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Kazakhstan Macro: Budgetary performance to remain stable in 2023
KAZAKHSTAN · Report · 27 Dec 2022

Kazakhstan’s Ministry of Finance published detailed information on the country's budgetary performance in 11M22 along with the approved 2023 republican budget (and for 2024-2025 as well). As it follows from budget execution statistics, in 11M22 the revenue flow to budgets of all levels was stable...

Ukraine says grain yield down 40%
RUSSIA / FSU POLITICS · In Brief · 27 Dec 2022

As of December 24 the grain yield is down because of the war, the Ukrainian Grain Association told AFP. The 2022 yield will probably be 65 million tons:the counting is not quite complete. In 2021 it was 106 million tons. The war has led to a paucity of fuel, fertilizer and workers. It has become ...

The monetary policy and exchange rate situation
INDIA · Report · 27 Dec 2022

Conditions on the INR market have changed; RBI now seems to be preventing an INR appreciation. Conditions on inflation have also changed: there has been a sharp decline in month-on-month price gains. When the Fed raises rates in coming months, there will now be a conflict at RBI. The exchange...

Ukraine attacks Russian air base
RUSSIA / FSU POLITICS · In Brief · 26 Dec 2022

On December 26 a Ukrainian drone attacked the Engels Air Base. The worrying thing for Russia is that this is 600 km from the Ukrainian border. Moscow announced that its troops had downed the drone and that although the debris killed three technicians, no Russian aircraft were hit. This is the sec...

Armenia refuses talks with Azerbaijan for the moment
RUSSIA / FSU POLITICS · In Brief · 26 Dec 2022

On December 22 Armenia declined to speak to Azerbaijan about resolving the tense standoff on Lachin Road. Russia was supposed to mediate the talks. On December 12 Azerbaijani demonstrators blocked the road through the Lachin Corridor. The road connects Armenian-occupied Nagorno-Karabakh to Armeni...

China-Russia examined: Xi and Medvedev meet in Beijing
RUSSIA / FSU POLITICS · In Brief · 24 Dec 2022

On December 21, former Russian Prime Minister and current Deputy Chairman of the Russian Security Council Dmitry Medvedev met with Xi Jinping in Beijing. This was a surprise visit. Both parties claimed to have discussed matters economic, political and military, including the war in Ukraine. One o...

Russia warns it will not sell oil to price cap countries
RUSSIA / FSU POLITICS · In Brief · 23 Dec 2022

On December 23 Putin said that next week he shall announce Russia's reaction to the USD 60 per barrel price cap imposed earlier in December 2022 by the EU, the G7 and Australia.  The Deputy Prime Minister said that Russia would outlaw oil sales to price cap nations. He said that Russia might need...

Politics: Failed attempt to murder Ciro Gómez Leyva, one of the most influential journalists, aggravates the conflict between AMLO and critical media
MEXICO · Report · 23 Dec 2022

The rising toll of journalists killed over the course of the past year has landed Mexico atop the "Reporters without Borders" annual list of the deadliest country for reporters, with three more such slayings this year than in war-torn Ukraine. And while 11 journalists were killed here in 2022 and...

The Economy in Pictures, in 2022
TURKEY · Report · 23 Dec 2022

After a relatively strong first half, growth stalled in Q3, q/q, driven by weakness in net exports, but consumption remained strong. Further weakness is likely in Q4, but GDP might have nevertheless expanded by some 5% in the year. Inflation was the main casualty of 2022, which should end the ...

Economics: Economy starts to lose steam on some fronts as we gear up for a challenging 2023
MEXICO · Report · 23 Dec 2022

In this, our final issue of 2022, we provide an overview of the main economic data published in December. The headline number were the strong GDP results for the third quarter on the strength of a considerable expansion of services and an extension of manufacturing’s positive trend as some of th...

Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 23 Dec 2022

Dec 9 Agency for Regulation and Development of the Financial Market: Kazakhstan banks have received permission from OFAC to operate with Russian Mir cards Dec 12 President: Kazakhstan's GDP grew by 2.7% in Jan-Nov Prime-Minister: Kazakhstan wants to attract up to KZT 3.8 trln ($8 bln) of investme...

Congress approved the Federal Budget for 2023 and recessed until February, Lula announced 16 more members of his ministerial team, and VP Geraldo Alckmin was appointed to the Ministry of Industry and Commerce
BRAZIL POLITICS · Report · 23 Dec 2022

The final text is being consolidated and will be sent for approval. It may only be sanctioned in January by President Lula. since the new government is changing the Ministries Esplanade with the creation of new ministries, the allocation of resources will have to be adjusted. Yesterday Lula annou...

Kazakhstan to send oil to Germany
RUSSIA / FSU POLITICS · In Brief · 22 Dec 2022

On December 22 it was reported that KazMunaiGaz will sell oil to Germany and it will be transported via the Druzhba Pipeline that goes through Russia. Russia will earn transit fees. The project shall commence in January 2023. The EU has banned most Russian oil imports. Germany was very dependent ...

Bearing up
CENTRAL AMERICA · Report · 22 Dec 2022

Costa Rica’s economic performance has been affected by negative external conditions, but results in some areas looking better than expected. Short-term economic activity indicators suggest that real growth this year could be around 4% y/y, vs. the low 3.3% of our July revised forecast. The nature...

No change on the MPC front
TURKEY · Report · 22 Dec 2022

The Monetary Policy Committee met today, and as expected, it kept the policy rate (one-week repo) unchanged at 9%. There was no material change in the economics of the text that is worth reporting here.

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