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Turkey switches to inflation accounting in 2024, will all Hell break loose?
TURKEY · In Brief · 31 Oct 2023

Turkish Ministry of Finance and Treasury issued a circular last week, informing all incorporated and limited liability firms that balance sheets must be adjusted according to inflation accounting rules for YE2023. In 2024, income statements, too, shall be revised in such a manner. The revised 202...

Growing rift between Russia and Israel
RUSSIA / FSU POLITICS · In Brief · 31 Oct 2023

On October 31 Israel criticized the Russian government for failing to prevent a crowd trying to stop a plane from Israel landing in Russia. The crowd of hundreds took over the Makhachalka Airport and was looking for Israelis and Russian Jews. One police officer was killed in clashes. 60 people ha...

Avdiivka offensive amid depleted Russian artillery
UKRAINE · Report · 31 Oct 2023

Despite no significant territorial gains being reported, the intensity of the fighting escalated along all fronts throughout September and October. Ukrainian forces continued their push south toward Tokmak, and have been gradually encircling the ruins of Bakhmut. However, since the beginning of O...

Haddad announced new members of the Central Bank Board of Directors, Lula will meet with Haddad to discuss the economic agenda, and the House may vote on the creation of infrastructure debentures this week
BRAZIL POLITICS · Report · 31 Oct 2023

Rodrigo Teixeira was announced for the Relationship, Citizenship, and Conduct Supervision Directorate of the Central Bank, and Paulo Picchette for International Affairs and Corporate Risk Management. Today, President Lula will meet with Haddad, leaders, and presidents of allied parties to discuss...

Pithy data commentary-October 31, 2023
CAUCASUS / CENTRAL ASIA · Report · 31 Oct 2023

We briefly comment on the key macro and news events in the Caucasus and Central Asia: Armenia: Central Bank cuts policy rate by 25bps to 9.25 percent Armenia: Pace of economic activity drops meaningfully in Sep Armenia: Yield curve becomes (almost) inverted Armenia: PM Nikol Pashinyan sends...

Economics: October indicators show internal demand components remain strong, while non petroleum exports decelerate
MEXICO · Report · 31 Oct 2023

As we await this week’s preliminary report on third quarter GDP, economic news from the past month has painted a picture of an economy that continues to expand largely thanks to growth in fixed asset investments and private consumption. But continuing strength in industrial output has become incr...

Politics: AMLO’s extended verbal onslaught against the Judiciary takes the form of budget cuts, cancelling trusts and the threat of a major constitutional reform
MEXICO · Report · 31 Oct 2023

Last week, Congress approved the administration’s proposal to cancel 13 out of 14 of the trusts of the Federal Judiciary, just the latest episode in the extended history of President López Obrador's offensive against this branch. However, the executive’s attacks on the judiciary have intensified ...

A rise in the political temperature
INDONESIA · Report · 31 Oct 2023 · 1 response

Indonesia has entered a period of rising political temperature in the run-up to the general elections. The registration for candidates for president and vice president began on October 19, 2023; the first two pairs, Anies Baswedan and Muhaimin Iskandar, and Ganjar Pranowo and Machfud MD, register...

The current situation concerning the rejection of the approved concession contract with Minera Panama
PANAMA · Report · 31 Oct 2023

After a week of protests, President Cortizo announced a public consultation and the presentation of a mining moratorium bill in the National Assembly. In less than 24 hours, the Electoral Tribunal declared that there are no conditions to organize a public consultation. Protests and discontent con...

A polarized country and other weekly topics
BRAZIL POLITICS · Report · 30 Oct 2023

The offshore and exclusive funds bill begins analysis in the Senate. Fernando Haddad and Arthur Lira meet with party leaders to discuss the ICMS subsidy bill. The holiday on Thursday, November 2, reduces activity in the Legislature. In the economy, the highlight is the Central Bank meeting to dec...

Political and economic ups and downs
CENTRAL AMERICA · Report · 30 Oct 2023

Costa Rica’s political conditions remain similar, characterized by confrontational relationships like those prevailing since the beginning of this administration. Positive appraisals of President Rodrigo Chaves have declined, and although more than half the population still approves of his perfor...

The earth is moving under the government’s feet
VENEZUELA · Report · 30 Oct 2023

To everyone’s surprise, the October 22 opposition primary election drew a significant turnout. 2.4 million people voted, accounting for 12 percent of those registered in the electoral roll. María Corina Machado secured 92 percent of the votes. Her sweep came as no surprise. The clearest eviden...

Synthesis of the Brazilian Economy
BRAZIL ECONOMICS · Report · 30 Oct 2023

Fiscal discipline doesn’t sit well with either Lula or the Centrão parties. Without a government policy to put the country on the path to sustainable economic growth, with his popularity sinking and dependence growing on the Centrão to win approval of any measures in Congress, Lula has abandoned ...

Russian macro: the CBR turns increasingly hawkish amid an overheating economy
RUSSIA ECONOMICS · Report · 30 Oct 2023

On October 27, the CBR raised the key rate by a surprising 200 bps, which was well above market expectations (100 bps). The regulator explicitly mentioned that its monetary policy will remain tight, and the average annual key rate won’t change much in 2024. The CBR hinted that it may consider an ...

Lula said that the government is unlikely to reach the zero deficit target for 2024, the offshore bill begins analysis in the Senate, and there is a federal holiday on Thursday (November 2)
BRAZIL POLITICS · Report · 30 Oct 2023

President Lula's statement, last Friday, October 27, that the government is “unlikely” to meet the fiscal target of zero deficit in 2024 should continue to resonate throughout this week. Minister Fernando Haddad did not comment. The bill that deals with the taxation of exclusive and offshore fund...

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