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COUNTRY INSIGHTS

Russian family savings increase twofold in 12 months
RUSSIA / FSU POLITICS · In Brief · 12 Feb 2021

Data released by Rosstat on February 10 showed that savings are up dramatically despite incomes going down. Russian household savings are now USD 70 billion. People have saved more because they cannot spend on travel and entertainment as much. Working from home also helped. Household consumption ...

Fitch downgraded key Panamanian banks following the Republic's recent assessment and negative valuation of the financial Operating Environment
PANAMA · In Brief · 11 Feb 2021

As the result of the February 3 downgrade of Panama's Sovereign risk by Fitch Ratings from BBB to BBB-, the agency downgraded yesterday five important Panamanian banks - including the state-owned Banco Nacional de Panama (BNP). Banco General, the largest private bank in the country, dropped two n...

Russia planning to streamline guest worker regulations
RUSSIA / FSU POLITICS · In Brief · 11 Feb 2021

On February 10 the government said it is examining the simplification of the visa process for migrant laborers. The country has been confronted by an accute paucity of workers in farming, construction and public sanitation. In March 2020 Russia closed its borders. Tens of thousands of guest worke...

Russian limp growth means country will not reach advanced economy status
RUSSIA / FSU POLITICS · In Brief · 11 Feb 2021

On February 11 the IMF stated that Russia's anemic economy means that the country will not achieve advanced status. Growth was a poor 1.3% even before coronavirus struck. The economy contracted by 3.1%: less than almost any other major economy. That is partly attributable to the absence of a seco...

The Russian budget posted a small deficit in January as expenditures were up y-o-y
RUSSIA ECONOMICS · In Brief · 10 Feb 2021

Federal budget revenues dropped by 3.7% y-o-y in January amid 3.3% y-o-y growth of expenditures. Oil-and-gas revenues were down by 19.7%, while non-oil-and-gas revenues were up by 6.7% y-o-y. In January, the government collected 8.0% and spent 7.8% of the annual plan. The result looks good as usu...

Troubled Waters Ahead
ECUADOR · In Brief · 10 Feb 2021

When 99.67% of the compiled votes have been counted, the difference between Guillermo Lasso from CREO (19.59%) and Yaku Perez (19.70%) has shrunk around 0.2% since yesterday. There are still 3.53% of compiled votes being revised and counted (close to 400,000 individual votes pending of being veri...

Russia declines to attend European security seminar
RUSSIA / FSU POLITICS · In Brief · 10 Feb 2021

On February 9 Moscow turned down an offer to take part in a security conference with the Organization for Security and Cooperation in Europe (OSCE). The OSCE comprises 57 countries. Since 1991 Russia has always taken part. The refusal is a symptom of Russian disaffection, and Moscow stated that a...

​Minfin pushes OFZ yield curve up
RUSSIA ECONOMICS · In Brief · 10 Feb 2021 · 1 response

Today the Finance Ministry conducted three primary OFZ auctions and raised R49.4 bln (in three placements), the best result since the beginning of the year. However, the cost that the borrower paid looks high. As a reminder, last week the Ministry cancelled the placement of fixed-rate paper due t...

​“The Grand Bargaining” officially started yesterday
TURKEY · In Brief · 10 Feb 2021

We have been priming our audience for the “Day of Reckoning” between Biden Administration and Erdogan Regime. The presence of S-400s on Turkish soil, a NATO member, was unacceptable to NATO and US. Unless Ankara took a step back, Biden is likely to tighten existing CAATSA sanctions month by month...

The government is struggling with mass vaccination
HUNGARY · In Brief · 10 Feb 2021

PM Orbán and his environment keeps proudly referring to the fact that in December 2020, exactly 4.5 million people were found by the Statistical Office in some sort of employment, only 14 thousand short of the level recorded one year earlier. That is a great achievement indeed, but unfortunately ...

The future looks clearer, but risks persist
DOMINICAN REPUBLIC · Report · 09 Feb 2021 · 1 response

The Dominican Republic began 2021 feeling the onslaught of the second wave of COVID-19, internally evidenced by the increase in the number of infections and deaths, and externally by greater restrictions on international mobility - the most extreme expression of which is the ban on flights from C...

St Petersburg Exchange booming
RUSSIA / FSU POLITICS · In Brief · 09 Feb 2021

Reddit has helped investment make St Petersburg (SPB) become the largest exchange in Russia. SPB trading reached USD 36.1 billion in January 2021. That was ahead of Moscow's bourse at USD 30.2 billion according to Bloomberg.SPB is mostly about Russian retail investors. SPB enables them to purchas...

Turkmenistan hosted Taliban talks
RUSSIA / FSU POLITICS · In Brief · 09 Feb 2021

On February 6 Ashgabad had a Taliban delegation in town for negotiations. The Turkmen Government routinely denounces internal dissidents as Islamic extremist even if they are totally secular. But the government is in talks with the Taliban because Turkmenistan borders Afghanistan. The issues were...

EU states to expel Russian diplomats
RUSSIA / FSU POLITICS · In Brief · 09 Feb 2021

On February 8 Germany, Sweden and Poland announced that each were expelling one Russian diplomat. This is hitting back for Russia's expelling a diplomat from each of those three countries. The EU diplomats were expelled for attending a pro Navalny rally.EU foreign policy commissioner Josip Borrel...

Russia’s current account widens in January which creates a solid base for economic recovery
RUSSIA ECONOMICS · In Brief · 09 Feb 2021

Russia’s current account and trade surplus widened in January relative to previous months. The current account surplus reached $6.8bn, while the trade surplus was at $9.4 bn. In 4Q20 as a whole, the current account surplus at $5.5bn, and the trade surplus was at $21.5 bn. Based on the CBR prelimi...

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