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COUNTRY INSIGHTS

GULF WEEKLY: SEZs exempt from Saudisation, Dubai’s Palm Jebel Ali is revived, Sultan Haitham visits Iran
GULF COUNTRIES · Report · 02 Jun 2023

A skimmable summary overlaid with our analysis and links. Headlines: * Oil slipped mid-week but rose after the debt ceiling deal and ahead of the OPEC+ meeting. * Iraq announced plans for a major road and rail corridor from the Gulf to Turkey and Europe. * The Saudi census showed a count of ...

Government deposits in Congress a Fiscal Responsibility Bill
DOMINICAN REPUBLIC · In Brief · 02 Jun 2023 · 2 responses

Yesterday, the Ministry of Finance, on behalf of the Executive Power, deposited in the National Congress a Fiscal Responsibility Bill. The bill seeks to guarantee the sustainability of public finances. The fiscal rule states that annual primary spending growth rate must not exceed the expected in...

Lula appointed his lawyer to the STF, allies of Lira were targeted by a search and seizure operation of the Federal Police, and there will be a national holiday next week (Corpus Christi)
BRAZIL POLITICS · Report · 02 Jun 2023

Confirming expectations, President Lula appointed his lawyer Cristiano Zanin to the Supreme Federal Court (STF). Despite criticism and questioning from the opposition, Zanin's appointment should be confirmed. Allies of the president of the House, Arthur Lira, were targeted by a search and seizure...

Ukrainian attacks on Russian energy
RUSSIA / FSU POLITICS · In Brief · 02 Jun 2023

On June 2 two oil and gas facilities in western Russia were attacked by drones. The Governor of Smolensk Region, where the attacks took place, commented on the attacks. The region has not been previously targeted. It was claimed there were no injuries. Ukraine has neither confirmed nor denied tha...

Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 02 Jun 2023

May 22 KMG: The company may increase dividends for 2022 by 50%, up to $669.2 mln KTZ: The company and one of the world's largest container port terminal operators PSA International (Singapore), launched a joint venture. Both companies will cooperate in the development of the Trans-Caspian route M...

The Monetary Board adopts measures to expand liquidity
DOMINICAN REPUBLIC · In Brief · 01 Jun 2023 · 1 response

The measures adopted today by the Monetary Board provide additional liquidity for DOP 94 b (USD1.7 b). The measures are aimed at providing financing to the productive sectors and households under favorable conditions. Specifically, the measures are: 1. The release of resources from the legal rese...

Essential CIS Politics: June 2023
RUSSIA / FSU POLITICS · Report · 01 Jun 2023

* Russia has taken the city of Bakhmut in Ukraine after 9 months of fighting. * Drones hit both Moscow and, more heavily, Kyiv—in an attack exchange. * The leaders of 6 former USSR nations attended Victory Day ceremonies in Moscow. * All 5 Central Asian presidents attended ...

Ukraine shelling Russia
RUSSIA / FSU POLITICS · In Brief · 01 Jun 2023

On May 31 Russia said that 8 civilians were injured in its Belgorod Region. It has evacuated 300 children from the area. The regional governor said that Ukraine was firing Grad missiles into his region. Ukraine refused to comment on this. A pro-government Telegram channel in Russia said that Ukra...

The House approved the MP on the reorganization of the ministries, the STF scheduled the trial on the allegations of corruption against Deputy Lira for Tuesday, June 6, and the CPMI should meet today
BRAZIL POLITICS · Report · 01 Jun 2023

The House approved the provisional measure (MP) on the reorganization of the ministries. There were 337 votes in favor and 125 against. There was only one abstention. The Senate is expected to vote on and approve the MP as it was passed in the House and submit it for presidential sanctioning. The...

Another government intervention in interest rate policy
HUNGARY · In Brief · 01 Jun 2023

Today's story is not so much the fact that the European Parliament approved a resolution asking the EU Council to find a way to avoid Hungary's six-month presidency in the EU in H2 2024, a critical period right after the election for the EP, due in June next year. That is something for the EU and...

DR Central Bank reduces the monetary policy rate
DOMINICAN REPUBLIC · In Brief · 31 May 2023

Today the Central Bank of the Dominican Republic (BCRD) decided to reduce the monetary policy interest rate  by 50 basis points, from 8.50% to 8.00% per year. This means that the rate of the permanent liquidity expansion facility (1-day Repos) decreases to 8.50% per year and the rate of interest-...

A complicated political panorama for the elections
ECUADOR · In Brief · 31 May 2023

The schedule for the elections of next August is putting pressure on all political organizations to define their alliances and candidates, who should be registered at the Electoral Council by next June 7th after being defined through an internal election process. So far, the candidates who have c...

The economy adapts to new arrangements and recovers gradually
RUSSIA ECONOMICS · In Brief · 31 May 2023

Rosstat released monthly economic statistics for April, which looks not too bad. Industrial output grew in April by 5.2% y-o-y, which brought the 4M23 growth to positive territory (0.4% y-o-y). In 1Q23, industrial output was down by 0.9% y-o-y. Seasonally adjusted m-o-m growth was up in April by ...

Economic activity slows visibly in Q1
TURKEY · Report · 31 May 2023

The Turkish economy expanded by a faster than expected 4% on an annual basis (2022Q4: 3.5%), but by a meager 0.3% over the previous quarter, down from 0.9% in Q4 of last year (Graph 1). Focusing, as usual, on the sequential (quarter-on-quarter) data, which is more informative in terms of the late...

The House approved the bill on the demarcation of indigenous lands, the House also approved the re-creation of the Bolsa Família program, and the STF may adjudicate a case on the approval of a new railway
BRAZIL POLITICS · Report · 31 May 2023

Despite the government's efforts, the House approved PL 490/07 yesterday, which establishes the year 1988 as the time frame for the demarcation of indigenous lands. In the Senate, the analysis of the bill is unlikely to be so quick. This issue will be on the Supreme Federal Court (STF) agenda nex...

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