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Senator Braga will discuss his report on Tax Reform today, the Senate will vote on the payroll tax relief bill, and the House will vote on the bill that deals with the taxation of offshore and exclusive funds
BRAZIL POLITICS · Report · 25 Oct 2023

Today, Senator Eduardo Braga (MDB-AM) holds a press conference to present the general lines of his report on Tax Reform. The text will be formally presented today at the Constitution and Justice Committee (CCJ). In the Senate plenary, the bill that deals with payroll tax relief will be put to a v...

Georgia: Central bank keeps rates unchanged amid rising geopolitical risks
CAUCASUS / CENTRAL ASIA · In Brief · 25 Oct 2023

The National Bank of Georgia kept the refinancing rate at 10.0 percent citing newly emerging geopolitical risks. The NBG transitioned to an easing mode in May and cut the policy rates from the peak of 11 percent in three steps (50bpts in May and twice by 25bpts in Jul and Sep). While the accompan...

Turkish parliament to ratify Sweden’s NATO accession, but why?
TURKEY · In Brief · 25 Oct 2023

I’d given up on positive developments in Turkey’s relations with US and NATO, because on 21 October President Erdogan flatly refused to present the legislation needed to ratify Swedish accession, on account of American disrespect for his various requests, Quran burning incidents and the refusal b...

An opportunity
VENEZUELA · Report · 24 Oct 2023 · 1 response

A new cycle in the negotiations aimed at resolving the political crisis in Venezuela began on October 17, 2023. Beyond the agreement on electoral conditions, essential for the opposition, and oil sanctions relief opening additional income opportunities for the government for at least six mont...

The House may vote on the offshore and exclusive funds bill, Senator Braga should submit his report on Tax Reform today, and the CAE may vote on the payroll tax relief bill
BRAZIL POLITICS · Report · 24 Oct 2023

The House will try to vote on the bill that deals with the taxation of offshore and exclusive funds. The bill is part of the government's priorities to increase revenue next year. Minister Alexandre Padilha said that another priority for the government is Tax Reform. Senator Eduardo Braga (MDB-AM...

Boluarte fights to boost her popularity; pension reform proposal advances; real GDP to fall 0.5% in 2023, then rebound 1.7% in 2024
PERU · Report · 24 Oct 2023 · 1 response

We discuss three key topics in this report. First, we assess the attempt by President Dina Boluarte to boost her public popularity, and discuss the deinstitutionalization of Peruvian society, with reference to recent opinion polls. Next we examine Congress’s proposal to allow workers to further w...

MNB base rate down 75 bps to 12.25% today
HUNGARY · In Brief · 24 Oct 2023

Neither us, expecting 12%, nor the median analyst expectation of 12.5% have proven to be right. The reduction of the monthly pace of the sterilisation rate cut seems to be meant to indicate that: - for the next few months, the yoy inflation rate will still very likely fall following a steep trend...

Economics: New stimulus measures for export-oriented companies could fall short of the need to more fully exploit nearshoring
MEXICO · Report · 24 Oct 2023

The Federal Government published a decree on October 11 awarding fiscal stimulus to 10 key sectors of the country’s export industry, consisting of immediate deductions of investments in new fixed assets during the remainder of 2023 and throughout 2024. This measure seeks to promote investment and...

MIF plot thickens
PHILIPPINES · In Brief · 23 Oct 2023

It’s not really a social blunder, that economic faux pas with enormous political fallout called the Maharlika Investment Fund (MIF) of the Philippines. It’s an economic faux pas because the Philippine authorities rammed through Congress the bill creating the Philippines’ first ever investment fun...

A full agenda in the final stretch of the year and other weekly topics
BRAZIL POLITICS · Report · 23 Oct 2023

Senator Eduardo Braga will submit his report on Tax Reform. The Senate Economic Affairs Committee (CAE) will vote on the extension of the payroll tax exemption. The House will vote on the offshore and exclusive funds bill. The government will submit a bill to Congress to replace MP nº 1,185 (ICMS...

Politics: Morena and the opposition alliance face difficult choices as they pick gubernatorial candidates
MEXICO · Report · 23 Oct 2023

The election next June will be the largest Mexico has ever experienced with the more than 3,500 offices to be filled, including President and both chamber of Congress. Polls currently show the incumbent Morena party is favored to retain the presidency, and while its goal of achieving a two-thirds...

The youngest president ever
ECUADOR · Forecast · 23 Oct 2023

Daniel Noboa, at 35, is the youngest candidate ever to win a presidential election in Ecuador. His performance in the first presidential debate raised votes from young people, and this together with a strong 50% vote against the Correistas, helped him to succeed. He is a businessman in charge of ...

Moldova moving away from Russia
RUSSIA / FSU POLITICS · In Brief · 23 Oct 2023

On October 17 Canada sanctioned 9 Russian people and 6 Russian TV channels that it said had been trying to undermine Moldova's independence and democracy. The people sanctioned are allegedly connected to a Moldovan oligarch, Vlad Plahotniuc. He used to lead the Democratic Party and allegedly disa...

Slower Growth
BRAZIL ECONOMICS · Report · 23 Oct 2023

Since peaking in April 2023, the IBC-Br has been decelerating, and in August it declined by 0.8% (Graph 1), confirming the information on the lower real retail sales, in both the restricted (0.2%) and augmented definitions (1.3%). In turn, services declined by 0.9%, while industry grew by 0.4%. A...

Rates on hold, with a fairly hawkish tone
ISRAEL · In Brief · 23 Oct 2023

As expected, rates remained on hold today at a level of 4.75%. In the press conference the Governor stressed that as long as Israel's risk premium remains elevated and shekel depreciation pressures continue, monetary loosening is off the table, despite decelerating domestic demand. The Governor a...

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