Bank of Russia keeps the key rate at 14.00% p.a.

On 23 October 2026, the Bank of Russia Board of Directors decided to keep the key rate at 14.00% per annum. The economy is growing moderately in H2 2026, current price pressure remains elevated and inflation expectations remain high.

ACI Russia key rate poll results

According to the poll, the key rate will remain unchanged. There is only about a 15% probability of a minimal cut and a close to zero probability of a hike.

State Duma passes bill on FX transactions in digital rubles in first reading

Under the bill, companies will be able to repatriate foreign currency proceeds and receive insurance payments under foreign trade contracts in digital rubles. Currency control over such transactions will be carried out by the client's bank. "Businesses will get more settlement options — not only via ordinary bank accounts, but also via digital ruble accounts," said Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market.

ACI Russia eFX & Digital Summit 2026: registration open

On 9 November 2026, ACI Russia will hold the 8th Conference on electronic trading in FX, money, derivatives and digital markets — eFX & Digital Summit 2026, at Radisson Collection Hotel Moscow. The programme features 8 panel discussions. Participation is offline only; registration is required for all guests. This year the New Year party will be held separately, tentatively on 21 December.

Moscow Exchange starts calculating cash currency exchange indices

From 1 October, Moscow Exchange calculates and publishes Finuslugi cash currency exchange indices. The indicators are calculated as the average of banks' offers to buy or sell cash currency every two minutes on trading days.

Alexey Zabotkin: lower structural budget deficit is key for rate cuts in 2027

The planned reduction of the structural primary budget deficit is an important condition for cutting the key rate in 2027, Bank of Russia Deputy Governor Alexey Zabotkin said. The budget is a very important source of demand in the economy.

Bank of Russia admits the first digital depositories and crypto exchangers to the financial market

The first five organisations have been entered into the register of digital depositories and four into the register of digital currency exchangers. They were admitted under the transitional provisions of the law "On Digital Currencies and Digital Rights", which came into force on 1 September.

On oil and gas revenues and FX operations in October

Additional oil and gas revenues of the federal budget are projected at 289.46 billion rubles in October 2026. The Ministry of Finance announced the volume of FX and gold purchases for the coming period.

Draft federal budget for 2027–2029 submitted to the State Duma

The draft federal budget for 2027 and the 2028–2029 planning period has been submitted to the State Duma.

ACI Russia eFX & Digital Summit 2026: programme published

On Monday, 9 November 2026, ACI Russia will hold the 8th Conference on electronic trading in FX, money, derivatives and digital markets — eFX & Digital Summit 2026. Venue: Radisson Collection Hotel Moscow, registration from 9:30. The programme outline is available on the event website.

Draft Monetary Policy Guidelines for 2027–2029 submitted to the State Duma

The strategic document explains the approaches to monetary policy and presents the baseline and three alternative forecast scenarios for the next three years. The draft was earlier approved by the Government.

Bank of Russia proposes limits on banks' crypto exposure

The Bank of Russia proposed limiting banks' exposure to digital currencies and foreign digital instruments to 1% of a credit institution's own funds. A similar limit is introduced for banking groups.

Draft Guidelines for the Development of the Russian Financial Market for 2027–2029

Over the next three years, special attention will be paid to developing the capital market, strengthening trust in the financial market and enhancing the protection of investors and consumers of financial services.

Bank of Russia keeps the key rate at 14.00% p.a.

On 11 September 2026, the Bank of Russia Board of Directors decided to keep the key rate at 14.00% per annum. The economy is growing moderately in Q3, while current price pressure has increased significantly in recent months.

ACI Russia key rate poll results

Despite the situation in the economy and markets, almost nobody expects a rate hike. Most respondents expect the rate to be kept unchanged, about a quarter expect a 25 bp cut.

Save the date: ACI Russia eFX & Digital Summit — 9 November 2026

ACI Russia eFX & Digital Summit will take place on 9 November 2026 at the Radisson Collection Hotel (Moscow, Kutuzovsky Prospekt 2/1 bld. 1). Registration and the programme outline will be published soon.

On oil and gas revenues and FX operations in September

Additional oil and gas revenues of the federal budget are projected at 100.7 billion rubles in September 2026. The Ministry of Finance announced the volume of FX and gold purchases for the coming period.

Digital ruble launched

The mass rollout of the digital ruble started on 1 September 2026. The Bank of Russia approved the fees for digital ruble operations: businesses enjoy a grace period with core operations free of charge until the end of 2026, and from 2027 a B2B transfer will cost 15 rubles.

Moscow Financial Forum 2026 programme outline published

The Moscow Financial Forum 2026 will take place on 21 September at the Manege Central Exhibition Hall. It is organised by the Ministry of Finance and the Moscow Government. The business programme will include 16 sessions on key financial and economic issues.

Photos from ACI Russia Dealer's Fest 2026

A week has passed since ACI Russia Dealer's Fest 2026, and we have wonderful memories. We are sharing them with you — photos from the party are now available!

Bank of Russia adds SPIMEX to the register of DFA platform operators

The Bank of Russia approved the information system rules of the St Petersburg International Mercantile Exchange and added it to the register of operators of platforms for issuing digital financial assets.

Today — ACI Russia Dealer's Fest 2026

Exactly 28 years ago, the Russian Government and the Central Bank announced a "set of measures to normalise financial and fiscal policy". Today at 18:00 we look forward to seeing you in Sokolniki Park, Viola Loft, at ACI Russia Dealer's Fest 2026 to remember together what happened in 1998.

Moscow Exchange to start the main trading session at 9:00 from 14 September

Moscow Exchange will extend the main trading session by one hour and move its start from 10:00 to 9:00 Moscow time, Senior Managing Director Boris Blokhin said at MOEX Media Days. The morning session on the equity and derivatives markets will be shortened by an hour.

Rules for crypto purchases by non-qualified investors

The Bank of Russia proposed a limit on cryptocurrency purchases by non-qualified investors: up to 300,000 rubles per year with each intermediary — broker, crypto exchanger or manager. The draft ordinance has been published for consultation.

Law "On Digital Currencies and Digital Rights" signed

The President of Russia signed the law establishing the framework for crypto market regulation. It allows investors to trade cryptocurrency via intermediaries and use it in foreign trade settlements, but prohibits direct transactions between individuals. Market participants must comply with the law by 1 July 2027.

First draft regulations for launching the cryptocurrency market

The Bank of Russia has created conditions for organised trading in digital currencies and digital rights. The trading regime will be set out in the exchange rules, and the exchange will calculate market and weighted average prices. Requirements for digital depositories have also been drafted.

Bank of Russia cuts the key rate by 25 bp to 14.00% p.a.

On 24 July 2026, the Bank of Russia Board of Directors decided to cut the key rate by 25 bp to 14.00% per annum. The economy grew moderately in Q2. The significant rise in prices and inflation expectations in the summer months was largely due to one-off factors.

ACI Russia key rate poll results

ACI Russia poll participants support the consensus: most expect a 25 bp key rate cut to 14.25% per annum. At the same time, many would cut the rate further, to 14.00%, if they were in the Bank of Russia's place.

Registration opens for ACI Russia Dealer's Fest 2026

On 17 August 1998, amid a severe financial crisis, ruble devaluation and government debt default, a new era of the Russian financial market began. ACI Russia invites friends and partners to spend this memorable evening together on 17 August at Viola Loft. The Fest will feature an awards ceremony for the best dealers based on the ACI Russia survey.

State Duma passes the law on cryptocurrency regulation

The State Duma passed a law setting the rules for cryptocurrency circulation in Russia. It will come into force on 1 September. Both non-qualified and qualified investors will be able to trade cryptocurrencies via intermediaries.

On oil and gas revenues and FX operations in July

Additional oil and gas revenues of the federal budget are projected at 147.3 billion rubles in July 2026. The Ministry of Finance announced the volume of FX and gold purchases for the coming period.

Key points from Elvira Nabiullina's statements at the Financial Congress

From 1 September, systemically important banks and large retailers must be ready to accept the digital ruble. According to the Bank of Russia Governor, all participants are technologically ready for this stage.

Moscow Exchange plans to move to 24/7 trading

Moscow Exchange plans to launch round-the-clock trading, Chairman of the Supervisory Board Sergey Shvetsov said at the Bank of Russia Financial Congress. The exchange already holds weekend trading sessions.

Bank of Russia cuts the key rate by 25 bp to 14.25% p.a.

On 19 June 2026, the Bank of Russia Board of Directors decided to cut the key rate by 25 bp to 14.25% per annum.

ACI Russia key rate poll results

The vast majority forecast a 50 bp key rate cut to 14.00% per annum, with a noticeable share of even more optimistic forecasts. Only about 10% of participants think the rate will stay unchanged or even rise.

Moscow Exchange launches mini futures on euro and US dollar rates

The key feature of the mini futures is a lot size ten times smaller: 100 dollars and 100 euros respectively. This reduces initial margin and allows more flexible trade sizing.

Bank of Russia Financial Congress business programme published

The Congress will take place on 1–3 July in St Petersburg. It will open with the plenary discussion "Course for long-term growth: how not to lose opportunities" with Bank of Russia Governor Elvira Nabiullina.

Bank of Russia changes the procedure for calculating the official euro rate

From 8 June 2026, the Bank of Russia calculates the official euro/ruble rate based on the US dollar/ruble rate and the ECB euro/dollar rate as of 15:30 Moscow time. The change is due to low turnover in the ruble/euro pair on the domestic FX market.

On oil and gas revenues and FX operations in June

Additional oil and gas revenues of the federal budget are projected at 220.2 billion rubles in June 2026. The Ministry of Finance announced the volume of FX and gold purchases for the coming period.

Bank of Russia extends restrictions on transfers abroad for non-residents from unfriendly countries

The Bank of Russia keeps the current restrictions in place from 8 June to 7 December 2026. Non-resident individuals from unfriendly countries working in Russia may transfer abroad funds up to the amount of their salary.

ACI Russia held its 22nd Congress

More than 200 guests — members and friends of ACI Russia — gathered at the 22nd Congress to discuss global FX and digital markets with LMAX Group, the Council's report for 2024–2026, the outlook for regulation and trading in Russia with the Bank of Russia and the Ministry of Finance, and the results of the Council elections.

Ekaterina Lozgacheva at the ACI Russia Congress: investors will be allowed to trade crypto on foreign exchanges

The finalised bill "On Digital Currency and Digital Rights" is expected to allow Russian investors to trade cryptocurrencies on foreign exchanges via Russian intermediaries, Ekaterina Lozgacheva, Director of the Bank of Russia Financial Market Strategic Development Department, said at the ACI Russia Congress.

22nd ACI Russia Congress — 18 May

We look forward to seeing you on Monday, 18 May, at 18:00 at the 22nd ACI Russia Congress. The programme includes an exclusive interview with LMAX on global FX and digital markets, the Council's report, a panel on crypto market regulation with the Bank of Russia and the Ministry of Finance, and elections to the new Council.

18 May — elections to the ACI Russia Council

2026 is an election year: on 18 May, elections to the ACI Russia Council for the next two years will be held by electronic voting. 22 candidates have already been nominated, and information about them is published on the Association's website.

Moscow Exchange launches futures on three digital currency indices

From 14 May, Moscow Exchange launches futures on Solana, XRP and Tron indices. The instruments are available only to qualified investors and are cash-settled in rubles without delivery of cryptocurrency.

Ministry of Finance fiscal rule operations in May

Regular FX and gold operations under the fiscal rule in May, including deferred operations for March–April, will amount to 110.3 billion rubles, or 5.8 billion rubles per day — less than the market expected.

Bank of Russia cuts the key rate by 50 bp to 14.50% p.a.

On 24 April 2026, the Bank of Russia Board of Directors decided to cut the key rate by 50 bp to 14.50% per annum.

ACI Russia key rate poll results

Most poll participants believe the Bank of Russia will set the key rate at 14.50% per annum. There are also expectations in the 13.50–15.00% range, but with much lower probability.

Ministry of Finance resumes FX and gold operations from May 2026

To increase the stability and predictability of domestic economic conditions and reduce the impact of energy market conditions, the Ministry of Finance resumes FX and gold purchase/sale operations on the domestic market from May 2026.

State Duma passes the crypto industry bill in the first reading

On 21 April, the State Duma passed in the first reading the bill "On Digital Currency and Digital Rights". All intermediaries, exchanges, brokers and crypto exchangers will have to obtain a licence.

Registration opens for the 22nd ACI Russia Congress

The programme of the Congress on 18 May includes the report of the President, Vice President and Council, a panel on crypto market regulation with the Bank of Russia, the Ministry of Finance, banks, exchanges and trading platforms, an exclusive interview and elections to the new Council.

Moscow Exchange to calculate indices for eight cryptocurrencies

The exchange announced the launch of indices for Solana, XRP, Dogecoin, Tron, Cardano, BNB, Hyperliquid and Chainlink. The indices will be based on prices from leading crypto exchanges.

Registration opens for the Bank of Russia Financial Congress

The Congress will take place on 1–3 July 2026 in St Petersburg. The business programme will open with two plenary sessions on 1 July; the first, with Bank of Russia Governor Elvira Nabiullina, will discuss to what extent the economy has returned to balanced growth.

MOEX gold index included in the register of national price indicators

The Bank of Russia included the Moscow Exchange gold index in the register of national price indicators. The indicator can now be used in regulations of government agencies and the Bank of Russia. The refined gold index is based on transactions in the Russian market.

Government approves bills legalising the circulation of digital currencies

The bills set requirements for the circulation of digital currencies in Russia and rules of access for a wide range of investors, including non-qualified ones. Digital currency transactions without regulated intermediaries are prohibited.

FX and gold operations under the fiscal rule suspended until 1 July 2026

Pursuant to a Government resolution, monthly FX and gold purchase/sale operations on the domestic market are suspended until 1 July 2026 due to planned changes in the fiscal rule parameters.

Bank of Russia submits its 2025 Annual Report to the State Duma

The Annual Report presents the key results of the Bank of Russia's activities and contains its financial statements and audit report. Economic growth continued at a moderate pace in 2025, and monetary policy managed to contain inflation.

Bank of Russia cuts the key rate by 50 bp to 15.00% p.a.

On 20 March 2026, the Bank of Russia Board of Directors decided to cut the key rate by 50 bp to 15.00% per annum.

ACI Russia key rate poll results

Most Russian and foreign market participants forecast a key rate cut to 15.00% per annum. Almost all are confident that whatever the decision, the step will remain 50 bp.

Bank of Russia extends restrictions on cash FX withdrawals until 9 September 2026

For individuals whose FX account or deposit was opened before 9 March 2022, the withdrawal limit remains at the balance as of that date, but no more than $10,000 or the equivalent in euros.

Bank of Russia and Ministry of Finance agree on crypto industry regulation

By 1 July 2027, conditions must be created in Russia for companies organising the circulation of digital currencies — exchanges, digital depositories and crypto exchangers — according to the draft law "On Digital Currency and Digital Rights".

Bank of Russia outlines the regulation of crypto infrastructure

Crypto custody functions — storing and managing clients' digital assets — will be available not only to banks: a banking licence will not be required. The approach will mirror that for depositories in the traditional market.

Moscow Exchange Forum returns on 16 April

Moscow Exchange will hold the Exchange Forum 2026, a platform for open dialogue where market participants, business and authorities will discuss key issues of financial industry development. Representatives of the Government, the Bank of Russia, major companies and banks are invited.

Bank of Russia cuts the key rate by 50 bp to 15.50% p.a.

On 13 February 2026, the Bank of Russia Board of Directors decided to cut the key rate by 50 bp to 15.50% per annum.

ACI Russia key rate poll results

A rate hike is off the table: poll participants expect the rate either to stay unchanged or to be cut by 50 bp. Inflation is well below the rate and the ruble is strong, but inflation expectations remain elevated.

Bank of Russia launches a new monetary policy review

The Bank of Russia published the plan of analytical work and events under the Monetary Policy Review 2028. The Review aims to assess the effectiveness of monetary policy given the evolving macroeconomic environment. The results of the first Review were summed up in 2023.

On oil and gas revenues and FX operations in February

Additional oil and gas revenues of the federal budget are projected at -209.4 billion rubles in February 2026. The Ministry of Finance announced the volume of FX and gold purchase/sale operations for the coming period.

Ministry of Finance to increase FX sales in January

The Ministry of Finance estimated the January oil and gas revenue shortfall at 231.9 billion rubles. Taking into account the December surplus, FX and gold worth 192.1 billion rubles will be sold from the NWF from 16 January to 5 February. Daily sales will rise to 12.8 billion rubles.

Bank of Russia stops setting the Bulgarian lev rate

From 12 January 2026, the Bulgarian lev is excluded from the list of currencies whose official rate against the ruble is set by the Bank of Russia. This is because Bulgaria adopted the euro on 1 January and the lev has been withdrawn from circulation.

New rules for DFA purchases by investors

From the new year, the categorisation of digital financial assets available to qualified and non-qualified investors changes. Non-qualified investors will be able to freely buy DFAs whose payments do not depend on variable indicators, provided they have high credit quality.

Bank of Russia prepares a concept for cryptocurrency regulation

Both qualified and non-qualified investors will be able to buy crypto assets, with separate rules for each category. The Bank of Russia has sent its proposals for legislative changes to the Government. The regulator still considers cryptocurrencies high-risk assets.

Bank of Russia cuts the key rate by 50 bp to 16.00% p.a.

On 19 December 2025, the Bank of Russia Board of Directors decided to cut the key rate by 50 bp to 16.00% per annum.

ACI Russia key rate poll results

According to the poll, the Bank of Russia faces a relatively simple decision — to cut the rate to 16% per annum. Market participants would cut it even further if they were in the regulator's place. The decision will be discussed on Pro Markets - ACI Russia right after the Bank of Russia press conference.

Bank of Russia files a lawsuit against Euroclear with the Moscow Arbitration Court

Due to the unlawful actions of the Euroclear depository causing losses to the Bank of Russia, as well as the mechanisms for using Bank of Russia assets without its consent officially considered by the European Commission, the Bank of Russia files a claim with the Moscow Arbitration Court.

State Duma passes the law on debt digital financial assets

The State Duma passed in the second and third readings a law establishing the concept and issuance rules for debt digital financial assets — DFAs certifying only a monetary claim.

Bank of Russia lifts restrictions on transfers abroad for Russian citizens and residents of friendly countries from 8 December

Given the stable situation in the FX market, from 8 December the Bank of Russia cancels the previously established limits on FX transfers abroad for Russian citizens and non-resident individuals from friendly countries.

eFX & Digital Summit 2025 held in Moscow

On 2 December 2025, Loft Hall #1 hosted the 7th annual ACI Russia conference on electronic trading in FX, money, derivatives and digital markets. The Summit brought together over 360 participants, from traders and treasury heads to top managers of banks, corporations and exchanges. It was followed by the traditional New Year Party.

On oil and gas revenues and FX operations in December

From 5 December to 15 January, net FX sales, including operations of the Ministry of Finance and the Bank of Russia, will amount to 14.5 billion rubles per day. The Ministry expects December oil and gas revenues to be 137.6 billion rubles below the base level.

Bank of Russia Financial Congress to take place on 1–3 July 2026

The Bank of Russia Financial Congress will be held on 1–3 July 2026 in St Petersburg. The business programme will traditionally include two plenary sessions on the first day and panel discussions on the following two days. Every year, more than a thousand representatives of the financial market, business and government take part.

State Duma passes the 2026–2028 federal budget law

The State Duma passed in the third reading the law on the federal budget for 2026 and the 2027–2028 planning period.

eFX & Digital Summit 2025 and ACI Russia New Year Party

We are officially announcing the eFX & Digital Summit 2025 and the ACI Russia New Year Party. See you on 2 December at Loft Hall #1, Leninskaya Sloboda 26 bld. 35. Badges and coffee from 9:30, the Summit starts at 10:00. The programme is available on the event website.

Ministry of Finance to place its first yuan-denominated OFZ

In December, the Ministry of Finance will place yuan-denominated government bonds for the first time. Such a placement had been discussed since 2015. Analysts link the decision to the need to finance the budget deficit and record trade with China.

On oil and gas revenues and FX operations in November

Additional oil and gas revenues of the federal budget are projected at -48.0 billion rubles in November 2025. The Ministry of Finance announced the volume of FX and gold purchase/sale operations for the coming period.

Bank of Russia plans to tighten monitoring of cross-border settlements

The Bank of Russia proposed requiring banks to monitor FX transactions of foreign companies and individuals, as well as settlements using promissory notes, precious metals and digital financial assets. Currently, supervision covers only residents' operations and non-residents' ruble transactions.

Monetary Policy Guidelines for 2026–2028

The Bank of Russia published the strategic document explaining the goals and principles of monetary policy in the current environment and presenting the baseline and alternative economic scenarios for the next three years.

Bank of Russia cuts the key rate by 50 bp to 16.50% p.a.

On 24 October 2025, the Bank of Russia Board of Directors decided to cut the key rate by 50 bp to 16.50% per annum.

ACI Russia key rate poll results

Analysts following the Russian market from abroad expect a 100 bp cut by 8 to 1. Russian participants are less optimistic: 40% expect no change, 40% a 100 bp cut and 20% a 50 bp cut.

Vladimir Chistyukhin: banks will be allowed to work with cryptocurrencies

The Bank of Russia will allow banks to work with cryptocurrencies but will set strict capital and provisioning limits, First Deputy Governor Vladimir Chistyukhin said.

eFX & Digital Summit 2025 to take place on 2 December

ACI Russia is preparing the eFX & Digital Summit, which together with the New Year Party will take place on 2 December at Loft Hall in Moscow. We are building the business programme and welcome your suggestions on topics and speakers.

Ministry of Finance submits the budget package to the Government

The package includes amendments to the 2025 budget law, the draft federal budget for 2026 and the 2027–2028 planning period, as well as amendments to the Budget and Tax Codes.

Draft Guidelines for the Development of the Russian Financial Market for 2026–2028

Priorities for the next three years include developing the capital market as a source of business financing, increasing the transparency of IPOs and the attractiveness of long-term instruments, and strengthening investor protection. Special attention will be paid to digital and payment projects.

Bank of Russia cuts the key rate by 100 bp to 17.00% p.a.

On 12 September 2025, the Bank of Russia Board of Directors decided to cut the key rate by 100 bp to 17.00% per annum. Current inflationary pressure continues to ease.

ACI Russia key rate poll results

The rate will definitely be cut, according to both the professional community and the wider ACI Russia audience. There are about 1.5 times more votes for a cut to 16% than for a cut to 17%.

Bank of Russia extends restrictions on cash foreign currency

The Bank of Russia extended restrictions on cash foreign currency withdrawals due to sanctions that prohibit Russian financial institutions from purchasing cash currency of Western countries.

On oil and gas revenues and FX operations in September

Additional oil and gas revenues of the federal budget are projected at -21.0 billion rubles in September 2025. The Ministry of Finance announced the volume of FX and gold purchase/sale operations for the coming period.

Draft Monetary Policy Guidelines for 2026–2028

The Bank of Russia published the draft Monetary Policy Guidelines. The document sets out the goal and key principles of monetary policy. In addition to the baseline scenario, it presents three alternative ones — disinflationary, proinflationary and risk scenarios.

Banks' crypto investments to become subject to regulation

The Bank of Russia intends to require banks to take investments in cryptocurrencies and crypto financial instruments into account when calculating capital and mandatory ratios, according to the regulator's report. Requirements for crypto operations and loans to crypto companies are also planned.

Federal Treasury to be able to conduct digital ruble operations

The Ministry of Finance drafted a resolution empowering the Federal Treasury to open an account on the digital ruble platform and submit digital ruble transfer orders to the Bank of Russia.

Photos from Dealer's Fest 2025

On 14 August, ACI Russia traditionally held Dealer's Fest 2025 at SVOY Loft. Thank you to everyone who joined us! Photos from the party are now available — see you next August.

ACI Russia partners with SMART-LAB CONF

On 25 October, Moscow will host a large conference for private investors organised by the Smart-Lab.ru community of investors and traders. ACI Russia will be a partner of the conference. The programme includes presentations by issuers, analysts, brokers and financial bloggers.

Government reduces exporters' mandatory FX sales requirement to zero

The mandatory repatriation and sale of FX proceeds for Russian exporters has been reduced to zero. The resolution was signed by Prime Minister Mikhail Mishustin. The decision was made due to the strengthening and stabilisation of the national currency and the absence of FX liquidity problems.

On oil and gas revenues and FX operations in August

Additional oil and gas revenues of the federal budget are projected at -12.1 billion rubles in August 2025. The Ministry of Finance announced the volume of FX and gold purchase/sale operations on the domestic market until early September.

How non-residents will invest in the Russian financial market

The Bank of Russia set the rules for servicing foreign investors who have been allowed to invest new money in the Russian financial market. Under the Presidential Decree, they have access to deposits with Russian banks, securities on organised trading and other instruments.

Registration is open for Dealer's Fest 2025

Two weeks left to book a ticket for the most atmospheric dealers' party of the summer — Dealer's Fest 2025. We look forward to seeing you at SVOY loft from 18:00 on 14 August. Registration is required for all guests; current ACI Russia members traditionally attend free of charge.

Bank of Russia cuts the key rate by 200 bp to 18.00% p.a.

On 25 July 2025, the Bank of Russia Board of Directors decided to cut the key rate by 200 bp to 18.00% per annum. Current inflationary pressure, including underlying, is easing faster than expected.

ACI Russia key rate poll results

Most ACI Russia poll participants expect the key rate to be cut to 18% per annum: 80% of experts in the closed group and 62% of Telegram voters. 18% was also the most popular answer to the question of what participants would do themselves.

Bank of Russia to ban the use of foreign currency for bank capital increases

The regulator explains that the current procedure does not allow it to fully control the process of increasing the capital of credit institutions.

Digital ruble mass rollout to start on 1 September 2026

The State Duma passed a law setting the timeline for banks and retailers to connect to the digital ruble in stages until September 2028. From 1 September 2026, the largest banks must allow clients to open digital wallets, pay for goods and services and make transfers.

Bank of Russia starts setting official exchange rates for 12 more currencies

The list of currencies whose official rates against the ruble are set by the Bank of Russia now also includes the taka, Bahraini dinar, boliviano, Cuban peso, Algerian dinar, Ethiopian birr, Iranian rial, kyat, tugrik, naira, Omani rial and Saudi riyal.

Key points from Elvira Nabiullina's statement at the Financial Congress

The Bank of Russia will make its rate decision at the Board meeting, when more information will be available. In July, the Bank will update its inflation and key rate path forecasts. Most likely, barring unforeseen events, a rate cut will be considered in July.

Bank of Russia FX operations in H2 2025

From 1 July, the Bank of Russia's net FX sales outside the fiscal rule will amount to 8.94 billion rubles per day versus 8.89 billion rubles per day in the first half of the year. They comprise the mirroring of NWF spending and deferred operations.

Bank of Russia proposes new dates for the digital ruble mass rollout

Digital ruble transfers and payments will be introduced in stages. The Bank of Russia has sent its proposals to the State Duma: the largest banks will have to offer their clients digital ruble operations from 1 September 2026.

Elvira Nabiullina at SPIEF: the rate will be cut as inflation declines

The Bank of Russia will cut the key rate as inflation slows, and inflation is declining faster than expected, Bank of Russia Governor Elvira Nabiullina said at SPIEF. Without lower inflation there will be no moderate rates.

Moscow Exchange launches a bitcoin index

From 10 June, Moscow Exchange calculates the MOEX Bitcoin Derivatives Index (MOEXBTC). The indicator tracks prices of perpetual futures and swaps on BTC/USDT from the four largest venues and is calculated daily at 12:30 Moscow time.

Bank of Russia cuts the key rate by 100 bp to 20.00% p.a.

On 6 June 2025, the Bank of Russia Board of Directors decided to cut the key rate by 100 bp to 20.00% per annum. Current inflationary pressure, including underlying, continues to decline, and the Russian economy is gradually returning to a balanced growth path.

ACI Russia key rate poll results

Expectations of a key rate cut have strengthened significantly since the previous meeting but are not yet dominant. The Bank of Russia's decision and its comments will be discussed on Pro Markets - ACI Russia.

Bank of Russia Financial Congress programme published

The Financial Congress will be held on 2–4 July in St Petersburg. The business programme includes two plenary and 21 panel sessions. The Congress will open with the plenary discussion "Economic development: how to reach the optimal growth path" with Bank of Russia Governor Elvira Nabiullina.

Moscow Exchange launches a futures contract on a bitcoin fund

From 4 June, qualified investors are offered a futures contract on shares of the iShares Bitcoin Trust ETF (code IBIT). Prices are quoted in US dollars per share, settlement is in Russian rubles.

ACI Russia held its 21st Congress

On 19 May, ACI Russia held its 21st Congress at the Ararat Park Hyatt hotel, bringing together more than 170 delegates, friends and guests of the Association. The programme included a welcome speech by MOEX CEO Viktor Zhidkov, an exclusive interview with LMAX Group and an analysts' discussion "Macro and markets".

Mandatory sale of FX proceeds by exporters extended until 30 April 2026

Pursuant to the Presidential Decree, the Government approved a resolution extending the requirement for exporters to sell their FX proceeds. The decision will ensure predictable inflows of foreign currency to the domestic market.

Bank of Russia to set the timing of the digital ruble mass rollout by end-2025

The Bank of Russia intends to set the start date for the mass rollout of the digital ruble by the end of this year, Deputy Governor Zulfiya Kakhrumanova said in the State Duma. The pilot with real digital rubles started on 15 August 2023.

ACI Russia Congress 2025: one week to go

We look forward to seeing you on 19 May at 18:00 at the Ararat Park Hyatt hotel at the 21st ACI Russia Congress. The programme is ready: right after the welcome speeches at 18:30 — an exclusive interview with our friends and partners LMAX Group.

On the National Wealth Fund investment results

As of 1 May 2025, the National Wealth Fund amounted to 11.79 trillion rubles, or 5.5% of GDP, equivalent to $144.6 billion. 164.6 billion Chinese yuan and 168 tonnes of unallocated gold are held on accounts with the Bank of Russia.

Ministry of Finance returns to FX purchases under the fiscal rule

In April, the Ministry of Finance received 53.9 billion rubles more oil and gas revenues than expected and estimates the May shortfall at only 12.3 billion rubles. As a result, from 13 May to 5 June 2025 the Ministry will resume FX purchases under the fiscal rule at 2.3 billion rubles per day.

Bank of Russia keeps the key rate at 21.00% p.a.

On 25 April 2025, the Bank of Russia Board of Directors decided to keep the key rate at 21% per annum. Current inflationary pressure, including underlying, continues to decline, although it remains high.

ACI Russia key rate poll results

The poll consensus is for the key rate to stay at 21%, but the balance is gradually tilting towards a cut. We may see such a decision as early as the meeting after next.

Ministry of Finance and Bank of Russia to launch a cryptocurrency exchange

The Ministry of Finance, together with the Bank of Russia, will launch an exchange where super-qualified investors will be able to trade cryptocurrencies, Finance Minister Anton Siluanov said at the ministry's board meeting.

21st ACI Russia Congress: registration is open

ACI Russia opens registration for its annual Congress to be held on 19 May 2025 at the Ararat Park Hyatt hotel. It is a traditional meeting place for the Russian FX and money market community. Participation is free for ACI Russia members who have paid their 2025 membership fee, as well as for speakers and moderators of Pro Markets - ACI Russia.

Registration opens for the Bank of Russia Financial Congress

The Bank of Russia Financial Congress will take place on 2–4 July 2025 in St Petersburg. The business programme includes two plenary sessions on the first day, 2 July — on the economy and on the financial market.

Ministry of Finance explores other currencies for NWF investments

The Ministry of Finance placed a contract for analytical work related to the management of state financial assets, including an analysis of the economies of countries whose currencies could be used to invest Russia's sovereign funds.

Digital ruble rollout may start in mid-2026

The mass rollout of the digital ruble in Russia may start in mid-2026 — this timeframe is being discussed by the Bank of Russia with the largest banks. Earlier, the regulator decided to postpone the rollout from 1 July 2025.

Changes in initial margin calculation on the derivatives market from 1 April

From 1 April 2025, new margin lending rules under Bank of Russia Ordinance No. 6681-U apply on the Moscow Exchange derivatives market. Brokers will assign clients one of four risk categories: increased, standard, initial or special risk level.

Bank of Russia submits its 2024 Annual Report to the State Duma

The Annual Report presents the key results of the Bank of Russia's activities and contains its financial statements and audit reports. In 2024, the Russian economy continued to grow actively, and its structural transformation significantly expanded production capacity.

Bank of Russia extends restrictions on transfers abroad of non-residents' funds

Transfers abroad of funds of non-residents from unfriendly countries from brokerage and trust management accounts will remain suspended for another six months starting from 1 April 2025. The restrictions have been in effect since 1 April 2022.

Bank of Russia keeps the key rate at 21.00% p.a.

On 21 March 2025, the Bank of Russia Board of Directors decided to keep the key rate at 21% per annum. Current inflationary pressure is declining but remains high.

ACI Russia key rate poll results

Most respondents expect the key rate to remain unchanged. If it changes, expectations are clearly skewed towards a cut: 50% of the Russian professional community would cut the rate to 20% if they were in the Bank of Russia's place.

Russian FX market became 70% over-the-counter

In 2024, the share of the OTC segment of the FX market increased from 49% to 70%, according to the Bank of Russia's review of financial instruments. As a result, the average exchange trade size fell by 36% to 2.1 million rubles in December.

Bank of Russia proposes regulation of investment in cryptocurrencies

Following the President's instruction, the Bank of Russia submitted to the Government proposals on regulating investment in cryptocurrencies. It is proposed to allow a limited group of Russian investors to buy and sell cryptocurrencies within a special three-year experimental legal regime.

Bank of Russia postpones the mass rollout of the digital ruble

The Bank of Russia decided to postpone the mass rollout of the digital ruble from 1 July 2025 to a later date, Bank of Russia Governor Elvira Nabiullina said. The new date will be announced later.

Moscow Exchange specifies its weekend trading schedule

In 2025, there will be no weekend trading on 8, 9, 22, 23 March, 19, 20 April, 24, 25 May, 21, 22 June, 2, 3 August, 20, 21 September, 25, 26 October, 2 November, 6, 7 December. The exchange will notify participants of any changes.

Bank of Russia keeps the key rate at 21.00% p.a.

On 14 February 2025, the Bank of Russia Board of Directors decided to keep the key rate at 21% per annum. Current inflationary pressure remains high, and domestic demand growth still significantly outstrips the capacity to expand the supply of goods and services.

ACI Russia key rate poll results

The professional community is confident that the Bank of Russia will keep the key rate at 21% and would do the same in its place. The wider audience also mostly expects no change, but if they were in the Bank of Russia's place, more than 23% would vote for a hike and 26% for a cut.

Bank of Russia sets out the core principles of fair conduct in the financial market

The document sets out rules that market participants should follow. They are aimed at promoting business and ethical standards, building a trusted environment and protecting consumers' rights and interests. The principles are recommendatory and may be incorporated into the standards and codes of self-regulatory organisations.

On oil and gas revenues and FX operations in February

From 7 February to 6 March, net FX sales, including operations of the Ministry of Finance and the Bank of Russia, will amount to 5.6 billion rubles per day versus 4.8 billion rubles per day in the previous period. Additional oil and gas revenues in February are expected at 101.2 billion rubles.

Government expands the list of countries whose banks can trade on the Russian FX market

The number of friendly and neutral countries whose credit institutions and brokers are admitted to trading on the Russian FX and derivatives markets has increased to 40. The corresponding order has been signed.

Bank of Russia and Ministry of Finance test the digital ruble in the budget process

The Bank of Russia, together with the Ministry of Finance and the Federal Treasury, tested certain digital ruble operations within the budget process. Various scenarios for using the digital ruble in the budget system are being discussed.

Monetary conditions tightened again in November–December

Lending and deposit rates continued to rise in November – first half of December 2024 and stabilised at the high levels reached after the Bank of Russia Board of Directors decided to keep the key rate unchanged. Corporate and retail lending continued to slow down in December.

Money supply: significant de-dollarisation of bank deposits

The Bank of Russia's first estimate of M2 and M2X money supply as of 1 January 2025 showed significant de-dollarisation of bank deposits. Over the past three months, FX deposits may have decreased by $15 billion to $137 billion, mainly due to legal entities.

Summary of the key rate discussion following the 20 December meeting

The Bank of Russia published the summary of the key rate discussion. Participants noted that monetary conditions had tightened more than expected in October. If the achieved tightness persists, there are grounds to expect a faster slowdown in inflation.

Bank of Russia systematises approaches to setting official exchange rates

Starting from 27 December 2024, the Bank of Russia sets official exchange rates of foreign currencies against the ruble based on the combined data of the exchange and over-the-counter segments of the FX market. Given the growing volume of OTC transactions, this will make the official rates more representative.

Bank of Russia commentary on 2025 H1 transactions with NWF resources in domestic FX market

On 9 January 2025, the Bank of Russia will resume regular fiscal rule-based operations in the domestic FX market that have been suspended since 28 November 2024.

Bank of Russia keeps the key rate at 21.00% p.a.

On 20 December 2024, the Bank of Russia Board of Directors decided to keep the key rate at 21.00% per annum. Monetary conditions tightened more significantly than envisaged by the October key rate decision. This is the result of the effects of factors autonomous from monetary policy.

ACI Russia key Rate forecast

Expectations are concentrated around the decision to raise the key rate to 23%. At the same time, a visible part of the audience would support maintaining the current rate and even starting to lower it if they were in the place of the Bank of Russia representatives.

EFX & DIGITAL SUMMIT 2024 + New Year Party 2025

On December 2, 2024, The Sixth Annual Conference on the development of electronic commerce in the currency, money and digital markets - ACI Russia eFX & Digital Summit 2024, was held at Yakimanka Yarovit Hall (Moscow). And at the end, ACI Russia held its traditional New Year's Eve party, starting a series of New Year's corporate events in the financial markets.

On oil and gas revenues and foreign currency and gold purchase/sale transactions on the domestic currency market

The expected volume of additional oil and gas revenues for the federal budget is projected to be 95.9 billion rubles in December 2024.

The total deviation of the actual oil and gas revenues from the expected monthly volume of oil and gas revenues and the assessment of the base monthly volume of oil and gas revenues from the base monthly volume of oil and gas revenues in November 2024 was 18.5 billion rubles.

Bank of Russia’s comment on fiscal rule-based operations in FX market

The Bank of Russia has decided that, from 28 November through 31 December 2024, it will not buy foreign currency in the domestic FX market to mirror regular fiscal rule-based operations conducted by the Ministry of Finance of the Russian Federation. This decision is aimed at reducing volatility in financial markets.

Moscow Exchange trading schedule for 2025 holidays

Moscow Exchange announces the trading schedule of its markets for the 2025 public holidays.
On 3, 6 and 8 January, 2 and 8 May, 13 June and 3 November 2025, which are the official non-business days in Russia, the FX, Precious Metals, Equity and Bond, Deposit, Credit, Derivatives and OTC Standardised Derivatives Markets will be open.
On these days, all instruments will trade on the FX and Precious Metals Markets, except for trades with "today" settlement and swap transactions with their first parts settled on the trade date.
On the official public holidays of 1-2 January, 7 January, 23 February, 8 March, 1 May, 9 May, 12 June, 4 November and December 31 2025, all Moscow Exchange markets will be closed.
Please note that 1 November is a working Saturday and trading will take place as normal.
On all other days in 2025, the markets will operate as usual.

ACI Russia eFX & Digital Summit 2024

In the first days of winter, Moscow will host a key event for the development of electronic commerce in the foreign exchange, money and digital markets - ACI Russia eFX & Digital Summit 2024

Date: Monday, December 2, 2024
Time: from 9:30 a.m. to Tuesday
Location: Yakimanka Yarovit Hall. Parking is not provided
Event website acirussia.org/efxsummit
Telegram channel of the event t.me/efxsummit

In the foreign exchange market, in order to stabilize the exchange rate in case of sharp price movements during trading, which led to the need to shift the current boundaries after the expiration of the set waiting time for the market, a Price Adjustment Auction is introduced on the bar.
The start of the Price Adjustment Auction is announced immediately after the automatic border shift, along with a message about the border shift. The Price Adjustment Auction is launched for all spot instruments of the currency pair for which the boundaries have shifted.
During the Price Adjustment Auction, bids submitted using the TWAP algorithm are not accepted by the Trading System. The unrealized volumes in such applications will be distributed to subsequent iterations from this package according to the standard procedure.

Monetary Policy Guidelines for 2025–2027

In the Monetary Policy Guidelines, the Bank of Russia each year describes the goals of monetary policy and approaches to its implementation and presents its view of the current situation in the economy and forecasts of its development in the medium term.

Bank of Russia increases the key rate by 200 bp to 21.00% p.a.

On 25 October 2024, the Bank of Russia Board of Directors decided to increase the key rate by 200 basis points to 21.00% per annum. Inflation is running considerably above the Bank of Russia’s July forecast. Inflation expectations continue to increase.

ACI Russia Key Rate survey

There is not even close to a consensus. The discussion about the current policy on the part of the Bank of Russia is gaining momentum. This is reflected in the dispersion of opinions, especially regarding how the respondent would vote if he were a member of the Council.

Moscow Exchange trading schedule for 2025 holidays

Moscow Exchange announces the trading schedule of its markets for the 2025 public holidays.

On 3, 6 and 8 January, 2 and 8 May, 13 June and 3 November 2025, which are the official non-business days in Russia, the FX, Precious Metals, Equity and Bond, Deposit, Credit, Derivatives and OTC Standardised Derivatives Markets will be open.
On these days, all instruments will trade on the FX and Precious Metals Markets, except for trades with "today" settlement and swap transactions with their first parts settled on the trade date.

On the official public holidays of 1-2 January, 7 January, 23 February, 8 March, 1 May, 9 May, 12 June, 4 November and December 31 2025, all Moscow Exchange markets will be closed.

Please note that 1 November is a working Saturday and trading will take place as normal.
On all other days in 2025, the markets will operate as usual.

EFX & DIGITAL SUMMIT 2024 + NEW YEAR PARTY

We are pleased to announce that we are opening registration for the key event for the development of electronic commerce in the currency, financial and digital markets in 2024 — ACI Russia eFX & Digital Summit 2024!

On December 2, the Yakimanka Yarovit Hall conference on electronic trading in the currency, financial and digital markets will bring together participants of the financial industry for the 6th time to openly discuss current issues and trends affecting the development of instruments, infrastructure and technologies in the markets of currency, derivatives and digital instruments, establishing relationships and entering into partnerships.

Well, after the official part, we are waiting for all our guests, friends and partners at the New Year's Eve party (do not forget to check the box in the registration form!) Start celebrating the New Year with ACI Russia.

The government has relaxed the conditions for the mandatory sale of foreign exchange earnings by exporters

The general requirement for the sale of 90% of the repatriated proceeds remains, but the norm is changing, according to which at least 50% of the funds received under each export contract must be realized within no more than 30 days from the date of their receipt. Now this bar has been lowered to 25%.

Summary of the Key Rate Discussion

This Summary covers the key points of the discussion during the quiet period and in the course of the meeting of the Bank of Russia Board of Directors on 13 September 2024

Restrictions on money transfers abroad extended

The Bank of Russia has extended the restrictions for another six months. They will be effective from 1 October 2024 through 31 March 2025.

Registration for the exam, an analogue of the international CFA for financiers, has started

In Russia, registration for the National Financial Analyst Certificate (SFA) exam opens on September 17. The pilot exam will be held on December 14th. This is an analogue of the international CFA (Chartered Financial Analyst certification, conducted by the CFA Institute). The organization has not been testing in Russia since the spring of 2022.

Bank of Russia presents financial market development programme through 2027

The priority areas of the financial market development for the next three years include enhancing the role of the capital market as a source of business financing, improving long-term saving and investment tools for individuals, boosting confidence in the market and strengthening the protection of investors' rights.

Bank of Russia increases the key rate by 100 bp to 19.00% p.a.

On 13 September 2024, the Bank of Russia Board of Directors decided to increase the key rate by 100 basis points to 19.00% per annum. Current inflationary pressures remain high. By the end of 2024, annual inflation is likely to exceed the July forecast range of 6.5–7.0%.

The traditional survey on the key rate before the decision of the Bank of Russia

Most predict that the rate will remain at the current level. About a third of the community believes that the rate can be raised up to 200 bps. No one believes in its reduction, but part of the community in the place of the Central Bank would start this process at the next meeting. Not only the decision will be important, but also the rhetoric after it.

Bank of Russia extends restrictions on foreign cash withdrawals for another six months until 9 March 2025

The Bank of Russia preserves the foreign cash restrictions due to the sanctions enacted against Russia, which prohibit domestic financial institutions from purchasing western countries’ cash

Monetary Policy Guidelines for 2025–2027

In the Monetary Policy Guidelines, the Bank of Russia each year describes the goals of monetary policy and approaches to its implementation and presents its view of the current situation in the economy and forecasts of its development in the medium term.

DEALER'S FEST 2024

It was on this date that a new era of the Russian financial market began. Those who "survived" received a harsh lesson in proper risk management, the importance of trust and the need for proper development of public finances. Over the years, we continue to learn, look for non-standard solutions and steadfastly accept the challenges that reality poses to us.
ACI Russia is pleased to invite all our friends and partners to spend this significant day with us

Cryptocurrencies and digital rights: new regulation phase

Russian exporters and importers will be allowed to use cryptocurrencies in cross-border settlements under foreign trade agreements, but only within the experimental legal regime (ELR). The relevant draft law was adopted by the State Duma in the second and third reading.

Bank of Russia increases the key rate by 200 bp to 18.00% p.a.

The Bank of Russia’s Board of Directors decided to increase the key rate by 200 basis points to 18.00% per annum. Inflation has accelerated and is developing significantly above the Bank of Russia’s April forecast. Growth in domestic demand is still outstripping the capabilities to expand the supply of goods and services. For inflation to begin decreasing again, monetary policy needs to be tightened further. Returning inflation to the target requires considerably tighter monetary conditions than presumed earlier. The Bank of Russia will consider the necessity of further key rate increase at its upcoming meetings. The Bank of Russia’s forecast has been substantially revised, including the inflation forecast for 2024, which has been raised to 6.5–7.0%. Given the monetary policy stance, annual inflation will decline to 4.0–4.5% in 2025 and stay close to 4% further on.

Let's summarize the results of voting on the key rate

The market expects a rate increase to at least 17.0%, most to 18.0%. There are votes for 19.0% and 20.0% from the general community, but there are very few of them, while a significant part of local professionals does not exclude the immutability of the bet. There are no such people among the international community.

Stablecoins: regulators’ attitude to them around the globe

Russia, as well as other countries, is currently discussing the economic and legal nature of stablecoins and approaches to their regulation. The Bank of Russia analysed international trends in the field of stablecoins in its analytical report.

The government has relaxed the requirement for the mandatory sale of foreign exchange earnings by exporters

For the largest Russian exporters, the requirements for mandatory repatriation of foreign currency earnings have been relaxed. Previously, they were required to transfer at least 80% of the foreign currency received under foreign trade contracts to their accounts with authorized banks. Now this threshold has been lowered to 60%. The decision was made taking into account the stabilization of the national currency exchange rate and the achievement of a sufficient level of foreign exchange liquidity.

Information on procedure for setting official exchange rates of US dollar and euro

The Bank of Russia sets the official US dollar/ruble and euro/ruble exchange rates based on reporting data from credit institutions and the results of interbank conversion transactions in the over-the-counter FX market as of 15.30 Moscow time on the same business day.

Alternative approaches to calculating official exchange rates when there is no FX trading on the Moscow Exchange are provided for by Bank of Russia Ordinance No. 6290-U, dated 3 October 2022.

Bank of Russia suspends trading in Hong Kong dollars and changes start time of trading session on Moscow Exchange

The Bank of Russia has decided to suspend trading in Hong Kong dollars from 13 June. On Thursday, trading sessions in the MOEX FX and precious metals markets and derivatives market with settlements in foreign currencies other than the US dollar, euro, and the Hong Kong dollar starts at 9.50 Moscow time.

Information on transactions in US dollars and euros due to sanctions against Moscow Exchange Group

Due to the introduction of restrictive measures by the Unites States against the Moscow Exchange Group, on-exchange trading and settlements of deliverable instruments in US dollars and euros are suspended. However, trading in all other exchange segments and instruments in rubles and other currencies will be conducted as normal. US dollars and euros will still be traded in the over-the-counter market.
To set the official exchange rate of the US dollar and euro against the ruble, the Bank of Russia will use bank reports and data received from digital over-the-counter trading platforms

Russia has offered friendly countries settlements on the BRICS Bridge platform

Russia has offered the BRICS countries and the association's partners a cross-border payment mechanism based on the BRICS Bridge settlement platform, Finance Minister Anton Siluanov told Vedomosti.

Bank of Russia keeps the key rate at 16.00% p.a.

On 7 June 2024, the Bank of Russia Board of Directors decided to keep the key rate at 16.00% per annum. The current price growth rate has stopped decreasing and remains close to the levels of 2024 Q1. Growth in domestic demand is still outstripping the capabilities to expand the supply of goods and services. The Bank of Russia holds open the prospect of increasing the key rate at its upcoming meeting. Furthermore, returning inflation to the target will require a significantly longer period of maintaining tight monetary conditions in the economy than it was forecast in April. According to the Bank of Russia's forecast and given the monetary policy stance, annual inflation will return to the target in 2025 and stabilise close to 4% further on.

The results of surveys on the value of the key rate

Market participants' expectations have shifted towards a rate hike. There is practically no talk of a reduction now. Will +100 bp be enough? We'll see on Friday

ACI RUSSIA HELD THE 20th ANNIVERSARY CONGRESS

On May 27, 2004, in London, ACI Russia was affiliated with the international association of financial market specialists ACI – The Financial Markets Association (Paris, France). And on May 27, 2024, the Association celebrated its 20th anniversary at the Ararat Park Hyatt Moscow hotel.

More than 160 guests – members and friends of ACI Russia – gathered at the Congress to wish us a happy birthday!

Also, this year became an elective one, and from 8:00 to 20:00 Moscow time, all current members of ACI Russia could vote for candidates for the positions of President, Vice-President and members of the Association's Council.

Read the details in the official press release

This year ACI Russia – The Financial Markets Association celebrates its 20th anniversary!

We invite you to take part in the 20th anniversary Congress of ACI Russia members!

It will be held on May 27 in Moscow from 18:00 till 23:00 Moscow time. Registration is mandatory for all participants! The program and all the news of the event are available on the Congress page in internet.

You are welcome!

Moscow Exchange trading schedule

On official public holiday on 12 June 2024 all Moscow Exchange markets will be closed.

MOEX trading calendar for 2024 is avaliable here

FX Global Code in audio playlist

FX Global Code is now available in audio format in Russian. Download and add to your playlist.
Enjoy!

The Bank of Russia keeps the key rate at 16.00% p.a.

On 26 April 2024, the Bank of Russia Board of Directors decided to keep the key rate at 16.00% per annum. Current inflationary pressures are gradually easing but remain high. Due to the remaining elevated domestic demand, which outstrips the capabilities to expand supply, inflation will return to the target somewhat more slowly than the Bank of Russia forecast in February.

Results of surveys on the key rate

In general, all categories of participants are confident that the bid will remain unchanged. Moreover, they themselves would have acted in the place of the Central Bank. However, our broad audience, which includes not only ACI members, disagreed on what the bid should be. Only 42% would vote to keep it at the current level.

This year ACI Russia – The Financial Markets Association celebrates its 20th anniversary!

On May 27, the Association will hold elections to the governing bodies of ACI Russia. And we are starting to accept applications from candidates!

If you want and are ready to join the Board of ACI Russia, become President or Vice-President of the Association, then send your details by emailacirussia@gmail.com or by phone +7 (926) 143-59-23 (WhatsApp/Telegram). You can also apply through our website

We remind you that ONLY current members of the Association can nominate their candidacies for the positions of members of the Council, President and Vice President of ACI Russia. The admission and exclusion of candidates to/from ACI Russia is carried out by the current Council of the Association. We also propose you to see with a list of recommendations and opportunities for candidates

According to the results of the voting, no more than 13 candidates will be elected to the ACI Russia Council, as well as the elected President and Vice President will automatically join the Council. Applications will be accepted exactly one week before the ACI Russia Congress – on May 20, 2024 at 20:00 Moscow time

We are glad to announce that we are opening registration for the 20th anniversary Congress of ACI Russia! We are waiting for you on May 27 at 18:00 at the Ararat Park Hyatt Hotel (Moscow, Neglinnaya str. 4, 2 floor, Sargsyan Hall).

The Congress will be held only in offline format (personal presence)! Recordings of official performances will be available later on our YouTube channel.

Please send all your suggestions on the business and not-so-business program of the Congress by e-mail acirussia@gmail.com or by phone +7 (926) 143-59-23 (WhatsApp/Telegram). We are glad to see your initiatives, memories, historical information on the activities of our Association in Russia, photo and video content, documents, speeches!

MOEX trading schedule during the May holidays

We remind you how our markets will work during the May holidays this year.
• April 27th (working Saturday): auctions are held as usual (including in the evening session).
• April 28: No auctions are held.
• April 29-30 and May 10: auctions are held in all markets. On the foreign exchange and precious metals markets on these dates, as well as on April 27, transactions with TODAY settlements and swap transactions with an execution date on the date of conclusion are not concluded. Contracts with obligations in Russian rubles will not be implemented on over-the-counter transactions with the Central Committee on the ZPIF market.
• May 1, 4, 5 and 9: no auctions are held.
• May 2, 3, 6-8: auctions are held as usual.

The Bank of Russia keeps the key rate at 16.00% p.a.

On 22 March 2024, the Bank of Russia Board of Directors decided to keep the key rate at 16.00% per annum. Current inflationary pressures are gradually easing but remain high. Domestic demand is still outstripping the capabilities to expand the production of goods and services. Labour market tightness has increased again. For the moment, it is premature to judge the pace of future disinflationary trends. The Bank of Russia's monetary policy is set to solidify disinflation processes unfolding in the national economy.

Traditional survey before the decision n the key rate of the Bank of Russia

The rare consensus of international experts who believe that the rate will remain unchanged is diluted by the local opinion that the rate can be gradually reduced

Moscow Exchange trading schedule for 2024 public holidays

Moscow Exchange announces the trading schedule for its market for Russian public holidays in 2024.
On 3-5 January, 8 January, 29 and 30 April, 10 May and 30 December 2024, the FX, Precious Metals, Equity and Bond, Deposit, Credit, Derivatives and OTC Standardised Derivatives Markets will be open.

On those days, all instruments will trade on the FX and Precious Metals Markets, except trades with "TODAY" settlement and swap transactions with their first parts settled on the same day.
On official public holidays on 1-2 January, 7 January, 23 February, 8 March, 1 May, 9 May, 12 June and 4 November 2024, all Moscow Exchange markets will be closed.

Please note that Saturdays 27 April, 2 November, and 28 December 2024 are regular trading days.

On all other days in 2024, the markets will operate as usual.

Moscow Exchange trading schedule in February 2024

Moscow Exchange announces the trading schedule for its markets over the February 2024 public holiday period.
Friday, 23 February 2024 is a non-trading day on all MOEX markets due to a public holiday in Russia.
On 22 February 2024, all markets will operate as usual.
24 and 25 February are weekend days.

Bank of Russia keeps the key rate at 16.00% p.a.

On 16 February 2024, the Bank of Russia Board of Directors decided to keep the key rate at 16.00% per annum. Current inflationary pressures have eased compared with the autumn months but remain high. Domestic demand is still outstripping the capabilities to expand the production of goods and services. A judgement on the sustainable nature of emerging disinflationary trends would be premature. The Bank of Russia's monetary policy is set to solidify disinflation processes unfolding in the national economy.

Bank of Russia key rate survey 16.02.2024

Most participants from different market groups have the same opinion: The bid will remain unchanged. A third of the voting members of ACI Russia, being in the place of the Central Bank, would have already started lowering the rate, a significant part of the wider audience of the Association believes that the rate can be increased

ACI Russia & Friends New Year party 2024

On Monday evening, December 18, 2023, ACI Russia – The Financial Markets Association at Brasserie Lambic summed up the results of the outgoing year, bringing together members of the Association, guests, friends and their partners.

A warm and friendly atmosphere prevailed in Lambic, it smelled like a live Christmas tree, sparkling champagne in glasses, poems of their own composition sounded, the guests danced and sang along to the musicians of the restaurant EXPEDITION, who performed New Year's (and not only!) hits from different years.

ACI Russia thanks everyone who supported and was with us this year! And we look forward to meeting you in 2024:
• ACI Russia Congress – the 20th anniversary Congress of ACI Russia, the elections of the President and Council of the Association – May 27 (Monday), 2024. The location is being specified.
• Dealer's Fest 2024 – August 17 (Saturday) 2024, Loft Boat (Rio-1).
• The sixth Annual Conference on the development of electronic commerce in the Foreign exchange and Financial Markets - ACI Russia eFX Summit 2024 - October 31 (Thursday) 2024. The location is being specified.
• ACI Russia New Year's Eve Party – date and place are being specified.
• Online meetings on the most relevant and interesting topics – Pro Markets – ACI Russia – every Friday at 18:00 in Telegram and Clubhouse

Bank of Russia increases key rate by 100 bp to 16.00% p.a.

On 15 December 2023, the Bank of Russia Board of Directors decided to increase the key rate by 100 basis points to 16.00% per annum. Current inflationary pressures remain high. Annual inflation for 2023 is expected to be close to the upper bound of the 7.0–7.5% forecast range. At the same time, the Bank of Russia expects GDP growth in 2023 to outperform its October forecast and exceed 3%. This suggests that the upward deviation of the Russian economy from a balanced growth path in 2023 H2 has proved more substantial than in the Bank of Russia's October estimates. Some segments of the credit market have shown signs of a slowdown, although overall lending growth rates remain high. Households' and businesses' inflation expectations have increased. The return of inflation to target in 2024 and its further stabilisation close to 4% assume that tight monetary conditions will be maintained in the economy for a long period.

Bank of Russia key rate survey

According to the results of the vote, the majority believes that the rate will be raised until 16.00, but there is also a significant part of those who do not see the need to increase it. The opinion of our wide audience stands out in particular

ACI Russia & Friends New Year party 2024

Dear Members and friends of ACI Russia, we decided to spend the upcoming 2024th year in a new place on the previously scheduled date of December 18 (Monday).

There should be enough space for everyone, but the number of registrations is limited to 150! If the quota of 150 people ends, then the impact of your achievements in 2023 on the activities of our Association will begin. Carefully read the terms and conditions on the registration page!

Happy New Year to you!

On oil and gas revenues and transactions for the purchase/sale of foreign currency and gold in the domestic foreign exchange market

The expected volume of additional oil and gas revenues of the federal budget is projected in December 2023 in the amount of 362.0 billion rubles. The deviation of actually received oil and gas revenues from the expected monthly volume of oil and gas revenues by the end of November 2023 amounted to minus 117.2 billion rubles. Thus, the total amount of funds allocated for the purchase of foreign currency and gold is 244.8 billion rubles. The operations will be carried out in the period from December 7, 2023 to January 12, 2024, respectively, the daily volume of purchases of foreign currency and gold will amount to the equivalent of 11.7 billion rubles.

MOEX expands the list of FX market instruments

MOEX is launching new instruments on the FX market for the Chinese yuan – Russian ruble pair, which will allow participants to conclude transactions at the weighted average yuan exchange rate and currency fixing.

The CNYRUB_WAP0 and CNYRUB_WAPV tools increase the convenience of conversion operations for market participants. Using the CNYRUB_WAP0 tool, you can enter into transactions directly at the weighted average yuan exchange rate by TOM calculations, the CNYRUB_WAPV tool includes a discount/premium to the weighted average yuan exchange rate by TOM calculations.

The use of the digital ruble

The Treasury will launch a pilot on the use of the digital ruble in 2024. The pilot mode is planned for certain items of budget expenditures

ACI Russia eFX Summit 2023

On November 13, 2023, the 5th annual conference on the development of electronic commerce in the currency and financial markets - ACI Russia eFX Summit 2023 - was held at the Solux Hotel in Moscow. To expand the geography of the event, the summit was held in a hybrid format, bringing together 210 participants offline and more than 70 in online broadcast.

The mission of the Summit is to unite all participants of the financial industry of Russia and the CIS countries on one platform for an open discussion, discussion of current factors and trends affecting the development of instruments, infrastructure and technologies for trading in currency, derivatives and digital financial asset markets, establishing relationships and entering into partnerships.

Monetary Policy Guidelines for 2024–2026

In the Monetary Policy Guidelines, the Bank of Russia each year describes the goals of monetary policy and approaches to its implementation and provides its view of the current situation in the economy and forecasts of its development in the medium term.

Bank of Russia increases key rate by 200 bp to 15.00% p.a.

The Bank of Russia Board of Directors decided to increase the key rate by 200 basis points to 15.00% per annum. Current inflationary pressures have significantly increased to a level above the Bank of Russia's expectations. Steadily rising domestic demand is increasingly exceeding the capabilities to expand the production of goods and the provision of services. Inflation expectations remain elevated. Lending growth paces are invariably high. The updated medium-term parameters of fiscal policy assume a slower than expected decline in fiscal stimulus in the years ahead. Therefore, it is required to additionally tighten monetary policy to limit the upward deviation of inflation from target and return it to 4% in 2024. The return of inflation to target and its further stabilisation close to 4% also means that tight monetary conditions will be maintained in the economy for a long period.

Before of the Bank of Russia's decision on the rate, ACI Russia conducted a survey of rank participants according to their expectations

The majority believes that the rate will be raised and that it really needs to be raised. We expect 14.0% despite the fact that the RUB exchange rate is relatively stable and is gradually strengthening, and inflation is 6.0%

In order to stabilize the exchange rate, the mandatory sale of foreign exchange earnings of exporters is established

The President of Russia signed a decree "On the implementation of the mandatory sale of proceeds in foreign currency received by individual Russian exporters under foreign trade agreements (contracts)."

Registration for the ACI Russia eFX Summit 2023 begins!

We are opening registration for the key annual event in Russia on the development of electronic commerce in the foreign exchange market - ACI Russia eFX Summit 2023. The event will be held on November 13 (Monday) at the new Soluxe Moscow Hotel at the address: 16 Wilhelm Peak Str., Moscow

Two years of global changes, transformation of world markets, shocks and new challenges - we are sure that we have something to discuss not only with the Russian, but also the global financial community

The summit will bring together corporate cashflow managers and system traders, hedge funds, international and regional banks (global trade managers, heads of currency departments, execution managers, portfolio managers, IT directors and CEOs) on one platform from all over the world for open discussion, networking and entering into partnerships.

Bank of Russia extends restrictions on money transfers abroad for another six months

The restrictions will be in effect from 1 October 2023 through 31 March 2024.

Russian citizens and non-resident individuals from friendly countries will still be allowed to transfer no more than 1 million US dollars (or an equivalent amount in other foreign currencies) to any accounts in foreign banks within a month.
The limits on transfers via money transfer systems also remain in place: total transfers may not exceed 10,000 US dollars (or an equivalent amount in other foreign currencies) per month. The amounts of transfers are calculated at the official exchange rate of foreign currencies against the ruble as of the date the bank receives the transaction order.
Non-resident individuals working in Russia, whether they are from friendly or unfriendly countries, are allowed to transfer funds abroad in the amount of their salary.
The ban on money transfers remains in place for non-resident individuals from unfriendly countries not working in Russia and legal entities from such states. This restriction does not apply to foreign companies controlled by Russian legal entities or individuals.
Banks from unfriendly states may transfer funds in rubles using correspondent accounts opened with Russian credit institutions, provided that the payer and the payee have accounts with foreign banks.

The 9th edition of ACI FMA Insights Newsletter it's now available!

We are pleased to present to you the 9th edition of the ACI FMA Insights Newsletter, an edition dedicated to the 61st ACI World Congress, which will take place in Singapore next week.
In this new edition, you can also find some more information about ACI FMA Education, on the importance of continuous training, certification, good practices, and the numerous possibilities that the ELAC platform offers to financial market participants, as well as the joint welcome message from Stéphane Malrait, ACI FMA Chairman and Kim Winding Larsen, ACI FMA President.
The objective of the Newsletter is to bring news and updates from ACI FMA activity to all our global ACI members.
ACI FMA are longstanding proponents and influencers of ethical conduct and good market practices to all financial market professionals.
Please visit our page at https://acifma.com/newsletters to access this Newsletter and the previous numbers.

The government has approved a list of countries whose banks will be able to participate in currency trading in Russia

The Government has approved a list of more than 30 countries whose banks and brokers are allowed to trade on the Russian foreign exchange and derivatives markets. The list includes "friendly and neutral countries", including China, India, Turkey, Serbia, the UAE, Iran, South Africa, Kyrgyzstan and Belarus. The Cabinet of Ministers stated that this should help meet the demand of the Russian economy for settlements in the national currency

Moscow Exchange trading schedule for 2024 public holidays

Moscow Exchange announces the trading schedule for its market for Russian public holidays in 2024.

On 3-5 January, 8 January, 29 and 30 April, 10 May and 30 December 2024, the FX, Precious Metals, Equity and Bond, Deposit, Credit, Derivatives and OTC Standardised Derivatives Markets will be open.
On those days, all instruments will trade on the FX and Precious Metals Markets, except trades with "TODAY" settlement and swap transactions with their first parts settled on the same day.
On official public holidays on 1-2 January, 7 January, 23 February, 8 March, 1 May, 9 May, 12 June and 4 November 2024, all Moscow Exchange markets will be closed.
Please note that Saturdays 27 April, 2 November, and 28 December 2024 are regular trading days.

On all other days in 2024, the markets will operate as usual.

Bank of Russia increases key rate by 100 bp to 13.00% p.a.

The Bank of Russia Board of Directors decided to increase the key rate by 100 basis points to 13.00% per annum. Inflationary pressure in the Russian economy remains high. Significant proinflationary risks have crystallised, namely the domestic demand growth outpacing the output expansion capacity and the depreciation of the ruble in the summer months. Therefore, it is required to additionally tighten monetary conditions to limit the upward deviation of inflation from the target and return it to 4% in 2024. The return of inflation to the target and its further stabilisation close to 4% also implies that tight monetary conditions will be maintained in the economy for a long period.

Voting results on the size of the key rate in ACI Russia social networks

This time the range of opinions is very wide for a scheduled meeting. Various signals have been received since the last unscheduled one. The international community is more inclined to the fact that the rate will not be changed, the Russian one that there will be an increase.

DEALER'S FESTIVAL 2023

On August 17, 2023, the default of 1998 turned 25 years old! On this occasion, ACI Russia gathered more than 400 guests, friends and partners at the traditional meeting of the interbank and financial community – Dealer's Fest.

The program of the evening turned out to be very interesting and rich! Three musical groups of different styles and directions, a presentation of sculpture and own smell of the event, contests and prizes from leading dealers, karaoke and disco with hits of 1998 and 2008. Thank you for being with us on this significant date!

Bank of Russia increases key rate by 350 b.p. to 12.00% p.a.

The Bank of Russia Board of Directors decided to increase the key rate by 350 basis points to 12.00% per annum from 15 August 2023. The decision is aimed at limiting price stability risks.

The Bank of Russia Board of Directors will hold a meeting to discuss the level of the key rate

Both ACI members and a wider circle of market participants believe that at an extraordinary meeting of the Board of Directors of the Bank of Russia, the rate will be raised to around 10.0% per annum, while the professional circle is more restrained in its forecasts

Risk overview of financial markets

From August 1, 2023 to January 31, 2024 the Bank of Russia in addition to regular operations under the budget rule, will sell yuan worth 2.3 billion rubles daily. The "RISK REVIEW OF FINANCIAL MARKETS" for July 2023 has been published

ACI Russia has taken the initiative to hold the 25th anniversary of the Dealer's Day together with MMVA

A corresponding letter was sent to the President and the Council of the Moscow International Monetary Association to make this year's dealer holiday outstanding and unforgettable. "We believe that now, more than ever, all market participants need unity and holding a common dealer holiday would benefit the members of both our organizations," the letter says.

The full text can be found at the link below

And we are waiting for everyone on the Loft Boat on August 17 at 19:00. Details and registration are here

Bank of Russia increases key rate by 100 b.p. to 8.50% p.a.

On 21 July 2023, the Bank of Russia Board of Directors decided to increase the key rate by 100 basis points to 8.50% per annum. Current price growth rates, including a variety of underlying indicators, have exceeded 4% in annualised terms and are still on the rise. The increase in the domestic demand surpasses the capacity to expand production, including due to the limited availability of labour resources. This reinforces persistent inflationary pressure in the economy. Inflation expectations have risen. Domestic demand trends and the depreciation of the ruble since the beginning of 2023 significantly amplify proinflationary risks. The Bank of Russia's monetary policy will curtail inflation's upward deviation from the target and is aimed at bringing inflation back to 4% in 2024.

Bank of Russia key rate survey

Opinions have quite strongly split and divided, concentrating around a rate increase of 50 bps. Attention is drawn to the fact that the responses of the Russian professional part of the community are more inclined to the rate of 8.5%, while the international one to 8.0% at the meeting on Friday

DEALER'S FEST 2023. 25 YEARS OF DEFAULT!

On August 17, the financial community recalls the events of 1998, when Russia defaulted on the main types of government securities. On this date, a new era of the Russian financial market began. Those who "survived" received a harsh lesson in proper risk management, the importance of trust and the need for proper development of public finances. And in 2023 we are celebrating our 25th anniversary!

Venue: Loft Boat (Moscow)
Route: from the berth of the Northern River Station along the Moscow Canal and back
Time: Thursday, August 17th. At 19:30 the ship sails, do not be late!
At 24:00 we will return to the Northern River Station
There will be no stops along the trip

And don't forget to capture the good market mood!

Launch of the Global Cryptoasset Standards

We are pleased to inform you that, today, the Global Cryptoasset Standards have been launched by GBBC Digital Finance (GDF).

The Standards are a code of conduct for financial institutions engaging in intermediation activities such as brokerage, custody, and settlement of cryptoassets like bitcoin and Ethereum.

This document was inspired by global best practice industry standards and codes, such as the FX Global Code, and it offers robust industry best practices to ensure regulated firms meet the highest standards of conduct when handling cryptoassets.

ACI FMA, as a participating member of the Global Financial Institutions for Cryptoassets Working Group that took the leading role in the concept, development and implementation of these Standards, is extremely proud to have collaborated on these important guidelines for all Market Participants in the Cryptoasset Market.

How can a retail investor distinguish high-quality financial analytics from low-quality

The Association of Financial Analysts (AFA) and the National Financial Association (NFA) have jointly created a checklist for retail investors, which will help distinguish high-quality financial analytics from low-quality ones.

ACI Russia has prepared recommendations for the Code of trading participants on MOEX

ACI Russia, together with the Moscow Exchange working group on the Code of Conduct, has prepared recommendations to market participants to minimize currency exchange rate fluctuations.

The Code has a recommendation character. At the same time, taking into account the importance of the purpose of the Code, MOEX encourages Organizations to join the Code and strive to carry out their activities in the financial market in accordance with the principles of the Code. To join the Code, it is necessary to send a signed Declaration of Accession to the Code to the Department for Internal Control and Compliance of PJSC Moscow Exchange.

Bank of Russia keeps the key rate at 7.50% p.a.

The Bank of Russia Board of Directors decided to keep the key rate 7.50% per annum. Current price growth rates, including the stable indicators of inflation, continue to increase. Inflation expectations of households and businesses' price expectations remain high. Economic activity is rising faster than the Bank of Russia's April forecast assumed, which in large measure reflects a strong rebound in domestic demand. Accelerating fiscal spending, deteriorating terms of foreign trade and the situation in the labour market remain pro-inflationary risk drivers. The overall balance of inflation risks has tilted even more to the upside.

ACI Russia's сommunity voting on the key rate

This time we conducted a separate survey on the rate in the closed group ACI Russia, which consists only of members of the community, and in a broader public group.

In general, the prevailing professional opinion on both sides of the borders of the Russian Federation is that the RUB rate will be maintained at the current level.

It is noteworthy that the range of solutions offered by the public group is much wider and has less concentration on the current rate.

Moscow Exchange trading schedule in June 2023

Moscow Exchange announces the trading schedule for its markets in June 2023.

The Moscow Exchange Equity & Bond, Money, Derivatives, FX and Precious Metals Markets will be closed for trading and settlement on the holiday weekend of 12 June 2023.

ACI Russia Congress 2023

More than 120 members, friends and guests of the Association gathered at the ACI Russia evening event at the ART COURT Moscow Center Hotel.

During the Congress, ACI Russia President Evgeny Egorov and ACI Russia Vice President Dmitry Piskulov made a report on the work of the Association's Board and management for the year, and also presented ACI Russia's plans for future periods. According to the results of the voting of the members of the Association present, the work of the Council was recognized as satisfactory and unanimously supported by the delegates of the Congress.

The next presentation was an interview with Evgeny Egorov, President of ACI Russia, with Valery Lyakh, Director of the Bank of Russia's Department for Countering Misconduct. Evgeny tried to accumulate all the issues of concern to market participants, and the interview turned out to be lively and very relevant. They also touched upon the use of AI in financial markets and, in particular, in the work of the Bank of Russia itself.

Roman Loktionov, Director of OTC Derivatives at the MOEX, spoke in detail about the instruments of the SPFI market for Chinese yuan. The participants of the Congress also discussed the use of artificial intelligence in the financial market, future trends and forecasts, the most incredible developments until 2050. Panel moderator Pavel Pikulev (CEO EMCR.io ) invited leading analysts: Egor Susin (Gazprombank), Viktor Tunev (@Truevalue), Mikhail Vasiliev (Sovcombank), Valery Weisberg (IK Region), Anton Tabakh (Expert RA) to participate in the foresight game and speculate on the future of the economy, and everything humanity as a whole!

At the end of the official part, all the guests were waiting for a cocktail and irreplaceable communication on the sidelines, as well as gifts from the partner of ACI Russia Congress 2023 – the supplier of natural coffee LES COFFE. Sovcombank also pleased the guests of the Congress with original magazines with comics about financial markets.

ACI FMA Insights Nº 8

The 8th edition of ACI FMA Insights Newsletter has been launched and it's now available!

This new edition is dedicated to the ACI FMA Spring Meetings and the 31stACI FMA Croatia General Assembly and Financial Markets Conference 2023, which will take place in Zagreb from 16th to 19th May. Additional details and much more can be found in the column that Mario Kolinski, ACI Croatia President shared with us. Please also visit the Congress website for more details: https://acifma.hr/zg2023-en/

In this edition, you can also find the contribution of John K. Estrada, ACI FMA Chair of FX Committee, the detailed vision of Rui Correia, ACI FMA Executive Director and Chair of the Board of Education, on the importance of continuous training, certification, good practices and the numerous possibilities that the ELAC platform offers to financial market participants, as well as the joint welcome message from Stéphane Malrait, ACI FMA Chairman and Kim Winding Larsen, ACI FMA President.

The objective of the Newsletter is to bring news and updates from ACI FMA activity to all our global ACI members.

ACI FMA are longstanding proponents and influencers of ethical conduct and good market practices to all financial market professionals.

ACI Russia Congress 2023 - start of application acceptance!

We are pleased to announce that we are starting registration for the 19th Congress of Members and Friends of the Association - ACI Russia Congress 2023!

May 18, 2023 (Thursday) at the ART COURT Moscow Center Hotel we are waiting for you at 17:00.

ACI Russia has been holding general meetings of the organization annually since its foundation in 2004. This event is not just a formal event, but also a traditional meeting place for the Russian dealer community. The Association continues to focus on representing and protecting the interests of financial market specialists, promoting mutual understanding and education based on professional ethics, strengthening international relations, developing innovation and market initiatives, conducting a dialogue with the regulator and providing its professional expertise.

This year's program includes a report by the President of the Association Evgeny Egorov, a speech by a representative of the regulator, a discussion by leading analysts and experts and, of course, irreplaceable networking with colleagues and informal communication.

Bank of Russia keeps key rate at 7.50% p.a.

The Bank of Russia Board of Directors decided to keep the key rate at 7.50% per annum. Current rates of price growth have increased since late 2022 but remain moderate, including in the stable components of inflation. Inflation expectations of households are down. They nevertheless remain elevated, as do businesses' price expectations. Economic activity is rising faster than the February forecast of the Bank of Russia assumed. This reflects both an expansion in domestic demand and the ongoing processes of transformation of the Russian economy. Accelerating fiscal spending, deteriorating terms of foreign trade and the situation in the labour market continue to pose pro-inflation risks. The overall balance of inflation risks has remained essentially the same since the previous Board meeting.

A survey of ACI Russia experts before the decision of the Bank of Russia on the key rate

The consensus, in general, remains. The Bank of Russia, if it does not want to, will not make a surprise for the market. The bid will remain unchanged

Moscow Exchange trading schedule over May holidays

Moscow Exchange announces the trading schedule for its markets for public holidays in Russia in May 2023.

On 8 May, a public holiday, the markets will operate as follows:

• the Equity and Bond, Money, Deposit, Credit and Derivatives Markets will trade as usual;
• the FX and Precious Metals Markets will trade all instruments, except for spot transactions settled on the trade date (TODAY settlement) and overnight swaps;
• OTC transactions with the central counterparty (CCP) in the Standardised OTC Derivatives Market (SPFI) will be settled for all instruments, except for SPFI contracts involving obligations denominated in Russian roubles.

On 28 April, 2-5 and 10-12 May 2023, which are official working days, the Equity and Bond, Money, FX, Precious Metals, Derivatives and Standartised OTC Derivatives Markets will trade as usual.

On 29–30 April, 1 May, 6–7 May and 9 May 2023, all MOEX markets are closed.

Bank of Russia keeps key rate at 7.50% p.a.

The Bank of Russia Board of Directors decided to keep the key rate at 7.50% per annum. Current rates of price growth remain moderate, including in the stable components of inflation. Inflation expectations of households are down significantly but remain elevated, as do businesses' price expectations. High-frequency data suggest that a recovery in business and consumer activity is ongoing. Accelerating fiscal spending, deteriorating terms of foreign trade and the situation in the labour market continue to pose pro-inflation risks. The overall balance of inflation risks has remained essentially the same since the previous Board meeting.

Experts are unanimous on the eve of the decision on the key rate of the Bank of Russia

According to the survey results, an ideal picture turns out: according to all analysts, the Bank of Russia will definitely leave the rate unchanged. At the same time, if some participants were in the place of the Board of the Bank of Russia, then one person would raise it by 50 bps, and one person would lower it by the same 50 bps. We are waiting for a decision tomorrow

Bank of Russia establishes International Settlements Department

A new structural unit — the International Settlements Department — has been created at the Bank of Russia on 15 February 2023.

The Department will deal with issues that have become especially relevant in view of Russia sanctions. These issues include the development of correspondent relations between Russian banks and their counterparties from friendly countries, transition to settlements in national currencies, as well as the expansion of opportunities for cross-border transactions.

The new department is headed by Mikhail Kovrigin, the former director of the Financial Market Strategy Department.

In addition, a decision was made to establish from 15 February 2023 the Department for Cooperation with International Organisations on the basis of the International Cooperation Department, which, in turn, will be abolished before 1 September 2023.

Bank of Russia keeps key rate at 7.50% p.a.

The Bank of Russia Board of Directors decided to keep the key rate at 7.50% per annum. Current price growth rates are increasing, remaining moderate in terms of sustainable components. Inflation expectations of households and businesses edged down but remain elevated. Economic activity trends evolve better than the Bank of Russia's October forecast. Although households' consumer behaviour is still cautious, there appear signs of recovery in consumer activity. Accelerating fiscal spending, deteriorating terms of foreign trade and situation in the labour market intensify pro-inflation risks.

Bank of Russia key rate - a survey of experts

This time, there is 100% market confidence in keeping the rate at the current level, although if some participants were in the place of the Central Bank, they would take a step towards lowering it

Moscow Exchange trading schedule in February 2023

Moscow Exchange announces the trading schedule for its markets over the February 2023 public holiday period.
23 February 2023 is a non-trading day on all MOEX markets.

On Friday, 24 February 2023, the markets will operate as follows:

• The Equity and Bond, Deposit and Credit and Derivatives Markets will trade as usual;
• The FX and Precious Metals Markets will trade all instruments, except for spot transactions settled on the trade date (TODAY settlement) and overnight swaps; and
• OTC transactions with the central counterparty (CCP) in the Standardised OTC Derivatives Market (SPFI) will be settled for all instruments, except for SPFI contracts involving obligations denominated in Russian roubles.

ACI FMA Spring Meetings: Zagreb, 16-18 May

As announced, ACI FMA is pleased to confirm that the 2023 Spring Meetings will be held in Zagreb, from 16th to 18th May.

For the first time, ACI Croatia will be welcoming the ACI FMA community and hosting the ACI Spring Meetings, which will be followed by the ACI FMA Croatia Annual Assembly and Financial Markets Conference, on the 19th of May.

Save the Date and join us in Croatia! We are currently working on the Agenda and will be updating this topic regularly. Please stay tuned.

Discover the preliminary programme below

The implementation of the projects INTERBANK and DIPLOMACY has begun

In the context of the termination of correspondent and counterparty relations of Russian commercial banks, including those that have not been sanctioned, with banks of unfriendly countries, the implementation of the projects "Interbank" and "Diplomacy" has begun to facilitate the establishment of new correspondent, counterparty, social and cultural relations of the community of specialists of the Russian financial market with the relevant communities of neutral countries.

The main objectives of the projects are to develop contacts with national organizations of the International Association of Financial Market Specialists ACI Financial Markets Association (ACI FMA) and the diplomatic services of the respective countries, the organization of negotiations on the establishment of direct interbank correspondent relations in national currencies, primarily with banks in China and the UAE.

According to the procedure published by the Ministry of Finance of the Russian Federation, on 13 January 2023, the Bank of Russia will resume FX buy (sell) operations in the domestic FX market as part of the Ministry's fiscal rule mechanism.

These operations will be performed in the Moscow Exchange FX Market for CNYRUB_TOM instrument.

In order to minimise the impact of the above operations on the exchange rate dynamics, the Bank of Russia will buy (sell) foreign currency in the market evenly throughout every trading day of the month.

The Bank of Russia's approaches to its monetary policy will remain unchanged under the fiscal rule mechanism. The Bank of Russia retains the option to conduct operations in the FX market to maintain financial stability.

News archive 2019–2022