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Moscow digital passes scheme struggles in confusion
RUSSIA / FSU POLITICS · In Brief · 17 Apr 2020

On March 15 Moscow introduced a system of digital passes to allow 3.2 million of Moscow's 13 million people to leave their residences - if taking transport (pedestrians do not require passes). The government was not clear about the regulations and the police also seemed to be in the dark. There w...

​Argentina to present tomorrow a unilateral debt restructuring proposal for its external debt
ARGENTINA · In Brief · 16 Apr 2020

Today (Thursday), President Alberto Fernández, invited, once more, all the governors to a meeting. In this opportunity, Finance Minister Martín Guzman (MG) gave a report on the debt restructuring process and the main guidelines of the actual swap proposal that would be officially presented tomorr...

​GCC: The IMF's gloomy forecasts may still be too optimistic
GULF COUNTRIES · Report · 16 Apr 2020

* Markets were shocked by the IMF’s “Great Lockdown” forecasts this week, but its GCC outlook looks too optimistic in certain regards, although it is a valuable benchmark. * The GCC’s non-oil contraction in 2020 (-4.3%) is in line with the global COVID shock, although the IMF warns of “extreme u...

Drug prices in Russia up 15%
RUSSIA / FSU POLITICS · In Brief · 16 Apr 2020

On April 16 Russian newspaper Kommersant reported that drug prices in Russia have risen by up to 15% due to the fall of the RUB. Importers have to pay more for imported ingredients and this has been passed on to consumers. People rushed to pharmacies in March to stock up on pharmaceuticals in ant...

Mandetta’s situation
BRAZIL POLITICS · Report · 15 Apr 2020

Since this morning, rumors that President Jair Bolsonaro will fire the Minister of Health, Luiz Henrique Mandetta, have increased in intensity. To add to this, the Secretary of Health in the Ministry, Wanderson de Oliveira, considered the formulator of the strategy against the coronavirus, resign...

​Russia: Pandemic update
RUSSIA ECONOMICS · In Brief · 15 Apr 2020 · 2 responses

Russia’s inflation w-o-w showed no signs of an acceleration in the past seven-day period ending on April 13, and reached 0.2% w-o-w (versus 0.3% a week earlier). It is likely that in April inflation may be around 1% and similar level of inflation can be expected in May. If so, then in May the y-o...

​Health Minister promises quick end to corona battle
TURKEY · In Brief · 15 Apr 2020

In his Tuesday evening briefing, Health Minister Mr. Fahrettin Koca took pride in Turkey’s super-efficient health system which keeps the mortality and intubation ratios from COVID-19 low and has a nation-wide contact tracing network which leaves no stone unturned. “Therefore”, he said “in one to ...

Economic team proposes aid to states and municipalities
BRAZIL POLITICS · Report · 14 Apr 2020

The economic team is proposing an alternative to the bill that provides relief to states and municipalities approved by the Lower House on the evening of Monday, April 13. The text will now be analyzed by the Senate. According to the Lower House text, the federal government will compensate for lo...

The South African Reserve Bank cuts interest rates by another 100 basis points in less than one month
SOUTH AFRICA · Report · 14 Apr 2020

The South African Reserve Bank’s (SARB) Monetary Policy Committee (MPC) has once again cut the repo rate by 100 basis points from 5.25% to 4.25% today and effective from tomorrow, meaning the prime lending rate will decline from 8.75% to 7.75%. This follows closely the 100-bps cut during the MPC’...

COVID-19 hitting hard – but Piñera’s ratings rise
CHILE · Forecast · 14 Apr 2020

COVID-19 is taking a heavy toll on the Chilean economy. Though we still lack hard data, it seems clear that this will be the worst economic event since the financial crisis of 1982. We hope the crisis will be short-lived, and that we’ll see recovery in H2. But at this point, no one can be sure. ...

​Uncharted territory
ARGENTINA · Report · 14 Apr 2020

As in the rest of the world, the outbreak of the new coronavirus has obliged Argentina’s government to navigate through uncharted territory. The crisis fundamentally changed the government’s priorities, forcing a focus on how to tackle the unavoidable health and economic costs of the pandemic. Co...

Inflation in March comes in slightly on the upside
ISRAEL · In Brief · 14 Apr 2020

Inflation in March reached 0.4% m/m and zero 0.0% y/y (from 0.1% in February). Market expectations (and ours as well) were at 0.3% m/m. The upward surprise came from the housing rental item, which actually accelerated slightly to 2.3% y/y (from 2.2%, we had expected a moderation to 1.7%). This th...

China virus check – week ending April 11
CHINA ADVISORY · Report · 14 Apr 2020

Our latest data for economic activity in China shows: 1) Rising coal use in the power industry and iron ore blast furnace operating rates. 2) A slight decline in the growth rate for traffic congestion. 3) Metro rail traffic is rising but one city – Guangzhou – is outpacing others we tra...

Russian coronavirus financial support sluggish
RUSSIA / FSU POLITICS · In Brief · 14 Apr 2020

Russian banks are rejecting many appeals for financial support from businesses. Government programs allow assistance to such businesses. On April 10 the Governor of the Russian Central Bank (CBR) said that issuance of loans under these scheme was slow. She asked banks to hurry up. 900 companies h...

Bolsonaro and Mandetta
BRAZIL POLITICS · Report · 13 Apr 2020

The relationship between President Jair Bolsonaro and Health Minister Luiz Henrique Mandetta continues to present ups and downs. Even after the last week’s “truce” and Bolsonaro’s more moderate national pronouncement on radio and TV, the president this weekend returned to visit local businesses i...

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