The Vietnam State Securities Commission’s Information Technology Department cancelled a domestic e-tender for replacement servers due to all submitted bids failing to meet tender requirements. The contract, valued at VND 8.267bn, was cancelled under Bidding Law No. 22/2023/QH15, with no bidders meeting the necessary capability, experience, or technical criteria.
The Vietnam State Securities Commission's Information Technology Department cancelled a server replacement procurement for the securities trading surveillance system as all electronic bids failed to meet tender requirements. The package, valued at VND 8,267,000,000, was to be procured via domestic open tendering. Five bidders were rejected for not meeting capacity, experience, or technical requirements, leading to the cancellation under Vietnam’s Bidding Law No. 22/2023/QH15.
The Vietnam State Securities Commission's Information Technology Department announced no contractor was selected for the VND 8.267 billion server replacement tender. The procurement, structured as a lump-sum contract over 240 days, saw five bidders disqualified for failing to meet capacity, experience, or technical requirements. The detailed bid evaluation report is available on Vietnam’s national e-procurement system.
The Vietnam State Securities Commission's Information Technology Department announced that no contractor was selected in the e-procurement tender for replacement servers for the securities trading surveillance system. The VND 8,267,000,000 package saw five bidders disqualified for failing to meet capacity, experience, or technical requirements. The evaluation report is available on the national e-procurement system.
The Vietnam State Securities Commission has mandated individuals listed in its notice to pay a VND 1,000,000 fee for the re-issuance of securities practising certificates, as per the Ministry of Finance’s Circular 25/2022/TT-BTC. Payments can be made via bank transfer to VietinBank or Vietcombank, or directly at the Commission. Certificates will be cancelled if the procedure is not completed within one year.
The Central Bank of the Philippines reported an 11.1% year-on-year increase in outstanding loans of universal and commercial banks in November, up from 10.6% in October. Resident lending grew by 11.3%, while non-resident loans expanded by 3.8%. The BSP aims to maintain domestic liquidity and lending conditions in line with its stability mandates.
The Central Bank of the Philippines reported a 50.2% year-on-year increase in foreign direct investment net inflows to USD 1.0 billion in October 2024. This growth was driven by a 60.7% rise in nonresidents' net investments in debt instruments and a 34.1% increase in net equity capital. Cumulative net FDI inflows from January to October 2024 reached USD 7.7 billion, up 8.2% from the same period in 2023.
The Central Bank of the Philippines reported that domestic liquidity (M3) grew 7.7% year on year to PHP 18.1 trillion in November, up from 5.4% in October. Claims on the private sector rose 11.7% year on year, while net claims on the central government increased 9.2%. Net foreign assets in peso terms grew 9.8%, with the central bank's net foreign assets rising 12.8% due to higher gross international reserves.
The European Council announced that Albania, Bosnia and Herzegovina, Iceland, Liechtenstein, Montenegro, North Macedonia, Norway, and Ukraine have aligned their national policies with the EU's expanded sanctions against Russia. These measures, based on a Council decision from December 2024, target 52 additional vessels and 32 companies linked to Russia's military and industrial complex to combat sanctions circumvention. The decision also enhances legal protection for EU Central Securities Depositories.
The German Bundesbank's November 2024 statistics show a moderate net increase in debt securities, with gross bond issuance declining to EUR 108.1 billion. General government capital market debt rose by EUR 18.9 billion, while domestic banks reduced debt by EUR 7.6 billion. Foreign investors were the largest net buyers of German bonds, acquiring EUR 27.6 billion, and domestic investment funds saw net inflows of EUR 1.8 billion.
The German Bundesbank reported a current account surplus of EUR 24.1 billion for November 2024, up EUR 10.4 billion from the previous month, driven by a higher goods trade surplus and a shift to a surplus in invisible transactions. Cross-border securities transactions showed net capital imports of EUR 14.1 billion, with significant foreign investment in German public-sector bonds and money market paper. Other financial account movements included net capital exports in direct investment and other investment, alongside an increase in the Bundesbank's currency reserves.
The Bank of England's staff working paper finds the Phillips curve is non-linear, with prices reacting more strongly to positive than negative shocks at the firm level, leading to a convex aggregate relationship between inflation and economic slack. Using micro data from UK and US firm surveys, the study shows consistent evidence of convex price responses, particularly in high-inflation firms and industries, and highlights a stronger pass-through for positive cost shocks. The findings are explained through a menu cost model with positive trend inflation, resulting in non-linear price adjustments.
The Bank of England's Staff Working Paper No. 1,108 examines how preferred-habitat demand affects QE and QT transmission in gilt markets. It finds that preferred-habitat investors, like pension funds and insurance companies, exhibit less elastic bidding in QE auctions, with no significant demand pressures in QT auctions. The paper extends the Vayanos and Vila model to explain this asymmetry, noting the reduced role of the preferred-habitat channel during QT aligns with increased UK government bond issuance post-Covid-19.
The Bank of Tanzania approved the transfer of Canara Bank Tanzania Limited’s assets and liabilities to Exim Bank Tanzania Limited, with Canara ceasing banking operations. This decision, effective 20 December 2024, aims to protect depositors and creditors and maintain banking sector stability.
The Financial Services Regulatory Authority of Ontario has launched a consultation on the final chapter of its Automobile Insurance Rating and Underwriting Supervision Guidance. It introduces a principles-based approach with two filing streams for insurers and an accreditation concept for streamlined processes. This model aims to enhance oversight, accountability, and transparency in auto insurance rating and underwriting practices, focusing on rating accuracy and consumer protection.
The Financial Services Regulatory Authority of Ontario released its January 2025 Highlights newsletter, summarizing key initiatives and activities from the past month. The update aims to assist stakeholders in reviewing FSRA's recent work.
The Central Bank of Montenegro and the Bank of Italy signed a Letter of Intent to implement a TIPS clone project, establishing an instant payment system in Montenegro. Supported by the European Central Bank, the project aims to align with European and SEPA standards, facilitating a transition to the SEPA instant scheme and eventual adoption of the original TIPS system post-EU accession. Implementation begins in January 2025, with operations expected by June 2026, including QR code payments and a "request to pay" feature.
The UK's Prudential Regulation Authority released the Cost Benefit Analysis Panel’s 2024 report, highlighting its role in reviewing cost-benefit analyses for rule consultations by the Authority and the Bank of England. The report covers the Panel's advisory function, focusing on regulatory material transfers and feedback on reforms, including the Capital Requirements Regulation and Large Exposures Framework. The Panel plans eight meetings in 2025 and a workshop to enhance CBA practices.
The UK Financial Conduct Authority and Prudential Regulation Authority issued a consultation paper on the proposed Financial Services Compensation Scheme Management Expenses Levy Limit for 2025/26, set at GBP 108.6 million. This includes a management expenses budget of GBP 103.6 million and an unlevied reserve of GBP 5 million, reflecting a nominal increase of GBP 0.5 million from the previous year. The regulators note that the FSCS is absorbing some inflation costs, making the levy lower in real terms.
The Thailand Securities and Exchange Commission has mandated Eternal Energy Public Company Limited to amend its 2023 and Q3 2024 financial statements, addressing concerns over assumptions for recoverable amounts and impairment losses. The company must audit these corrections, reassess impairment testing assumptions, and disclose the revised statements and rectification report via the Stock Exchange of Thailand’s SETLink system by 10 February 2025.
The Central Bank of Nigeria has introduced an operational framework for two account types for Nigerians in the diaspora: the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA). These accounts enable foreign earnings remittance, fund management in multiple currencies, and investment in Nigerian assets, with full repatriation of FCY balances and NRNIA returns. Effective 1 January 2025, the framework mandates compliance with know-your-customer protocols and supports digital onboarding and integration with the Nigeria Inter-Bank Settlement System for BVN acquisition.
The State Bank of Vietnam has released its 2025 administrative reform work plan, focusing on organisational streamlining, workforce restructuring, and digital technology integration. Key measures include updating the legal framework, simplifying administrative procedures, and enhancing digital banking and security controls. The plan also prioritizes the implementation of national population data and e-government initiatives.
The State Bank of Vietnam (SBV) branches in Bac Giang and Bac Kan reviewed 2024 results and outlined 2025 tasks, focusing on restructuring, non-performing loan resolution, and governance updates. Bac Giang's 19 People’s Credit Funds showed stable operations with low bad-debt levels, while Bac Kan reported a 15.3% increase in mobilised capital and a 21.4% rise in outstanding credit. The 2025 agenda includes growth targets, digital transformation, and compliance with the Law on Credit Institutions.
The State Bank of Vietnam's branches in Lang Son and Nam Dinh outlined 2025 priorities: reducing lending costs, enhancing loan pricing transparency, managing credit risk, and advancing digital transformation. Lang Son reported a 17.7% increase in mobilised funds and a 4.3% rise in outstanding credit for 2024, facing challenges due to post-Covid borrower issues and Typhoon Yagi. Nam Dinh showed 19.8% credit growth and a 0.48% non-performing loan ratio, with progress in cashless payments and digital initiatives.
The State Bank of Vietnam and the Bank of the Lao PDR have launched a framework to expand local currency use in bilateral payments and a Vietnam–Laos cross-border QR-code retail payments connection. These initiatives aim to support payments, remittances, trade, investment, and borrowing between the two countries by reducing reliance on a third currency. Supporting measures include regulatory guidance, licensing for local-currency settlements, and QR connectivity for Vietnamese customers in Laos.
The New Brunswick Financial and Consumer Services Commission has issued an investor warning regarding Skyion Group, which is not registered to deal in or advise on securities in New Brunswick. The firm is identified as being based in Oslo, Norway.
The Financial Supervisory Authority of Norway's ICT inspection of Trøgstad Sparebank highlights the need for improved controls and board oversight due to reliance on external ICT providers. Key issues include inadequate incident reporting from Eika Gruppen, necessitating enhanced monitoring for outsourced ICT and clearer board documentation. The report emphasizes comprehensive ICT risk analysis, contingency planning, and regular testing of information security scenarios.
The Norwegian Financial Supervisory Authority (Finanstilsynet) published an inspection report on Kallesten Revisjon og Regnskap AS, highlighting weaknesses in the firm's procedures for accepting new audit engagements and documenting related work. After reviewing the firm's explanations and remediation efforts, Finanstilsynet closed the case but noted it could be reopened if new information arises. The firm has implemented a new documentation system and updated routines for assessing independence threats and conflicts of interest.
Honduras’ National Banking and Insurance Commission (CNBS) revised rules for credit portfolio evaluation, risk classification, and impairment provisioning, aligning with government measures to support productive credit and housing. The reforms introduce updated delinquency bands, minimum provisioning rates by loan type and collateral, and codify portfolio management and supervisory mechanics. The rules take effect upon publication, with initial Credit Information Centre reporting based on January 2025 figures.
The Central Bank of Chile has completed the sixth Household Financial Survey (EFH) for 2024, interviewing over 4,600 households nationwide. Results and anonymised microdata will be publicly available in Q4 2025. The EFH, conducted triennially since 2007, gathers data on household financial behaviour to aid research and monitoring of financial stability.
The U.S. Department of Justice announced that Travis Ford, founder of Wolf Capital Crypto Trading LLC, pleaded guilty to conspiracy to commit wire fraud in a USD 9.4 million cryptocurrency investment fraud scheme. Ford misled approximately 2,800 investors with false promises of high returns, knowing they were unattainable. The U.S. Postal Inspection Service is investigating the case.
The U.S. Department of Justice charged three Russians with operating Blender.io and Sinbad.io to launder criminal proceeds and run an unlicensed money transmitting business. Roman Vitalyevich Ostapenko and Alexander Evgenievich Oleynik were arrested, while Anton Vyachlavovich Tarasov remains at large. The mixers allegedly facilitated laundering linked to ransomware and other crimes, with the U.S. Treasury's Office of Foreign Assets Control sanctioning both services.
The Bank of Mauritius has reconstituted its Monetary Policy Committee under Section 54(1) of the Bank of Mauritius Act (2004), appointing Governor Dr Rama Krishna Sithanen as Chairperson. The committee includes First Deputy Governor Rajeev Hasnah, Second Deputy Governor Gérard Sanspeur, and five independent members.
FDIC Vice Chairman Travis Hill outlined priorities amid leadership changes, advocating a focus on core financial risks, bank innovation, and reduced climate initiatives. He proposed CAMELS changes, innovation lab revival, clearer fintech guidance, and transparent crypto regulations. Hill anticipated a 2025 reproposal of the "Basel endgame" and highlighted future focus areas like merger policy, resolution readiness, and deposit insurance.
The Bank of Albania announced a Letter of Intent with the Bank of Italy and regional central banks to develop an instant payment system for the Western Balkans, using a clone of TARGET Instant Payment Settlement (TIPS). Albania, Bosnia and Herzegovina, Kosovo, and Montenegro are participating, with North Macedonia potentially joining later. Approved by the European Central Bank's Governing Council, the platform aims to be operational within 18 months, facilitating payments in all currencies of the involved countries.
The Federal Reserve Board's FEDS Note highlights that disability affects household financial well-being beyond direct earnings penalties, with "hidden costs" comprising over 40% of the well-being gap between households with and without work-limiting disabilities. Data from the Survey of Household Economics and Decisionmaking (2019–2023) indicates that households with disabilities face significant financial penalties, even after accounting for income and other factors. Female sole earners in heterosexual couples are more likely to have partners with work-limiting disabilities, and the gender gap in financial well-being is mainly due to income differences.
The Federal Reserve Board's FEDS Note examines the divergence between the industrial production index and the goods component of GDP since the early 2000s. The analysis attributes the gap to import adjustments and the increasing role of wholesale and retail activities, with a significant portion explained by the rising service content in goods. Import adjustments account for varying shares of divergences in consumer durables, nondurables, and equipment.
The Federal Reserve Board's FEDS Note presents new estimates of euro area potential output and the output gap using a non-stationary dynamic factor model. It suggests weak growth is mainly due to potential output issues, not business cycle fluctuations, indicating limited demand stimulus effects compared to supply-side reforms. Potential output growth slowed post-2008 financial crisis and 2011 sovereign debt recession, with the output gap 3 percentage points above potential by end-2023.
The Commodity Futures Trading Commission’s Division of Clearing and Risk has issued a staff advisory delaying the compliance date for amended daily reporting requirements for registered derivatives clearing organizations. Originally set for February 10, 2025, compliance is now expected by December 1, 2025, if organizations adhere to the prior requirements in the interim.
The Commodity Futures Trading Commission announced the departure of Ian McGinley as Director of the Division of Enforcement, effective 17 January 2025. Under his leadership, the division expanded digital asset enforcement, addressed insider trading and carbon markets, and established task forces on cybersecurity and emerging technology. It also issued guidance on penalties and reorganized analytical units to enhance misconduct detection.
The Federal Reserve Board has approved UMB Financial Corporation's application to acquire Heartland Financial USA, Inc., and indirectly acquire HTLF Bank.
The Net Zero Asset Managers initiative (NZAM) expressed disappointment over BlackRock's departure but acknowledged the voluntary nature of the initiative. NZAM emphasized its role in helping investors manage climate risk as financial risk and supporting global investors in aligning with fiduciary duties and long-term financial goals.
The China Securities Regulatory Commission (CSRC) held a symposium in Beijing to discuss capital market reform and supporting high-quality development. Key topics included enhancing investment-financing balance, reforming public funds, refining issuance and listing rules, and expanding QFII and Stock Connect mechanisms. The CSRC aims to implement the "National Nine-Point" measures and the "1+N" policy framework to advance comprehensive investment and financing reforms.
China Securities Regulatory Commission Chair Wu Qing and Luxembourg Finance Minister Gilles Roth met in Beijing to discuss China–Luxembourg macroeconomic developments and capital market cooperation.
The China Securities Regulatory Commission has issued a regulation setting conduct standards and fee restrictions for intermediaries in public share issuances, effective 15 February 2025. It prohibits outcome-linked fees and mandates market-based fee setting, with detailed rules for securities, accounting, and law firms. Violations may result in fines, rectification orders, and disciplinary actions, with compliance integrated into market integrity records.
The China Securities Regulatory Commission (CSRC) released draft rules for public consultation to regulate futures companies' internet marketing, aiming to ensure compliant conduct and protect traders' rights. The draft, comprising 20 articles, addresses governance, staff management, marketing content, and conduct standards, prohibiting misleading practices and unfair competition. CSRC will refine the draft based on feedback before finalizing it.
The China Securities Regulatory Commission issued Opinion No. 19 to standardize measuring changes in investors’ equity interests and applying Articles 13 and 14 of the Takeovers Measures. It clarifies disclosure obligations related to shareholding thresholds and adopts a "new-old cut-off" for transitional arrangements. The CSRC will continue policy explanation and implementation efforts after public consultation.
The China Banking and Insurance Regulatory Commission activated an emergency response after a 6.8 magnitude earthquake in Dingri County, Tibet, directing banks and insurers to support relief efforts and maintain financial services. A working group was dispatched to facilitate claims processing and service restoration, with the Agricultural Bank of China resuming operations in affected areas. Total claims paid and pre-paid by PICC Property and Casualty and Zhufeng Property and Casualty reached CNY 36.16 million, including accident and motor insurance payouts.
The U.S. Securities and Exchange Commission settled charges against Liquidnet Inc. for failing to maintain required market access controls and protect confidential subscriber trading information. Liquidnet agreed to a USD 5 million civil penalty and censure, without admitting or denying the findings. The SEC highlighted Liquidnet's inappropriate credit thresholds and inadequate access restrictions, noting remedial efforts, including retaining an outside consultant.
The U.S. Securities and Exchange Commission settled charges against Vince McMahon for nondisclosure of settlement agreements, which circumvented WWE’s internal accounting controls and led to material misstatements in financial statements. McMahon agreed to cease violations, pay a USD 400,000 civil penalty, and reimburse WWE USD 1,330,915.90. WWE restated its financial statements in August 2022 to correct overstated net income from 2018 and 2021.
The National Bank of Moldova published the 2023 statistical yearbook, detailing the Republic of Moldova's international accounts. The current account deficit decreased by 23.7% to USD 1,893.23 million, while the capital account surplus reached a five-year high of USD 81.85 million. The international investment position improved slightly, with gross external debt increasing by 5.7% to USD 10,118.84 million.
The Bangladesh Securities and Exchange Commission has exempted Berger Paints Bangladesh Ltd. from certain provisions of the Securities and Exchange Commission (Right Issue) Rules, 2006, to facilitate a rights share offer. The exemption pertains to clause (u) of rule 8 and rule 14, under section 29 of the Securities and Exchange Ordinance, 1969, for a capital increase from 463.78 million BDT to 491.06 million BDT. All other Right Issue Rules, 2006 requirements apply.
The Insurance Regulatory and Development Authority of India (IRDAI) has notified five regulations and amendments to enhance its principle-based regulatory framework for the insurance sector. Key updates include expanded Regulatory Sandbox Regulations to foster innovation and inter-regulatory proposals, and new requirements for electronic record-keeping with stringent security measures. Amendments to meeting regulations aim to improve operational flexibility and governance.
The Isle of Man Treasury added PJSC SURGUTNEFTEGAS and GAZPROM NEFT to the UK sanctions list under the Russia sanctions regime, subjecting them to asset freeze and trust services sanctions. These entities are designated due to their involvement in the Russian energy sector and economic significance to the Russian government. Institutions must freeze assets immediately if a match is suspected and report to the Financial Intelligence Unit, with non-compliance constituting a criminal offence.
The Isle of Man Treasury announced that the UK Foreign, Commonwealth and Development Office has added 15 new entries to the Venezuela sanctions regime, subjecting them to an asset freeze in the Isle of Man. Firms must immediately freeze assets of suspected matches to listed designations and review screening information to prevent false positives. Any frozen assets or suspected sanctions breaches must be reported to the Financial Intelligence Unit, with repeat reporting unnecessary for previously reported accounts.
The U.S. Department of the Treasury released a policy brief on small business financing, highlighting market developments, barriers to capital access, and potential actions for Treasury and stakeholders. It notes challenges in obtaining and comparing financing products, tightened credit standards by large banks, and increased fintech originations. Recommendations include enhanced engagement between policymakers and industry, leveraging government programs, and improving product disclosures.
The Bank of Cape Verde participated in the 2024 State of Inclusive Instant Payment System report presentation in Accra, Ghana, highlighting its experience with the Inclusive Instant Transfers System. Representatives engaged with African regulators on digital payments and shared insights from the STII pilot. The report, an AfricaNenda publication with the World Bank and the United Nations Economic Commission for Africa, tracks instant payment systems across Africa.
The Bank of Cape Verde announced that Governor Óscar Santos and Nídia Gonçalves participated in the Africa Financial Summit 2024 in Casablanca, focusing on central bank digital currencies (CBDCs) for cross-border payments and financial inclusion. The summit, themed “The time of African financial powers is now,” addressed fintech integration, payment modernization, and innovation in agriculture.
The Bank of Cape Verde, led by Governor Óscar Santos, attended Web Summit 2024 in Lisbon to explore financial and technological solutions for the central bank, focusing on artificial intelligence, process automation, and payment systems. The delegation engaged in workshops on digitalisation, fintechs, digital currencies, and cybersecurity to support operational optimisation and institutional modernisation.
The Central Bank of Uruguay has ordered the preventive intervention of Grupo Bursátil Uruguayo Sociedad de Bolsa S.A., suspending its activities and replacing its statutory authorities. An intervention officer has been appointed, and all proprietary and client assets have been immobilized. The firm must notify clients and associated entities of this decision immediately.
The European Securities and Markets Authority released its latest Spotlight on Markets newsletter, focusing on the final policy documents supporting the Markets in Crypto-Assets Regulation (MiCA) effective from 30 December 2024. It includes over 30 technical standards and guidelines, new Q&As on fund names, and amendments on equity transparency under MiFID II. The newsletter also covers consultations on sustainability reporting, the Market Abuse Regulation, and technical standards for open-ended loan-originating AIFs.
The Angola Capital Markets Commission held a handover ceremony to welcome new Board of Directors members, with Elmer Serrão as the new chair. Outgoing chair Vanessa Simões and executive directors Ludmila Dange and Sydney Teixeira transferred responsibilities. The new board includes executive directors Nádia Pinto, Edna Mascarenhas, Vasco Januário, and Herlânder Diogo.
The Belgium Financial Services and Markets Authority has issued advice on two bills aimed at amending legislation to introduce a basic exemption for income from savings and investments. The proposed changes also include a general basic exemption for income from movable goods and capital through amendments to the Income Tax Code 1992.
The Belgium Financial Services and Markets Authority announced the re-opening of trading in Nyrstar financial instruments on Euronext Brussels. Trading resumes on 09 January 2025 at 15:30 CET.
The Central Bank of the Republic of Türkiye released its 2024 oversight results for payment and electronic money institutions, detailing licensing decisions, administrative sanctions, and actions against unauthorised providers. The report highlights TRY 160.3 million in fines across 55 institutions, one licence suspension, and one revocation. Additionally, the CBRT approved several licence applications and conducted over 280 inspections, emphasizing compliance with regulations.
The Belgium Financial Services and Markets Authority has suspended trading in Nyrstar financial instruments on Euronext Brussels, effective 09 January 2025 at 9:00 CET. The suspension follows a request from the company and will remain until a press release is issued.
The Tanzania Insurance Regulatory Authority (TIRA) reported to Parliament’s Standing Committee on Public Capital Investments, which praised its self-financing status and growth. The committee recommended enhanced supervision of insurers and service providers. The National Insurance Board noted insurance's increased economic contribution to 2.01% in 2023, with 69.6% of companies Tanzanian-owned, and urged efforts to ensure market fairness.
The Ukraine National Securities and Stock Market Commission has added eight new cases to its list of unreliable investment projects, cautioning investors about associated risks. The projects include DOUBLE CASE, E8 Markets, Rocket Options Pro, Pocket Broker, Gomining, Bino Trade, AirMarkets, and SPAY LLC. The Commission warns against investing through unregulated entities or those falsely claiming to be licensed in developed financial markets.
The Central Bank of Cyprus can now accept direct instant payments for itself and certain customers, including government departments, from any payer account within the Single Euro Payments Area (SEPA). Available 24/7, instant payments offer faster execution than traditional credit transfers and support enhanced retail payment capabilities. This initiative aims to improve cash management, liquidity, and service development for payment providers.
The Securities and Exchange Commission of Pakistan (SECP) issued a public alert against Summit 4X Trade and Summit AH Experts for illegal deposit-taking and investment schemes. SECP identified Abdul Hai and Summer Abbas as sponsors targeting Layyah residents, promising profits up to 30%. Summit AH Experts (SMC-Private) Limited is listed for unauthorized activities, and the case is referred to investigative authorities.
Bank of Indonesia's December 2024 Consumer Survey indicates a rise in consumer confidence, with the Consumer Confidence Index increasing to 127.7 from 125.9. The Current Economic Condition Index rose to 116.0 from 113.5, and the Consumer Expectation Index increased to 139.5 from 138.3, reflecting broad-based improvements.
The Bank of Italy has launched LabBI, an on-site laboratory at its Research Data Center, to enhance microdata access for the scientific community. LabBI offers workstations for authorized researchers to analyze granular business survey data and key balance sheet items of individual banks, with additional datasets anticipated. It also provides bank-level data on average interest rates for euro-area households and non-financial corporations, updated annually from a 2003 sample.
The Federal Reserve Bank of Philadelphia's annual survey of Chamber of Commerce for Greater Philadelphia members reveals a mixed business outlook for 2025, with 33% expecting improvement and 29% anticipating deterioration. The survey highlights concerns over labor costs, financing, interest rates, and regulatory uncertainty, with 58% reporting higher prices in 2024 compared to 2023.
The Luxembourg Commission de Surveillance du Secteur Financier issued Circular CSSF 25/870, amending the long form report framework for investment firms from the financial year ending 31 December 2024. Investment firms must prepare a revised long form report, with Partial Scope Investment Firms submitting three specific reports and temporarily exempt from agreed-upon procedures reports. The revised framework focuses on MiFID and AML/CFT requirements, with documentation uploaded via the CSSF eDesk platform.
The Luxembourg Commission de Surveillance du Secteur Financier reported that total net assets of Luxembourg undertakings for collective investment rose to EUR 5,840.177bn as of 30 November 2024, a monthly increase of EUR 174.597bn. This growth was driven by EUR 9.787bn in net subscriptions and EUR 164.810bn from positive market developments, with strong US equities and USD appreciation contributing significantly. The CSSF updated its official list, registering eight new UCIs and deregistering 26.
The European Banking Authority has released final Guidelines on managing environmental, social, and governance (ESG) risks under the Capital Requirements Directive (CRD6). These Guidelines outline processes for identifying, measuring, managing, and monitoring ESG risks, specifying plans to address financial risks related to ESG factors, aligning with the EU's climate neutrality goals by 2050. They take effect on 11 January 2026, with small and non-complex institutions required to comply by 11 January 2027.
The Bank of the Lao has launched cross-currency transaction services and cross-border retail payment connectivity via QR codes between Laos and Vietnam to enhance the use of the Lao kip and Vietnamese dong. The initiative promotes local-currency use for trade, investment, and lending, and links retail payment systems for goods and services. Initially, Vietnamese users can make QR code payments in Laos, with reciprocal payments by Lao users in Vietnam planned for late 2025.
The Federal Reserve Bank of Kansas City's fourth quarter Tenth District Energy Survey indicates a sharp decline in regional energy activity, with expectations of further contraction in the next six months, partly due to West Texas Intermediate oil prices falling below USD 61 per barrel. The survey reveals mixed investment outlooks for 2026, with firms divided on increasing, decreasing, or maintaining investment levels.
The Hong Kong Monetary Authority (HKMA) alerted about fraudulent websites and internet banking login screens reported by Nanyang Commercial Bank, Limited. The HKMA stressed that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected customers should contact the bank and report to the Hong Kong Police Force’s Crime Wing Information Centre.
The Bank for International Settlements released a working paper analyzing the impact of mandatory credit reporting on buy now, pay later (BNPL) usage, using data from Ant Group's Huabei accounts in China. The study finds a 14% decline in BNPL payments post-policy, with higher-risk borrowers reducing usage more significantly and improving repayment outcomes. The shift led to increased credit and debit card usage, with no significant reduction in BNPL credit lines, indicating a demand-driven effect.
The European Central Bank's Working Paper explores climate-linked bonds, where payments adjust based on climate variables, proposing these could reveal market-implied climate expectations and offer a hedge against climate risk. It suggests converting around three percent of major economies' government debt into such bonds, aligning financing costs with climate outcomes. The paper also discusses central banks' potential role in market development and highlights design considerations like metric standardization and coordination.
The European Central Bank's working paper examines the 2022 recalibration of targeted longer-term refinancing operations (TLTRO III) on euro area bank lending, highlighting a rapid balance sheet contraction. The recalibration led to over EUR 1 trillion in early repayments, tightening credit supply and affecting firm-level outcomes like employment and investment growth. The study identifies liquidity risk and balance sheet adjustments as key transmission channels.
The European Central Bank's research in its Economic Bulletin examines the short-term impact of EU Emissions Trading System carbon pricing on European investment. Findings indicate that carbon price increases temporarily divert greenfield foreign direct investment from Europe and reduce domestic investment, particularly in construction, transportation, and manufacturing. The study highlights a 0.5% decline in EU gross fixed capital formation in the first year, with a cumulative fall of over 1% after two years, while noting the broader policy context including the European Commission’s carbon border adjustment mechanism.
The Central Bank of the Republic of Uzbekistan concluded a seminar with the Bank of Korea under the Knowledge Partnership Program, presenting joint research on enhancing international reserve management and investment in fixed income securities. The Central Bank plans to implement the research recommendations and advanced international practices. A bilateral meeting discussed ongoing cooperation and future research topics.
The National Bank of the Republic of Tajikistan reviewed the 2024 insurance system, setting supervisory priorities on sector reform and non-cash insurance transactions. Amendments to the Law on Insurance Activity were introduced to strengthen the legal framework, with a cashless operations amendment nearing adoption. New regulatory acts and automated financial reporting formats were developed to enhance transparency and service quality.
The South African Reserve Bank's Working Paper introduces an arbitrage-free dynamic term structure model to distinguish liquidity and credit risk premia in South African government bonds. The study finds both premia significant yet weakly correlated, with liquidity and credit stress as distinct pricing drivers. Applied to 31 fixed-coupon bonds, the model shows liquidity premia averaging 55 basis points and credit risk premia averaging 118 basis points, with notable increases during financial stress periods.
The Bank of Spain released updated Financial Accounts for Q3 2024, revealing consolidated debt of non-financial corporations and households at EUR 1.709 trillion, or 109% of GDP. Non-financial corporate debt rose to EUR 1.0168 trillion, while household and NPISH debt decreased to EUR 691.9 billion. Household and NPISH financial assets increased to EUR 3.074 trillion, with net financial wealth reaching EUR 2.327 trillion, or 148.4% of GDP.
The Bank of Spain released updated Supervisory Statistics for Q3 2024, indicating higher capital ratios and an increased annualised return on equity for credit institutions in Spain compared to previous periods. The liquidity coverage ratio decreased but remained above the 100% regulatory requirement, while asset quality indicators showed mixed results. The Bank confirmed the continuation of quarterly publications of these statistics.
The Vietnam State Securities Commission has announced that individuals listed must pay a VND 1,000,000 fee for the reissuance of a securities practising certificate, as per the Ministry of Finance’s Circular 25/2022/TT-BTC. Payment can be made via bank transfer or in person. Failure to collect the certificate within one year of the payment notice will result in cancellation.
The National Bank of Serbia reported continued growth in its IPS NBS instant payment system for Q3 2024, with transaction volumes and values rising 29.5% and 46.4% year-on-year, respectively. The system processed 21.7 million payments worth RSD 270.9 billion, with an average transaction value of RSD 12,492. Two additional providers enabled the Transfer service, totaling 13, while the system supports various payment methods including IPS QR codes and eGovernment ePlati payments.
The National Bank of Serbia clarified that residents can invest in foreign securities permitted by law, but cross-border payments must be documented to verify compliance with foreign exchange rules. Restrictions include limits on debt securities from non-EU countries, with trading allowed for long-term debt securities from the EU and OECD countries with high credit ratings. The central bank emphasized the need for documentation, especially when trading via foreign brokers, and noted that residents generally cannot hold foreign currency in accounts abroad except in exceptional cases.
The National Bank of Serbia reported December 2024 operational statistics for its RTGS and clearing systems, processing 21.5 million payments with no downtime. RTGS handled 92.9% of transactions, totaling RSD 23,805.4 billion, while the Clearing System processed 7.1%, totaling RSD 39.5 billion. The Interbank Foreign Currency Clearing System and International Foreign Exchange Clearing System processed EUR 151.86 million with 100% availability.
The Securities and Exchange Regulator of Cambodia participated in a meeting to discuss revisions to the legal documents for the National Committee for Financial Stability and the National Sub-Committee for Financial Stability. The meeting, chaired by H.E. Ros Seilava, aimed to ensure comprehensive preparation of these documents, with participation from the National Bank of Cambodia and other relevant authorities.
The Swiss National Bank reported a provisional profit of CHF 80 billion for 2024, with net profit expected at CHF 16 billion after allocations. This enables a CHF 15 per share dividend and a CHF 3 billion distribution to the Confederation and cantons. The profit includes CHF 67 billion from foreign currency positions and a CHF 21.2 billion gain on gold, offset by a CHF 7.4 billion loss on Swiss franc positions.
The Prudential Regulation Authority (PRA) has outlined its 2025 supervisory priorities for CEOs of PRA-regulated insurance firms, focusing on Solvency UK reforms, market risks, and resilience through stress testing. Key initiatives include a new Matching Adjustment permissions team, streamlined internal model assessments, and a consolidated approach to third-country branches. The PRA will launch the 2025 Life Insurance Stress Test, engage on liquidity reporting changes, and consult on ICT, cyber, and climate risk management policies.
The State Bank of Vietnam's branches in Bac Giang and Dak Nong held conferences to discuss the 2025 banking sector work programme and review 2024 performance. Key topics included expanding credit, tightening lending controls, enhancing customer support, and advancing digital transformation. Bac Giang reported significant deposit and credit growth, while Dak Nong maintained a stable non-performing loan ratio and reduced lending rates.
The State Bank of Vietnam reviewed the Vietnam Bank for Social Policies' 2024 policy credit performance and set operational priorities for 2025. Total funding for policy credit activities reached VND 376 trillion, supporting employment, education, and housing initiatives. The focus will be on capital mobilisation, credit quality, and digital transformation to enhance inclusive financial services.
Vietnam's Prime Minister has formed a Steering Committee on the Regional and International Financial Centre, chaired by the Prime Minister and including key figures like the State Bank Governor. The committee will guide strategy, policy development, and coordination, with the Ministry of Planning and Investment as the standing agency. Its mandate includes infrastructure resource mobilization and collaboration with domestic and international entities.
The State Bank of Vietnam has published a list of 23 administrative procedures eligible for end-to-end online public service delivery, covering payment activities, banking IT, and other operations. This includes procedures for bank card issuer codes, cheque template registration, and digital certificate processes. The decision, effective 31 December 2024, replaces a previous decision from 27 December 2023.
The State Bank of Vietnam's Party Committee held its 19th expanded Executive Committee conference, prioritizing reorganization and alignment of policy and supervisory work to a new model. The 2025 programme includes restructuring the organizational apparatus, enhancing legal instruments for monetary policy, and strengthening oversight of credit and microfinance institutions. It also focuses on digital transformation and cashless payments, alongside preparations for upcoming Party congresses.