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Lula may see a boost in popularity following the approval of the income tax exemption bill, the rapporteur of the taxation measure is trying to meet rural caucus demands, and the Minister of Tourism may be replaced
BRAZIL POLITICS · Report · 03 Oct 2025

The week ends on a positive note for the government following the approval of the income tax exemption bill. This is an important achievement for President Lula, who expects a boost in popularity as a result. Congressman Carlos Zarattini (PT-SP), the rapporteur of the measure, confirmed that he w...

GULF WEEKLY: Saudi revises up deficit projection, Kuwait and Bahrain issue bonds, Trump announces Gaza plan and pledges to defend Qatar
GULF COUNTRIES · Report · 03 Oct 2025

A skimmable summary overlaid with our analysis and links. Headlines: * Brent crude dropped by -9% to $64, a four-month low, as another OPEC+ hike is expected. * Saudi Arabia estimates its fiscal deficit will be -5.3% of GDP this year, more than double the budget. * Its fiscal projections see...

TOPIC OF THE WEEK: UZS benefits from a rare confluence of favorable external conditions
CAUCASUS / CENTRAL ASIA · Report · 03 Oct 2025

Last week, I argued that CCA appreciation vs. the US$ has come to an end and may only resume on a sustainable basis should the RUB start strengthening again (the RUB has already retraced some of its recent losses). I stressed that the Uzbekistani sum was the only CCA currency that did not quite f...

Economic growth continues to decelerate
RUSSIA ECONOMICS · In Brief · 03 Oct 2025

Rosstat reported that the output of the five basic sectors (industry, agriculture, construction, transportation, and trade) showed lackluster performance with just 0.2% y-o-y growth in August and 0.8% in the first eight months of 2025. Many economic segments were sluggish during this period, thou...

The Lower House approved the bill on the income tax exemption, the vote on the measure that taxes gambling was postponed to next week, and a draft bill is circulating that would counteract Trump’s sanctions
BRAZIL POLITICS · Report · 02 Oct 2025

With 493 votes in favor and none against, the Lower House approved the bill that exempts personal income tax (IRPF) on earnings up to R$ 5,000 (Bill 1,087/25). Despite resistance, the final text includes a tax of up to 10% on high incomes and dividends. Also on the agenda was the Joint Budget Com...

A quick guide to the flood control anomalies in the Philippines
PHILIPPINES · Report · 02 Oct 2025 · 1 response

The Philippine flood control scandal has exploded into one of the country’s largest corruption crises in decades, exposing the scale of wasted funds and institutional decay. Sparked by President Ferdinand Marcos Jr.’s 2025 State of the Nation Address, the scandal revealed “ghost projects” — incom...

Excellent new fiscal data for H1 2025, paradoxically requiring the continuation of tight MNB policy
HUNGARY · In Brief · 02 Oct 2025

The Eurostat-methodology figures for the government sector deficit, the main indicator for fiscal policy, was published for H1 2025 yesterday. The deficit ratio was surprisingly low, only 0.7% of GDP in that period. This result could raise eyebrows on the market, given the cash deficit ratio of t...

Inflation accelerates
KAZAKHSTAN · In Brief · 02 Oct 2025

The Bureau of National Statistics reported that inflation in September reached 1.1% m-o-m and 12.9% y-o-y, up from 12.2% y-o-y in August. It seems that previously delayed budgetary spending is now aligning with the upwardly revised plans. This year, the government adjusted expenditures for the re...

Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 02 Oct 2025

Sep 18 Mineral resources: In 4Q25, Canadian Laramide Resources will start exploratory drilling in southern Kazakhstan for uranium, REM and copper in 4Q25. Sep 22 Halyk Bank: The Bank will pay another $423.5 mln in dividends for 2024. KMG: The company and ExxonMobil have agreed to cooperate in the...

Dark clouds ahead
PHILIPPINES · In Brief · 02 Oct 2025

Earlier assessments suggested that the post-pandemic slowdown in gross domestic capital formation (GDCF) could be constraining the Philippines’ productivity growth and long-term potential output. The latest data support this concern: from the first half of 2024 to the first half of 2025, GDCF gro...

Reduction of the Monetary Policy Interest Rate by 25 Basis Points
DOMINICAN REPUBLIC · In Brief · 01 Oct 2025

Yesterday, the Central Bank of the Dominican Republic (BCRD) reduced the monetary policy interest rate (MPR) by 25 basis points, from 5.75% to 5.50% per year. At the same time, it also lowered the rate of the overnight liquidity expansion facility (one-day repos) from 6.25% to 6.00% per year. The...

The House will attempt to vote on the bill granting income tax exemptions, Lula met with leaders to discuss the legislative agenda through the end of the year, and the Senate approved the IBS tax Management Committee bill
BRAZIL POLITICS · Report · 01 Oct 2025

Today, the Lower House will attempt to vote on the bill granting an income tax exemption for individuals earning up to R$ 5,000 per month. The opposition is trying to eliminate all compensation measures from the text. President Lula met yesterday with Minister of Institutional Relations Gleisi Ho...

BAHRAIN: Deficit expands in H1 ahead of sukuk issuance
GULF COUNTRIES · In Brief · 30 Sep 2025

It's a busy time for Gulf sovereign bond issuance, with $3bn from Abu Dhabi last week, $11.25bn from Kuwait today (see this note) and another UAE emirate expected to issue soon. Next up is Bahrain, with its second issuance of the year, following its $2.5bn bond/sukuk in May. There is some importa...

Macroeconomic and geopolitical developments – Weekly report, October 1, 2025
ISRAEL · Report · 30 Sep 2025

In the past week, Israeli markets and policy were shaped by two dominant forces: geopolitics and monetary policy. On the geopolitical side, Trump’s 20-point Gaza plan dominated headlines, offering a comprehensive framework that received broad international support but faces uncertainty around Ham...

Low growth, remittance surges and a presidential election mystery
CENTRAL AMERICA · Report · 30 Sep 2025

El Salvador suffers from chronically low economic growth, and our April 2025 projections seemed to confirm this weak performance. Recent history, from June 2019 to date, when President Nayib Bukele defeated a paralyzing bipartisanship, has showed no improvement in growth. Restoration of public se...

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