Entrepreneurship Olympiad, including high school students for the first time. The event featured game-based scenarios on fraud prevention and was held on the UCHi.ru platform. It was organized with National Priorities, Russia’s Ministry of Finance, Ministry of Economic Development, and UCHi.ru, supported by Movement of the First.