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The South African Reserve Bank cuts interest rates by 100 basis points amid the Covid-19 pandemic
SOUTH AFRICA · Report · 19 Mar 2020

The South African Reserve Bank’s (SARB) Monetary Policy Committee (MPC) has today announced that it is cutting the benchmark interest rate by 100 basis points from 6.25% to 5.25%, which means the prime lending rate also goes from 9.75% to 8.75%. This is an especially bold move from the normally c...

From bad to worse
ARGENTINA · Report · 19 Mar 2020

President Alberto Fernández says that now the problem is the economy, rather than the deficit -- meaning that the government will shift to prioritizing the preservation of income of workers and low-income families, and will try to contain the recession.His aim is no different from that of U.S. Pr...

The coronavirus pandemic: Gauging potential shock
UKRAINE · Report · 19 Mar 2020

It makes little sense right now to analyze pre-COVID-19 data and trends. The world is changing dramatically, and very rapidly. The scale of the current storm is difficult to grasp, but we have decided to take the first step in calibrating the potential consequences for Ukraine. The main focus is ...

Russian currency collapse
RUSSIA / FSU POLITICS · In Brief · 19 Mar 2020

The RUB lost value on March 19. The Russian Government's effort to halt depreciation has failed. The Central Bank sold foreign currencies in an effort to support the RUB. The Russian Stock Market is down 20% since the beginning of 2020. Aeroflot has fallen in capitalization value from USD 2.2 bil...

The government announced measures to ease Covid-19 pressures
HUNGARY · In Brief · 19 Mar 2020

Following the MNB's call for a debt moratorium and for cheap unsecured loans, the government quickly joined in, by announcing new measures to ease the pressures of Covid-19 on the economy. The measures, announced by PM Orbán personally yesterday, were the following:1. A moratorium for the payment...

COVID-19 strikes Chile
CHILE · Report · 19 Mar 2020

The COVID-19 crisis has rapidly taken over the political and social scene, overshadowing expectations that spring would be dominated by the campaign for an April 26th constitutional plebiscite. Virus cases have climbed from 60 to 238 over the past few days. As elsewhere, it is hard to predic...

Positive cases for COVID 19 increase but overall remain low
DOMINICAN REPUBLIC · In Brief · 19 Mar 2020

The number of positive cases of the novel coronavirus in the country has been increasing exponentially. The authorities reported yesterday, March 18, that it amounts to 34, 13 more cases than two days earlier, and 23 more cases than four days ago. However, the overall incidence remains low and co...

China virus check – week of March 16
CHINA ADVISORY · Report · 19 Mar 2020

Our latest data for economic activity in China shows: 1) Modest improvement in coal use in the power industry. 2) The growth in traffic congestion is slowing week over week. 3) The decline in expressway traffic is slowing. 4) People using the search term “job recruitment” is rising, b...

​Monetary policy response to covid-19
PHILIPPINES · In Brief · 19 Mar 2020

The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) today introduced a package of measures to help combat the adverse effects of the covid-19 on domestic economic activity. These included: (1) a 50bp cut in the set of policy rates, with the key overnight borrowing and lending rates r...

President Bolsonaro gives a press conference, and more measures to combat the virus are announced
BRAZIL POLITICS · Report · 18 Mar 2020

For the first time since the coronavirus pandemic took hold, this afternoon President Jair Bolsonaro gave a press conference, accompanied by ministers who are part of the Executive’s Crisis Committee. The initiative comes after criticism on social media as well as protests that took place against...

100 bp reduction in policy rate and other bold measures in response to COVID-19 threat
DOMINICAN REPUBLIC · In Brief · 18 Mar 2020

This morning, the Monetary Board announced a set of measures that seek to reduce the negative impacts of COVID-19 and the policies adopted to reduce the risk of contagion. These are: - 100 bp reduction in the monetary policy rate, from 4.50% to 3.50%, reduction of the repos rate from 6.00% to 4.5...

New Ukrainian Economy Minister
RUSSIA / FSU POLITICS · In Brief · 18 Mar 2020

On March 18 the Ukrainian Parliament confirmed Ihor Petrashko as Minister for the Economy. Petrashko studied at Vanderbilt University and speaks fluent English. PM Shymhal appointed Petrashko on March 17. Parliament has now gone into recess due to coronavirus. Petrashko, 44, has been an executive...

The government orders a lockdown to confront the threat of COVID-19
DOMINICAN REPUBLIC · In Brief · 18 Mar 2020 · 1 response

Last night, President Medina announced a set of policy measures to confront the threat of the novel coronavirus. He announced that he will request Congress the declaration of National Emergency. The usefulness of this is not clear and for what exactly would he use the powers granted by the declar...

Duque government declares state of economic emergency
COLOMBIA · In Brief · 18 Mar 2020 · 2 responses

Yesterday night, president Duque addressed the Nation, announcing the decision of the cabinet of ministers to declare a state of economic emergency, which under the Constitution gives the government the capacity to legislate by issuing government decrees, without the need of going through the nor...

Forecasting in a time of radical uncertainty (2)
PHILIPPINES · In Brief · 18 Mar 2020

On Monday, as it became evident that putting Metro Manila on lockdown was not going to significantly limit the movement of people, President Rodrigo Duterte, upon the recommendation of health officials, expanded the lockdown to the entire island of Luzon, imposing strict home quarantine on all ho...

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