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2025-03-31•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines reported a 12.2% year-on-year growth in outstanding loans of universal and commercial banks, net of reverse repurchase placements, in February 2025, down from 12.8% in January. Loans to residents increased by 12.6%, while loans to non-residents decreased by 3.2%. Lending for production activities rose by 11.2%, with significant contributions from sectors such as electricity, gas, and transportation.
Data & statisticsFinancial and market indicatorsMonetary data
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2025-03-31•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines reported a 6.3% year-on-year growth in domestic liquidity (M3) to PHP 18.0 trillion in February 2025, down from 6.8% in January. Domestic claims increased by 10.1%, with private sector claims up 12.3%, while net foreign assets rose by 5.8%. The bank aims to maintain liquidity conditions aligned with its monetary policy objectives for price and financial stability.
Data & statisticsMonetary data
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2025-03-31•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines reported outstanding Foreign Currency Deposit Unit (FCDU) loans at USD 15.82 billion by end-December 2024, a 0.5% quarterly and 4.3% annual increase. FCDU deposit liabilities were USD 55.46 billion, down 3.5% quarterly but up 1.9% from end-December 2023. The maturity profile was mainly medium- to long-term, with 77.1% of loans payable over one year, and residents held 97.6% of FCDU deposits, serving as a buffer to the country's gross international reserves.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-03-31•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines reported a 10.2% decrease in net external liabilities to USD 65.5 billion at end-December 2024, driven by a 3.4% fall in external financial liabilities. The decline was primarily due to reductions in foreign portfolio and direct investments, while reserve assets fell 5.7% to USD 106.3 billion. Year-on-year, net external liabilities increased 29.0% from USD 50.7 billion at end-December 2023.
Data & statisticsBalance of payments and other external statistics
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2025-03-31•Dominican Republic•Superintencencia de Bancos de la Republica Dominicana
The Superintendency of Banks of the Dominican Republic has initiated the fourth phase of its Dinero Busca Dueño campaign, aiming to repay DOP 35.3 million to 1,925 depositors from Banco Panamericano and Banco Hipotecario Panamericano. Depositors can verify their inclusion via the Prousuario.gob.do portal, while relatives of deceased account holders may request reimbursement with proper documentation. Since 2021, the campaign has returned DOP 319 million to 2,746 users.
SupervisionInterventionsLicence withdrawal
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2025-03-31•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines reported a 33.8% quarter-on-quarter increase in the domestic economy's net external liability position to PHP 3.9 trillion in Q3 2024. This rise was driven by higher net external liabilities of non-financial corporations and the general government, alongside a shift of other depository corporations to a net external liability position. The central bank's net financial asset position remained stable, with a slight increase due to higher gross international reserves and investments in nonresident debt securities.
Data & statisticsBalance of payments and other external statistics
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2025-03-31•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) will conduct a sanctions judgment session on 1 April to address two administrative proceedings involving alleged irregularities in investment fund management and shareholder duties. The cases concern Marcos Jorge and Olga Maria Barbosa Saraiva, with the session open to the public at CVM's headquarters in Rio de Janeiro, and available via videoconference. Reports for the cases may be amended post-session.
EnforcementInvestigations & enforcement actions
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2025-03-31•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) released its 2024 Management Report, highlighting initiatives to simplify regulation and enhance capital market access, with a record BRL 966.8bn in securities issuance. Key developments include new rules on investment portability, the FIAGRO framework, and a new regime for public tender offers. The report also details enforcement actions, including BRL 1bn in fines and the first combined settlement and criminal non-prosecution instrument with the Federal Public Prosecutor’s Office.
Institutional developmentMandate & organizational structureMarket development
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2025-03-31•Brazil•Brazil Securities Commission (CVM)
Brazil’s Securities Commission (CVM) issued Resolution CVM 227, amending Resolution CVM 193, to allow listed companies to voluntarily publish sustainability-related financial reports based on ISSB standards IFRS S1 and IFRS S2 for financial years starting on or after 1 January 2025, with disclosure required by 31 December 2025. Mandatory reporting applies only to listed companies, not to investment funds or other entities, following feedback from the Brazilian Association of Listed Companies. Resolution CVM 227 takes effect on 1 April 2025.
Policy & regulationRules & requirementsAccounting and financial reporting
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2025-03-31•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) announced enhancements to the Empresas.Net system for registered issuers and foreign companies, including updates to the Reference Form and improvements in file upload routines. Changes involve adding information on persons with disabilities, enabling Excel export/import, and aligning voting map labels with CVM Resolution 81. Previous updates were communicated in February via Circular Letter CVM/SEP 1/2025.
Policy & regulationImplementation, projects & pilotsRegulatory reporting
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2025-03-31•New Zealand•New Zealand Financial Markets Authority
The New Zealand Financial Markets Authority announced the full implementation of the Conduct of Financial Institutions regime, requiring banks, insurers, and non-bank deposit takers to adhere to the fair conduct principle. The FMA has licensed 77 institutions under CoFI, emphasizing outcomes and flexibility in compliance, following previous conduct reviews and the Financial Markets (Conduct of Institutions) Amendment Act 2022.
Policy & regulationRules & requirementsOther
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2025-03-31•Germany•German Bundesbank
The German Bundesbank reported a EUR 57bn increase in Germany's 2024 general government debt to EUR 2.689tn, while the debt-to-GDP ratio fell by 0.4 percentage points to 62.5% due to nominal GDP growth. The rise in debt was below the Maastricht deficit of EUR 119bn, as a significant portion was financed through existing bank deposits and limited new borrowing. Consolidated EU-institution level debt is estimated to rise to EUR 282bn in 2024, with Germany's share at approximately EUR 70bn.
Data & statisticsBalance of payments and other external statistics
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2025-03-31•Seychelles•Central Bank of Seychelles
The Central Bank of Seychelles released its 2024 Annual Report, highlighting a 3.0% domestic growth driven by tourism and ICT, with low inflation and an accommodative monetary policy. Gross international reserves rose to USD 774 million, exceeding IMF targets, while investment income increased by 4.4%. The report also includes the 2024 Access to Information Annual Report.
Data & statisticsActivity and performance reporting
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2025-03-31•Canada•Ontario Securities Commission
The Ontario Securities Commission (OSC) released its 2025 Annual Service Commitment Review, detailing updated service standards effective April 1, 2025. The Canadian Investment Regulatory Organization (CIRO) will assume registration responsibilities for investment dealers, mutual fund dealers, and futures commission merchants. Registration-specific service standards linked to OSC decisions will have extended timelines during the transition, while other standards remain the same.
Policy & regulationRules & requirementsOperational excellence
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2025-03-31•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia met with an Asian Development Bank team to review progress and plan next steps for technical assistance in developing Cambodia's securities market.
Policy & regulationCooperationMarket development
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2025-03-31•Zambia•Bank of Zambia
The Bank of Zambia launched the "Heritage Series" currency, introducing six banknotes and coins for modernization and anti-counterfeiting. The designs feature enhanced security and highlight Zambia's flora, fauna, and economic pillars. The new currency will circulate alongside existing tender from March 31, 2025, with a transition period until March 31, 2026, and ongoing public sensitization to address fraud risks.
Policy & regulationImplementation, projects & pilotsCurrency and cash management
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2025-03-31•Philippines•Philippine Securities and Exchange Commission
The Philippine SEC announced the Supreme Court En Banc upheld its authority to require CPA accreditation as external auditors for covered entities. The Court validated Rule 68 and SEC Memorandum Circular No. 13, affirming these requirements regulate specific audit activities, not the accountancy profession. The SEC's accreditation complements the Board of Accountancy's role by imposing higher standards aligned with international auditing norms.
Policy & regulationGuidance & interpretationAuditing
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2025-03-31•United Kingdom•Prudential Regulation Authority
The Prudential Regulation Authority has issued a consultation paper proposing changes to the UK Financial Services Compensation Scheme deposit guarantee framework, including raising the standard deposit protection limit to £110,000 and the temporary high balance limit to £1.4 million from 1 December 2025. The paper also suggests amendments to the PRA Rulebook and new rules for the FSCS under the proposed Bank Resolution (Recapitalisation) Bill. Firms will have until 31 May 2026 to update disclosure materials and systems.
Policy & regulationRules & requirements
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2025-03-31•Seychelles•Seychelles Financial Services Authority
The Seychelles Financial Services Authority announced that Sertus Incorporations (Seychelles) Limited has surrendered its International Corporate Services Licence, effective 28 March 2025, under the Financial Services Authority Act, 2013. The licence (ICS083) is no longer valid, and parties requiring records of entities administered by Sertus at the time of surrender should contact the authority.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-03-31•Global•Sustainable Insurance Forum
The Sustainable Insurance Forum released reports on integrating climate-related financial risks into supervisory frameworks and regulatory capital requirements, based on surveys and case studies. Findings show most supervisors consider climate risks in activities and capital frameworks but face challenges like limited data and technical capacity. The reports advocate for global coordination to improve data quality, supervisory expertise, and the use of climate scenarios and stress-testing tools.
ResearchClimate risk and sustainable finance
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2025-03-31•Thailand•Thailand Securities & Exchange Commission
The Thailand SEC confirmed that SET trading systems and digital asset exchanges remained operational after the March 28 earthquake. The SEC extended reporting deadlines for affected entities, while the Bank of Thailand ensured uninterrupted payment services and instructed banks to offer debt relief. The Office of Insurance Commission pledged prompt claims handling, and inspections revealed no significant structural damage to buildings.
Policy & regulationRules & requirementsOperational risk and resilience
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2025-03-31•United Kingdom•Bank of England
The Bank of England's Prudential Regulation Authority is consulting on raising the Financial Services Compensation Scheme deposit protection limit from GBP 85,000 to GBP 110,000, effective 1 December 2025, pending HM Treasury approval. The proposal also includes increasing the limit for temporary high balance claims from GBP 1 million to GBP 1.4 million. Additionally, the PRA is consulting on rules to enable FSCS funds to recapitalize failing firms, supporting sales or transfers to bridge banks, contingent on legislative enactment.
Policy & regulationRules & requirementsConsumer and investor protection
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2025-03-31•Europe•European Commission
The European Commission proposed amending the Capital Requirements Regulation to extend the net stable funding ratio treatment for certain short-term securities financing transactions and unsecured lending beyond 28 June 2025. This aims to maintain lower liquidity requirements than Basel III to support EU market liquidity and ensure a level playing field for EU banks. The proposal will be reviewed by the European Parliament and the Council, with the European Banking Authority reporting on its implications by 31 January 2029.
Policy & regulationRules & requirementsLiquidity risk
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2025-03-31•Europe•European Payments Council
The European Payments Council (EPC) seeks candidates for Routing and/or Verification Mechanisms (RVMs) to join a pilot for its Verification of Payee (VOP) scheme, aimed at reducing interoperability risks before its launch on 5 October 2025. The VOP scheme will help payment service providers comply with the Instant Payment Regulation by offering an IBAN-name check service. The EPC will select three RVMs for the pilot, considering geographical distribution and expected VOP request/response volumes.
Policy & regulationImplementation, projects & pilotsPayments and payment systems
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2025-03-31•Europe•European Third Party Providers Association
The European Third Party Providers Association and other fintech trade bodies support the European Commission's proposed Regulation on Financial Data Access (FIDA) in a letter to key EU officials, opposing its withdrawal. They advocate for a customer-centric approach, continuous online data access, and self-regulation, with regulatory intervention only if necessary. The letter also calls for clearer distinctions between data re-use and data sharing, emphasizing confidentiality alongside value-added services.
Policy & regulationOtherOpen banking and finance
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2025-03-31•Hungary•National Bank of Hungary
The National Bank of Hungary's March Financial and Economic Review covers the green transition, trust in euro area institutions during Covid-19, EU accession growth effects, and treating money supply as endogenous. It includes essays on Hungary’s innovation challenges and the 2024 Nobel Prize in Economic Sciences, focusing on AI and the labor market. Key findings emphasize framing climate policies as subsidies, declining trust in central banks during the pandemic, and significant GDP convergence of EU-10 countries with Germany since 2003.
ResearchClimate risk and sustainable finance
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2025-03-31•Canada•New Brunswick Financial & Consumer Services Commission
The New Brunswick Financial and Consumer Services Commission issued a consumer alert warning against unlicensed door-to-door salespeople and misleading promotions of home services. Consumers are advised to verify seller licenses and be aware of their rights, including contract cancellation within 10 days. The alert highlights deceptive tactics such as false affiliations and high-pressure sales.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-03-31•Vietnam•State Bank of Vietnam
The State Bank of Vietnam (SBV) uses monetary and banking policies to support rural development, poverty reduction, and socio-economic growth in ethnic minority areas, benefiting over 10 million customers. SBV reported challenges with Decree 28/2022, citing low disbursement rates due to slow guidance issuance and resource allocation issues. SBV plans to review and propose amendments to relevant decrees and urged the Ministry of Finance and the Ministry of Ethnicities and Religion to secure funding for future lending initiatives.
Policy & regulationReform agendas & prioritiesOther
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2025-03-31•Norway•Norwegian Finanstilsynet
The Financial Supervisory Authority of Norway reported that banks' recognised loan losses remained low but slightly increased from 2023, with defaulted loans rising to 1.4% of lending by end-2024. Loans with significantly increased credit risk decreased to 9.0%, and provisioning ratios remained stable at 0.4% for household loans and 0.9% for corporate loans. The highest corporate default rates were observed in construction, especially among smaller banks.
SupervisionRisk monitoring & watch pointsCredit riskAsset quality
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2025-03-31•Norway•Norwegian Finanstilsynet
Norway's Financial Supervisory Authority, Finanstilsynet, announced the new Finanstilsynet Act, replacing the 1956 law and altering governance. The Director now holds overall responsibility, with a new board deciding on supervisory matters, and Finanstilsynet assuming market supervision from Oslo Børs. The Act introduces a statutory purpose for financial stability, establishes the Finanstilsynet Appeals Board, and limits the Ministry of Finance's influence.
Policy & regulationRules & requirementsMandate change
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2025-03-31•Norway•Norwegian Finanstilsynet
The Norwegian Financial Supervisory Authority advised the Ministry of Finance to designate DNB Bank ASA, Kommunalbanken AS, Nordea Eiendomskreditt AS, and SpareBank 1 Sør-Norge ASA as systemically important institutions, with Sparebanken Norge included post-merger. Proposed buffer requirements are 2% for DNB and 1% for others, effective no earlier than 12 months post-adoption. Finanstilsynet will continue its annual advisory role to the Ministry by the end of Q1 each year.
Policy & regulationGuidance & interpretationFinancial stability and systemic risk
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2025-03-31•Norway•Norwegian Finanstilsynet
Norway's Financial Supervisory Authority released an inspection report on LST Revisjon AS, highlighting deficiencies in a statutory audit for a housing project. The auditor failed to perform a sufficient pre-acceptance assessment and issued incorrect audit reports for 2022 and 2023, lacking adequate evidence for material items. LST Revisjon has accepted the findings and implemented corrective measures.
SupervisionReviews, inspections & stress testsAuditing
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2025-03-31•Russia•Central Bank of Russia
The Central Bank of Russia reported a 21% decrease in suspicious transactions in 2024, totaling RUB 90 billion. Transactions indicating money withdrawal abroad fell by 17% to RUB 25.6 billion, while illegal cash-out transactions dropped by 22% to RUB 64.2 billion. The Bank attributes these declines to enhanced online monitoring tools and its Know Your Customer Platform.
Data & statisticsAML and CFT
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2025-03-31•Russia•Central Bank of Russia
The Central Bank of Russia has revised its stress testing scenarios for non-governmental pension funds to evaluate their resilience to adverse economic conditions. Updates include a rebound phase with a faster decline in OFZ yields and revised asset default probabilities based on rating agency data. The Bank will continue collaborating with the National Association of Non-State Pension Funds to enhance risk assessment.
Policy & regulationRules & requirementsStress testing
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2025-03-31•Chile•Chile Financial Market Commission
The Chile Financial Market Commission's February 2025 reports show a 1.87% annual decline in total loans across banks, with improved profitability and eased credit risk indicators. In contrast, supervised savings and credit cooperatives saw a 6.71% loan increase, driven by consumer and housing portfolios, alongside rising credit risk indices. February profits for banks and cooperatives rose significantly, with banks achieving a 77.33% increase and cooperatives a 334.81% surge.
Data & statisticsCredit riskAsset quality
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2025-03-31•Moldova•National Commission for Financial Markets
Moldova's National Commission for Financial Markets (CNPF) adopted decisions on capital markets and consumer protection, including registering JSC DINA's share issuance and addressing a consumer complaint against OCN TOP LEASING&CREDIT SRL. The CNPF found breaches of consumer credit law by TOP LEASING&CREDIT and plans to seek a court ruling to nullify abusive clauses. Additionally, the CNPF rejected appeals by BC VICTORIABANK SA and OCN FLEX FINANCIAL SRL.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-03-31•Moldova•National Commission for Financial Markets
Moldova's National Commission for Financial Markets held financial education initiatives during Global Money Week 2025, emphasizing financial literacy for all ages and practical consumer decision-making. Activities included an online quiz, a vox populi video, and educational sessions in Bălți, covering payment accounts, loans, and insurance. The Commission's Chair, Dumitru Budianschi, highlighted consumer protection and market stability in a televised interview.
Financial literacy & educationFinancial literacy and education
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2025-03-31•United States•Federal Reserve Board
The Federal Reserve Board's FEDS Note examines the impact of unexpected monetary policy shifts on income inequality across US metropolitan areas using IRS tax-return data. The analysis reveals that contractionary policy surprises increase income inequality, particularly affecting lower-income workers, while expansionary surprises decrease it. A 25 basis point tightening is linked to a gradual rise in income inequality, peaking at over 1% in two years, with labor income disparities being more pronounced and persistent.
Research
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2025-03-31•Portugal•National Council of Financial Supervisors
Portugal's National Council of Financial Supervisors outlined 2025 priorities: legislative monitoring, fintech innovation, and financial education. The Council approved plans for the Working Group on Technological Financial Innovation and the National Plan for Financial Education, designating Susana Larisma as secretary. Macroprudential discussions focused on financial stability risks, geopolitical uncertainties, and preparations for the IMF's Financial Sector Assessment Program for Portugal.
Policy & regulationReform agendas & prioritiesOther
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2025-03-31•China•China Securities Regulatory Commission
The China Securities Regulatory Commission (CSRC) reviewed the cross-department coordination mechanism for overseas listing filing management, two years after its trial began. Chaired by CSRC Vice Chairman Li Ming, the meeting highlighted progress in rule completeness, coordination efficiency, and risk prevention. Future priorities include enhancing policy alignment, supervisory coordination, and information sharing to improve the regulatory environment for overseas listings, while supporting Hong Kong's role as an international financial centre.
Policy & regulationCooperationSecurities offerings and listings
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2025-03-31•Thailand•Bank of Thailand
The Bank of Thailand and other financial bodies assured continued core payment and financial services after the 28 March 2025 earthquake. Financial institutions were instructed to extend special debt relief to affected borrowers, similar to 2024 flood measures. The Securities and Exchange Commission and the Stock Exchange of Thailand confirmed normal trading operations, while the Office of Insurance Commission emphasized expedited claims handling.
Policy & regulationGuidance & interpretationNature-related riskFinancial stability and systemic risk
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2025-03-31•United States•Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency (OCC) has withdrawn from the interagency principles for climate-related financial risk management for large financial institutions, citing them as overly burdensome and duplicative. Acting Comptroller Rodney E. Hood emphasized existing OCC guidance already mandates sound risk management frameworks. The OCC maintains that banks must have effective risk management processes aligned with their size, complexity, and risk profile.
Policy & regulationCooperationClimate risk and sustainable finance
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2025-03-31•Argentina•Argentina Securities Commission (CNV)
The Argentina Securities Commission (CNV) hosted a session with World Bank representatives on capital market financing in emerging economies. World Bank's Sergio Schmukler presented a report analyzing bond and equity issuance data from nearly 80,000 firms, focusing on 20,000 firms in 106 emerging countries. CNV Vice President Patricia Boedo emphasized regulation's role in expanding market-based financing and highlighted CNV's innovative efforts.
Policy & regulationCooperationMarket development
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2025-03-31•Cape Verde•Bank of Cape Verde
The Bank of Cape Verde will host Bank of Portugal Governor Mário Centeno from 3 to 5 April 2025 to present new financial education materials in Cape Verdean Creole, developed with NGO Mundu Nôbu. The materials will be distributed at schools in Praia, Mindelo, and Ribeira Grande de Santo Antão, with Centeno delivering economics lessons to 11th-grade students. This initiative is part of the Bank of Cape Verde's efforts to enhance financial education and literacy.
Financial literacy & educationFinancial literacy and education
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2025-03-31•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority released its Monthly Authorised Deposit-taking Institution Statistics for February 2025, accessible on APRA’s website.
Data & statisticsSupervisory data
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2025-03-31•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority released its bi-annual intermediated general insurance statistics for December 2024, detailing insurance placements with APRA-authorised general insurers, Lloyd’s underwriters, and unauthorised foreign insurers.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-03-31•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority released its private health insurance risk equalisation statistics for the 2023/24 financial year.
Data & statisticsSupervisory data
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2025-03-31•Moldova•National Bank of Moldova
The National Bank of Moldova reported a preliminary Q4 2024 current account deficit of USD 884.27 million, a capital account surplus of USD 28.27 million, and net financial account inflows of USD 988.97 million. The current account deficit widened by 92.5% year-on-year to 18.1% of GDP, driven by a larger goods trade deficit. The bank also released supporting analytical materials and updated data in its interactive database.
Data & statisticsBalance of payments and other external statistics
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2025-03-31•Moldova•National Bank of Moldova
The National Bank of Moldova released preliminary 2024 data showing a current account deficit of USD 2,917.00m, up 54.1% from 2023, driven by a larger goods trade deficit and smaller income surpluses. The net international investment position was USD -5,588.30m, and gross external debt totaled USD 10,213.33m. Official reserve assets stood at USD 5,483.57m, covering 6.3 months of imports.
Data & statisticsBalance of payments and other external statistics
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2025-03-31•Moldova•National Bank of Moldova
The National Bank of Moldova updated on the liquidation of Banca de Economii S.A., BC “BANCA SOCIALĂ” S.A., and B.C. “UNIBANK” S.A., detailing asset realisation and cash recoveries since their licences were withdrawn in 2015. As of 31 March 2025, liquidators collected MDL 2,989.3m, with MDL 7.3m recovered in Q1 2025. Outstanding emergency loans total MDL 11,253.8m, with ongoing recovery efforts including court actions, insolvency proceedings, and asset sales.
Policy & regulationImplementation, projects & pilotsLiquidity riskRecovery and resolution
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2025-03-31•Moldova•National Bank of Moldova
The National Bank of Moldova reported a Q4 2024 current account deficit of USD 884.27 million, up 92.5% year-on-year, equating to 18.1% of GDP. The deficit was driven by a larger trade in goods deficit and smaller surpluses in other areas, while the capital account saw a 60.4% increase in net inflows. Financial account net inflows were due to a reduction in residents' external financial assets and an increase in liabilities to non-residents.
Data & statisticsBalance of payments and other external statistics
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2025-03-31•Moldova•National Bank of Moldova
The National Bank of Moldova published provisional Q4 2024 international investment position statistics, revealing a net IIP of -USD 5,588.30 million, a 6.2% improvement from end-2023. The IIP-to-GDP ratio decreased to -30.7%, down 5.0 percentage points from the previous year. External financial assets increased by 5.9% to USD 8,226.92 million, while external liabilities rose by 0.6% to USD 13,815.22 million.
Data & statisticsBalance of payments and other external statistics
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2025-03-31•Moldova•National Bank of Moldova
The National Bank of Moldova reported a 0.9% increase in Moldova's gross external debt to USD 10,213.33 million as of 31 December 2024, representing 56.1% of GDP. Public external debt rose by 12.8% to USD 4,310.26 million, while private external debt decreased by 6.3% to USD 5,903.07 million. These figures are detailed in the Q4 2024 provisional international accounts and Statistical Bulletin No. 4/2024.
Data & statisticsBalance of payments and other external statistics
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2025-03-31•Moldova•National Bank of Moldova
National Bank of Moldova Governor Anca Dragu, at the "Economic Trends 2025" conference, discussed Moldova's inflation outlook and payments ecosystem modernization. She noted Moldova's integration into the SEPA payments area and the MIA instant payments system's adoption. Dragu also highlighted the "FinanciarELE" project to enhance women's financial and leadership skills.
Monetary policyMonetary policy assessments & outlooksDiversity and inclusion
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2025-03-31•Argentina•Argentina Superintendency of Insurance
Superintendent Guillermo Plate was unanimously appointed as the new president of the Association of Latin American Insurance Supervisors (ASSAL) at its 36th Annual General Assembly in Buenos Aires. ASSAL, comprising 21 countries, held international insurance supervision events in Buenos Aires from 26 to 28 March. Plate aims to enhance cooperation among supervisory authorities and promote regulatory approaches for more dynamic and competitive insurance markets in Latin America.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-03-31•Argentina•Argentina Superintendency of Insurance
Argentina’s Superintendency of Insurance hosted the ASSAL-FSI-IAIS High-Level Meeting and the 23rd ASSAL-IAIS Latin America Conference in Buenos Aires, focusing on regional regulatory developments and sector challenges. Superintendent Guillermo Plate announced a review of regulations to eliminate overregulation, highlighting the revocation of four insurers' authorizations for non-compliance. Economy Minister Luis Caputo emphasized the insurance sector's role in supporting capital market growth.
SupervisionCooperationSupervision process and methodologies
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2025-03-31•United States•Financial Crimes Enforcement Network
The Financial Crimes Enforcement Network (FinCEN) issued an alert urging financial institutions to monitor for bulk cash smuggling linked to Mexico-based transnational criminal organizations (TCOs). The alert details laundering typologies, red flag indicators, and reporting requirements under the Bank Secrecy Act. It connects to broader TCO-related advisories and national Anti-Money Laundering priorities, as well as Executive Order 14157.
SupervisionAlertsAML and CFT
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2025-03-31•Australia•Australian Competition and Consumer Commission
The ACCC issued a draft determination proposing a five-year authorisation for Australian Banking Association Ltd member banks to make agreements under the Banking Code of Practice, enhancing access to affordable banking services and providing relief for farmers during natural disasters. Submissions are due by 18 April 2025, with interim authorisation granted on 4 December 2024 remaining effective until the final decision.
SupervisionAuthorisations & approvalsLicence approval
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2025-03-31•Armenia•Central Bank of Armenia
The Central Bank of Armenia released a data template on international reserves and foreign currency liquidity under the Special Data Dissemination Standard. It details foreign currency claims and obligations, projected inflows and outflows, and is structured in four tables covering resources, short-term drains, and supplementary information.
Data & statisticsBalance of payments and other external statistics
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2025-03-31•Mongolia•Central Bank of Mongolia
EFT Solutions Limited and Bonum LLC are collaborating with the Central Bank of Mongolia to enable the use of Mongolbank’s T-Card at Hong Kong merchants, marking its first overseas deployment. The initiative integrates T-Card functionality into electronic fund transfer point-of-sale terminals, initially covering selected restaurants. eftPay plans further expansion to additional Hong Kong merchants.
Policy & regulationImplementation, projects & pilotsCross-border cooperation
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2025-03-31•Europe•Single Resolution Board
The Single Resolution Board (SRB) has issued a call for expressions of interest to appoint five new members to its Appeal Panel, replacing those whose terms expire at the end of 2025. The new members will serve five-year terms, with a potential renewal, and must complete a questionnaire to identify conflicts of interest per Article 85(5) of the SRM Regulation.
Institutional developmentLeadership change & appointmentsHiring and recruitment
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2025-03-31•Europe•European Insurance and Occupational Pensions Authority
The European Insurance and Occupational Pensions Authority, European Banking Authority, and European Securities and Markets Authority released the Spring 2025 Joint Committee update on EU financial system risks. It warns of challenges from geopolitical tensions, cyber risks, and economic fragmentation, urging enhanced vigilance and risk management. The update emphasizes stronger cyber resilience, AI compliance, and preparedness for liquidity risks amid market volatility.
SupervisionRisk monitoring & watch pointsCyber resilienceGeopolitical riskFinancial stability and systemic risk
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2025-03-31•Europe•Single Resolution Board
The Single Resolution Board (SRB) appointed Miguel Carcaño Saenz De Cenzano as Vice-Chair and Slavka Eley and Radek Urban as Board Members, effective 1 April 2025. These appointments, approved by the European Parliament and the Council of the European Union, replace outgoing members Jan Reinder De Carpentier, Pedro Machado, and Jesús Saurina. Carcaño, Eley, and Urban bring extensive experience from EU financial institutions and national banks.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-03-30•Israel•Bank of Israel
The Bank of Israel's quarterly update reveals a 2 percent rise in total outstanding business and household debt to approximately NIS 2.2 trillion in Q4 2024, with annual debt growth at 7 percent. Business sector debt increased by NIS 26 billion, driven by bank loans and tradable bonds, while household debt rose to NIS 845 billion, primarily due to higher mortgage volumes.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-03-30•Israel•Bank of Israel
The Bank of Israel reported a 4.1% increase in the public’s financial assets portfolio for Q4 2024, reaching approximately NIS 6.2 trillion, with equities and corporate bonds driving the growth. Institutional investor assets rose by NIS 89 billion to NIS 2.86 trillion, and mutual fund portfolios grew by NIS 39.3 billion to NIS 597 billion, bolstered by net inflows into equity-focused funds.
Data & statisticsFinancial and market indicators
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2025-03-30•Israel•Bank of Israel
The Bank of Israel published the Banking System Annual Survey 2023.
Data & statisticsFinancial and market indicators
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2025-03-30•Dominican Republic•Central Bank of the Dominican Republic
The Central Bank of the Dominican Republic hosted the 12th Economists of the Future competition, part of its Aula Central education programme, focusing on financial inclusion. The event involved 1,305 students from 435 schools, with Jaime Molina Mota school winning first place. The governor highlighted a shift towards digital payments, as shown by the National Survey of Financial Inclusion and Education 2024.
Financial literacy & educationFinancial literacy and education
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2025-03-30•Hong Kong•Hong Kong Mandatory Provident Fund Schemes Authority
The Hong Kong Mandatory Provident Fund Schemes Authority (MPFA) reported a decline in unsolicited sales calls related to Mandatory Provident Fund (MPF) products following supervisory measures and stricter cold-calling requirements. As of February 2025, all intermediaries ceased using cold calls for MPF marketing. The MPFA's response includes industry supervision, cross-sector collaboration, and public awareness initiatives, with potential disciplinary actions for non-compliance.
SupervisionAlertsFraud and scams
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2025-03-30•Peru•Central Bank of Peru
The Central Bank of Peru reported a 4.1% year-on-year growth in the construction sector for January, with a 7.4% increase from the previous month, driven by public works. Public works expanded 45.6% year on year due to higher government investment, while domestic cement consumption fell 2.9% amid mixed performance among major producers and a 22.1% rise in cement imports.
Data & statisticsEconomic data and developments
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2025-03-30•Middle East•Union of Arab Securities Authorities
The Union of Arab Securities Authorities will hold its 19th annual Board meeting remotely on 24 April 2025, hosted by the Algerian Securities Commission, to discuss the 2024 annual report, 2025 work plan, and issues affecting Arab capital markets, including cybersecurity and financial technology. The meeting will also review UASA working groups' achievements, financial statements, budget forecast, training plan, and share best practices in legislation and regulatory procedures.
Institutional developmentGovernanceCyber resilienceDomestic cooperation
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2025-03-30•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission has extended regulatory filing deadlines to 31 March 2025 for securities companies, derivatives business operators, and asset management companies following the 28 March earthquake in Bangkok. Affected firms must comply with revised deadlines, including margin posting and NAV calculations, and may request further extensions case-by-case. Listed companies, debt securities issuers, ICO issuers, and digital asset operators must apply for extensions and disclose delays to investors by 31 March 2025.
Policy & regulationRules & requirementsOperational risk and resilience
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2025-03-30•Nepal•Central Bank of Nepal
The Central Bank of Nepal's Financial Information Unit released its FY 2023/24 report on Nepal's asset purification prevention system via the goAML platform. Reporting entities submitted over 16 million threshold transactions and 8,330 suspicious transaction reports, with increased analysis and referrals for investigation. The report also covers Nepal's mutual evaluation, reform efforts, and action plan following its inclusion on the Financial Action Task Force list for increased monitoring.
Data & statisticsActivity and performance reporting
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2025-03-30•South Korea•Ministry of Economy & Finance (South Korea)
South Korea’s Ministry of Economy and Finance held a policy finance inspection meeting with the Export-Import Bank of Korea to review KEXIM’s crisis-response programme for firms affected by the Middle East war and discuss additional support. KEXIM has expanded the programme by KRW 3 trillion to KRW 10 trillion, extended loan maturities and repayment deferrals for SMEs, and widened interest-rate discounts on crude oil, gas, minerals and food under its supply chain stabilisation programme. The ministry and KEXIM will continue to monitor war-related corporate impacts and supply chain conditions and maintain KEXIM’s emergency response framework.
Policy & regulationImplementation, projects & pilotsOther
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2025-03-29•India•Reserve Bank of India
The Reserve Bank of India has revised norms for the prudential treatment of security receipts (SRs) guaranteed by the Government of India, affecting banks, financial institutions, and non-banking financial companies. Effective immediately, the changes involve a differentiated approach under the Master Direction on Transfer of Loan Exposures, 2021, including provisions for valuation, capital treatment, and dividend restrictions. SRs must be valued periodically, and unrealised gains from fair valuation must be deducted from Common Equity Tier 1 capital.
Policy & regulationRules & requirementsPrudential risks
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2025-03-29•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission has outlined a process for companies impacted by the 28 March 2025 earthquake in Bangkok to request extensions for submitting their 2024 annual registration statement (56-1 One Report). Affected companies must apply by 31 March 2025, providing reasons and an estimated submission timeframe, with approvals considered individually. Companies must disclose extension requests via the Stock Exchange of Thailand’s SETLink system.
Policy & regulationGuidance & interpretationRegulatory reporting
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2025-03-29•Vietnam•State Bank of Vietnam
The State Bank of Vietnam plans to draft a decree and circulars to implement a National Assembly resolution on international financial centres, expected in May 2025. The framework will require participants to be registered legal entities and outline permitted activities, potentially allowing free foreign-exchange trading. The draft will be open for feedback, with eligibility for foreign bank branches and wholly foreign-owned banks, and will address regulatory approaches for fintech models.
Policy & regulationRules & requirementsOther
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2025-03-28•Saudi Arabia•Saudi Arabia Capital Markets Authority
The Saudi Arabia Capital Markets Authority (CMA) approved Fly Nas Company's application to register and offer 51,255,568 shares in an initial public offering, representing 30% of its share capital. The prospectus, to be published before the subscription period, will provide essential information for investors. The CMA emphasized that approval confirms compliance with legal requirements but is not a subscription recommendation, and the approval is valid for six months.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-03-28•Belgium•Belgium Financial Services and Markets Authority
The Belgium Financial Services and Markets Authority released the Insurance Commission's opinion on the right to be forgotten in consumer credit agreements. This opinion was requested by Deputy Prime Minister and Minister for the Economy and Employment Pierre-Yves Dermagne.
Policy & regulationGuidance & interpretationConsumer and investor protection
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2025-03-28•Nicaragua•Central Bank of Nicaragua
The Central Bank of Nicaragua's 2024 Management Report outlines key monetary policy actions, including a 0% crawling peg for the córdoba against the USD and maintaining convertibility at the official exchange rate. It highlights advancements in payment systems, such as the second phase of IBAN implementation and expanded cheque truncation coverage. It also details statistical initiatives, including rebasing national accounts and enhancing trade price indices compilation.
Monetary policyMonetary policy instruments & operationsActivity and performance reporting
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2025-03-28•Hong Kong•Hong Kong Mandatory Provident Fund Schemes Authority
The Hong Kong Mandatory Provident Fund Schemes Authority (MPFA) is consulting on proposals for full portability of MPF benefits, allowing members to transfer employer contributions to a scheme of their choice. Employees starting after 1 May 2025 could transfer benefits annually, while those employed before this date would use a designated account, potentially requiring legislative amendments. The MPFA aims to increase freely transferable vested benefits from over 70% to nearly 100%.
Policy & regulationRules & requirementsOther
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2025-03-28•Hong Kong•Hong Kong Insurance Authority
The Hong Kong Insurance Authority's latest Conduct In Focus details 2024 complaint statistics and supervisory themes for insurance practitioners. Key observations include renewed interest in the managing general agency model and a 99.9% compliance rate with Continuing Professional Development requirements. It addresses conflicts of interest in commission structures and explores a commission payment smoothing mechanism for life insurance policies.
Policy & regulationGuidance & interpretationLicensing and supervisory feesSupervision process and methodologies
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2025-03-28•Global•Egmont Group
The Egmont Group stressed public-private partnerships' role in enhancing financial intelligence units and anti-money laundering frameworks, highlighting initiatives like "Laundromats" and Cyber Enabled Fraud projects. Executive Secretary Jerome Beaumont noted collaborations such as FINTRAC’s Project Protect and FinCEN’s international cooperation to improve operational cooperation and intelligence exchange.
Policy & regulationCooperationAML and CFTCross-border cooperation
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2025-03-28•Global•Egmont Group
Egmont Group Chair, Elzbieta Franków-Jaskiewicz, stressed at the Polish Presidency Seminar the need to strengthen global anti-money laundering and counter-terrorist financing cooperation via Financial Intelligence Units (FIUs), advocating for their autonomy and enhanced technology use. Priorities included joint financial investigations, advanced data analytics, and collaboration with international partners and the private sector to improve intelligence sharing and effectiveness.
Policy & regulationCooperationAML and CFT
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2025-03-28•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) has imposed a five-year ban on Queensland financial adviser Grant Richard Thomson for failing to act in clients' best interests and providing inappropriate advice. Thomson recommended insurance for mortgages not yet obtained and had clients sign documents prematurely. ASIC deemed him unfit, inadequately trained, and likely to breach financial services law. The ban is recorded in ASIC’s register, with limited permissions for Thomson to control and operate certain businesses until late 2025. He may appeal the decision to the Administrative Review Tribunal.
EnforcementInvestigations & enforcement actionsFitness and propriety
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2025-03-28•United States•Federal Reserve Board
The Federal Reserve Board released a paper by Edward Nelson titled “From Friedman to Taylor: The Revival of Monetary Policy Rules in the 1990s,” highlighting John Taylor's role in reviving monetary policy rules analysis. The paper discusses how the Taylor rule bridged the gap between Milton Friedman's policy-rules tradition and central banking's interest-rate setting, fostering renewed academic focus on monetary policy rules.
Research
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2025-03-28•United States•Federal Reserve Board
The Federal Reserve Board released a research paper analyzing U.S. Consumer Price Index microdata to examine firm price-setting behavior changes during and after the Covid-19 pandemic. The study found increased price-change frequency with inflation acceleration, challenging existing models. Recalibrated models with smaller menu costs and larger idiosyncratic shocks better matched post-pandemic dynamics but struggled with dispersion movements.
Research
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2025-03-28•Hong Kong•Hong Kong Insurance Authority
The Hong Kong Insurance Authority issued a public alert about two fraudulent websites impersonating AIA International Limited to capture customer credentials and personal data. The domains are “hxxps://houtai18235[.]top” and “hxxp://216.118.225[.]93:8082”, with AIA confirming no connection. Affected individuals should contact AIA and report to the police, while the official list of authorized insurers is on the Authority's website.
SupervisionAlertsFraud and scams
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2025-03-28•Hong Kong•Hong Kong Insurance Authority
The Hong Kong Insurance Authority issued an alert regarding a fraudulent website and social media pages falsely claiming to represent HSBC Life (International) Limited. HSBC Life confirmed no affiliation with these pages, and the matter has been reported to the Hong Kong Police Force. The public is advised to verify insurers through the Authority's Register of Authorized Insurers.
SupervisionAlertsFraud and scams
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2025-03-28•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) will let its conditional relief for business introduction and matching services related to registered managed investment schemes expire on 1 April 2025 and will withdraw Regulatory Guide 129. The relief, exempting certain Corporations Act 2001 requirements, saw minimal reliance since October 2022. ASIC's decision follows consultation feedback indicating no industry need to extend the relief, and it determined that reinstating previous fundraising relief for securities was unwarranted due to consumer protection concerns.
Policy & regulationGuidance & interpretationLicence withdrawal
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2025-03-28•France•France Autorite des marches financiers
The French Financial Markets Authority (AMF) recapped its 2025 International Seminar, highlighting supervisory challenges like financial stability risks from non-bank finance, AI, and regulatory data quality. AMF Chair Marie-Anne Barbat-Layani and IOSCO Chair Jean-Paul Servais emphasized priorities such as crypto-assets, tokenisation, and operational resilience. The seminar also addressed stock market attrition, money laundering, MiCA implementation, and sustainability reporting.
OtherSupervision process and methodologies
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2025-03-28•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) has updated its relief for 31-day notice term deposits with minor amendments. The ASIC Corporations (31-day Notice Term Deposits) Instrument 2025/172 allows these deposits to be 'basic deposit products' under the Corporations Act 2001. It continues relief from ASIC Class Order CO 14/1262, sunsetting on 1 April 2025, and offers an option for authorised deposit-taking institutions (ADIs) to issue a single combined notice before maturity. Notices can now be provided electronically, aligning with ASIC's electronic delivery relief. Four supportive submissions were received.
Policy & regulationRules & requirementsLiquidity risk
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2025-03-28•Tanzania•Ministry of Finance (Tanzania)
Tanzania's Ministry of Finance directed financial institutions to enhance borrower education and transparency on loan terms, including interest rates and penalties. The update emphasized accurate information and training before loan agreements to protect borrowers and improve credit access. Additionally, the government is developing policies to prevent financial exploitation and support community groups in accessing loans and legal assistance.
Financial literacy & educationFinancial literacy and education
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2025-03-28•Mauritius•Mauritius Financial Services Commission
The Mauritius Financial Services Commission announced that Caspian Capital Partners has surrendered its Collective Investment Scheme Manager Licence, effective 14 January 2025. This action was taken under section 28(5) of the Financial Services Act 2007, with public notification pursuant to section 28(9) of the Act.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-03-28•Tanzania•Tanzania Insurance Regulatory Authority
The Tanzania Insurance Regulatory Authority released an addendum to Circular No. 029/2015, now available as revised Version 02.
Policy & regulationGuidance & interpretationOther
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2025-03-28•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market, supported by the International Finance Corporation, has approved a Sustainable Finance Roadmap for 2025-2030. It aims to enhance Ukraine's investment appeal, support post-war reconstruction, and align with European legislation. Key priorities include regulatory streamlining for sustainable instruments, ESG measurement tools, and international collaboration for funding expansion.
Policy & regulationReform agendas & prioritiesClimate risk and sustainable finance
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2025-03-28•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market proposed a regulatory model to the Financial Stability Council, delineating roles between itself and the National Bank of Ukraine for virtual asset regulation, aligning with IMF commitments. Informed by EU MiCA standards, the model assigns the NSSMC oversight of most tokens and virtual asset service providers, while the NBU focuses on electronic money tokens. Additionally, the NSSMC introduced a virtual asset taxation matrix to aid the Verkhovna Rada Committee in developing a national taxation model.
Policy & regulationCooperation
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2025-03-28•Angola•Ministry of Finance (Angola)
Angola's Ministry of Finance emphasized capital-market development as crucial for economic growth and skilled job creation, with the Capital Markets Commission acting as both regulator and catalyst. Since the 2014 launch of the Angola Debt and Securities Exchange, trading volume reached AOA 6.05 trillion by December 2024, with significant capital raised through share sales and corporate bond issues.
Policy & regulationReform agendas & prioritiesMarket development
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2025-03-28•Saudi Arabia•Saudi Arabia Capital Markets Authority
Saudi Arabia's Capital Markets Authority (CMA) released a study on compensation opportunities for violations of Capital Market Law and CMA rules. It reviews complaints and expert input to identify gaps in compensation and dispute handling. The CMA is enhancing compensation pathways, streamlining class action procedures, and improving efficiency, aligning with its 2024–2026 investor rights strategy.
Policy & regulationImplementation, projects & pilotsComplaints and dispute resolution
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2025-03-28•Europe•Committee of Experts on the Evaluation of Anti-Money Laundering Measures (MONEYVAL)
Nicola Muccioli, Chair of MONEYVAL, spoke at a Warsaw seminar on the EU's anti-money laundering and counter-terrorism financing package, emphasizing the complementary roles of MONEYVAL and the EU. Organized under the Polish EU Council Presidency, the seminar included senior representatives from key EU and international bodies. Muccioli highlighted AMLA's role in directing AML/CFT supervision and stressed the need for adequate resources for effectiveness.
Policy & regulationCooperationAML and CFT
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2025-03-28•Saudi Arabia•Saudi Arabia Capital Markets Authority
Saudi Arabia's Capital Market Authority (CMA) released a study titled “Assessment of Compensation Opportunities for Affected Parties in the Capital Market”, examining compensation mechanisms for violations of the Capital Market Law. It identifies gaps in current methods and suggests improvements, aligning with the CMA’s 2024–2026 strategic plan to enhance investor protection by streamlining compensation processes and developing class action procedures.
Policy & regulationImplementation, projects & pilotsComplaints and dispute resolution