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COUNTRY INSIGHTS

Economy is good, but all eyes are on monetary policy
UKRAINE · Report · 31 Aug 2020

Ukraine continues to move ahead in its idiosyncratic way. Political scandals regularly hum in online media and social nets. Meanwhile, the main TV channels keep soothing viewers with a positive picture of the “people’s president,” as Ukrainians now anxiously await local elections and a second wav...

Economics: Some indicators show slower declines but not recovery
MEXICO · Report · 31 Aug 2020

Some of the demand and production indicators made public during August proved to be less dire than those of previous months. But despite those relatively slower declines, the fall in 2020 GDP remains on track to be in the double digits. The accelerated negative trend the industrial sector emba...

Belarus' economy facing meltdown
RUSSIA / FSU POLITICS · In Brief · 31 Aug 2020 · 1 response

Threatened EU sanctions are sure to hurt Belarus' economy. Anti-government protests have been ongoing since the presidential election on August 9. In clashes 6 people have been killed.People are lining up to take out foreign currency. The media has reported that foreign currency cash is now in sh...

The BoI expects zero or negative inflation one year ahead
ISRAEL · In Brief · 30 Aug 2020

Highlights: of the Weekly Israel Macro Wrap Up 31.8.20 Monetary policy: Policy rates remained stable at 0.1%, with no adjustment in the forward guidance. More interesting was the Bank of Israel macro forecast which expects inflation much lower than market expectations or that of major forecasters...

It's all gas, now!
TURKEY · Report · 30 Aug 2020

We have decided to change our report timetable a little, starting our Weekly today, i.e. a week earlier than scheduled. We plan to release our Quarterly report next Sunday, after seeing this week’s data releases, and deliberating a bit more on our baseline scenario internally. In the brief spa...

Russian Army and Police ready to assist Lukashenko
RUSSIA / FSU POLITICS · In Brief · 29 Aug 2020

On August 28 Russian soldiers participated in joint exercises with their Belarussian comrades along the Polish Border. Lukashenko falsely claimed that NATO troops are massing on the frontier and NATO is the wirepuller of the opposition. On August 26 Putin announced that his police are ready to go...

Russian financial markets: retail investors looking for foreign assets
RUSSIA ECONOMICS · Report · 28 Aug 2020

The rapid decrease of interest rates in both Russia and the US in the first half of the year fueled the inflow of private investors’ money from banking deposits into the financial markets. As a result the aggregate amount of household funds in brokerage accounts and in asset management companies ...

GULF WEEKLY: Abu Dhabi 2070 bond, Bahrain lifts debt ceiling, UN opposes snapback sanctions
GULF COUNTRIES · Report · 28 Aug 2020

A skimmable summary of key developments overlaid with our analysis and links to further information. Headlines include: * FTSE Russell launched a Saudi local bond index covering $73bn in securities. * Concerns grew about Saudi political detainees, including MBN and Saad Aljabri’s relatives. ...

Russian government inconclusive on Navalny poisoning
RUSSIA / FSU POLITICS · In Brief · 28 Aug 2020

The government said there is no evidence to suspect that anti-corruption campaigner Navalny was poisoned. He was rushed to hospital after collapsing on a plane in agonizing paroxysms before being induced into a coma. Russian doctors were of differing opinions as to whether he was poisoned, and so...

The government's new financing plan has been clarified
HUNGARY · In Brief · 28 Aug 2020

Just days ago, the Finance Ministry raised its 2020 fiscal deficit forecast drastically, to 7-9% of GDP from the previous 3.8% level. This represented the third amendment of the deficit target/forecast so far this year, from the original target of just 1% of GDP.Yesterday, the ÁKK reduced the unc...

Tajik President seeking sixth term
RUSSIA / FSU POLITICS · In Brief · 27 Aug 2020

On August 26 Emomali Rahmon was nominated to seek a 6th term. The labor unions nominated the 67 year old. Rahmon has been president since 1992. He is the longest serving leader in the former USSR. He is very overweight and in poor health. It had been speculated that he might retire. Some thought ...

Renda Brasil’s new format under discussion
BRAZIL POLITICS · Report · 27 Aug 2020

The format of the Renda Brasil program remains undefined. According to information published by the newspaper O Globo, the Ministry of the Economy’s proposal would be to change the rules for salary bonuses to better focus the benefit among the poorest workers, in addition to cutting expenses. ...

US-Russian confrontation in Syria
RUSSIA / FSU POLITICS · In Brief · 27 Aug 2020

On August 26 Russian and American troops faced off on a road in Syria. Both are part of anti-ISIS coalition pursuant to a UN Security Council Resolution. The Russians say that they informed the US of their intention to send down a road but the US blocked the road. The Americans claim that Russian...

Yandex in Belarus raided by police
RUSSIA / FSU POLITICS · In Brief · 27 Aug 2020

On August 25 police searched the office of Yandex in Minsk. Yandex is the largest Russian internet company. There were 300 employees based in the office, although some are working at home. Yandex has transferred some of its staff to Russia. No one was arrested in the raid. No official explanation...

Debate on Renda Brasil causes disagreements in the government
BRAZIL POLITICS · Report · 26 Aug 2020

When participating in an event at Usiminas, in Minas Gerais (MG) today, President Jair Bolsonaro announced that the proposal for the Renda Brasil program, presented by the economic team, has been suspended. Bolsonaro is said to be dissatisfied with a value of Renda Brasil below R$ 300. There is a...

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