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COUNTRY INSIGHTS

Golden visa program proposed in Russia
RUSSIA / FSU POLITICS · In Brief · 20 Nov 2020

On November 20 Izvestia newspaper reported that the government intends to start a scheme offering permanent residency for investors. People who put at least USD 130 000 into the economy and hire at least 10 employees will be allowed to settle in the country. Russia has seen its people and money m...

SARB decides on a cautionary "wait and see" approach, keeping the repo rate unchanged
SOUTH AFRICA · Report · 20 Nov 2020

In a largely anticipated move, the South African Reserve Bank (SARB) has opted to keep the repo rate unchanged at the last MPC meeting of the year. This comes as two members of the committee preferred a 25-bps cut and three members voted for a hold. The decision is in line with Bloomberg economis...

​October statistics look better than expected – despite some restrictions returned
RUSSIA ECONOMICS · In Brief · 20 Nov 2020

Rosstat reported that in October, the retail sales continued to catch up, and after an increase by 2.1% m-o-m, they were down by a mere 3.8% y-o-y that month and by 4.6% y-o-y in 10m20 (here and below m-o-m rates are not seasonally adjusted). Construction remained nearly flat y-o-y both in Octobe...

Partial Covid-lockdown deepens this year's economic setback
HUNGARY · Report · 20 Nov 2020

In response to a rapid spreading of the Covid-19 virus, PM Orbán eventually gave in and introduced a partial lockdown rule from November 11. This was essentially unavoidable in view of the heavy pressure mounting on available health care capacities. Previous restrictions have already started to b...

GULF WEEKLY: Aramco bond, UAE OPEC exit rumors, Trump considered an Iran strike
GULF COUNTRIES · Report · 20 Nov 2020

A skimmable summary of key developments overlaid with our analysis and links to further information. Headlines include: * OPEC+ is musing a 3-6 month taper delay, and there are rumors the UAE will quit (it won’t...yet). * Trump considered a strike on Iran, while Zarif urged Biden not to wait ...

The fiscal situation − implications for the future
INDIA · Report · 20 Nov 2020

Some measures of the fiscal situation for the first half of 2020-21 are now visible. Gross tax revenues of the union government were down by 21.6%, spending by the union government was flat, and the gap was made up using an increase in borrowing. This has induced daunting levels of borrowing per ...

How to think about China’s GDP growth in 2021
CHINA FINANCIAL · Report · 20 Nov 2020

Special points to highlight in this issue: • Analysts are beginning to project a very strong recovery for Chinese growth next year based on their models for consumption growth. These were the same models that predicted earlier this year that 2020 GDP growth rates would be close to zero or substa...

Russia building high speed internet in the Arctic
RUSSIA / FSU POLITICS · In Brief · 19 Nov 2020

On November 17 the government announced that high speed internet is being built to assist ports as well as hydrocarbon companies in the far north. Trans Arctic underwater fiber optic cable will go from Murmansk to Vladivostok. The objective is to set up a digital infrastructure to facilitate comm...

Dominican Government sent to Congress the addendum of 2021 Public Budget Bill and maintains the fiscal deficit target
DOMINICAN REPUBLIC · In Brief · 19 Nov 2020

At the beginning of the week, the Dominican government sent to the National Congress the addendum to the Public Sector Budget Bill for 2021, in which it formally withdraws the proposal to increase transitory taxes to be applied during 2021. Instead, the DOP25 .9 b that the Government was planning...

Encouraging move, but may not suffice
TURKEY · Report · 19 Nov 2020 · 2 responses

Broadly in line with the consensus forecast, including ours, the MPC/CBRT delivered a 475 bps hike of the policy rate (one-week repo) today, raising it to 15% (simple). Parenthetically, the O/N and LLW lending rates now stand at 16.5%, and 19.5%, respectively, by construction (see chart).

Biden and China flows
CHINA ADVISORY · Report · 19 Nov 2020

Biden’s presidency is being well received in China. However, foreign investors continued to invest in the country even during the Trump Administration. We look briefly at the domestic response to the Biden election and also at the flows data. Our thesis is that capital moving out into USD and oth...

​A surprise rate cut
PHILIPPINES · In Brief · 19 Nov 2020

The Monetary Board made a surprise interest rate cut today, reducing key policy rates by 25bp which brought the overnight RRP rate to 2%. Judging by the officials’ statements during the press conference, the rate cut appears to be aimed at counterbalancing the impact on market sentiments of sever...

Political risks beat fiscal threats
ECUADOR · Report · 18 Nov 2020

We maintain our view that the political risks coming from the presidential election and the composition of the National Assembly will dominate next year’s performance because they will determine the fate of fiscal and domestic economic developments. The political arena is not fully decided so ...

Inflation is up in the aftermath of the weakening of the ruble amid year-end budgetary spending spree
RUSSIA ECONOMICS · In Brief · 18 Nov 2020

Rosstat reported that during the seven days ending on November 16, the w-o-w inflation remained at 0.2% and was the same as from November 3 to 9. Inflationary pressure increased in November and it cannot be ruled out that monthly inflation could reach 0.7-0.8% implying that inflation y-o-y could ...

Opportunities for Venezuela in the Biden administration
VENEZUELA · Report · 18 Nov 2020

The Trump administration's sanctions and maximum pressure policy in 2017-2020 failed to remove Maduro from power. The upcoming change in administration is an opportunity to recalibrate the role of the United States in the Venezuelan crisis at a time when international support for Guaidó and the o...

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