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COUNTRY INSIGHTS

VEB will probably receive USD 4.6 Bn in budgetary funds.
RUSSIA / FSU POLITICS · In Brief · 31 Oct 2018

Vnescheconombank (VEB)'s board met with the government on 30 October with a view to agreeing the bank's recapitalization. A bill has been prepared by the Ministry of Finance and was discussed by the cabinet on 31 October.VEB is one of the largest banks and sponsors one of Moscow's top football te...

Bad news for China from Brazil; no news in the Chinese data
CHINA FINANCIAL · Report · 31 Oct 2018

Special points to highlight in this issue: • Jair Bolsonaro’s election Sunday as President of Brazil is not, at least on paper, especially good news for China. The “tropical Trump” has attacked China consistently in his speeches, but even if he has no intention of following through, to the exte...

CBRT: Prepare for volatility in inflation
TURKEY · In Brief · 31 Oct 2018

The CBRT has released this year's final Inflation Report today.2018 yearend inflation forecast was revised sharply up to 23.5% (midpoint of a range between 21.9% and 25.1%) from 13.4% previously, which is close to 24.2% of the latest CBRT expectation survey (October results), but higher than New ...

Trade war not yet hitting trade
CHINA · Forecast · 31 Oct 2018

Growth slowed in Q3, though it remained in a stable zone, with GDP expanding 6.5% y/y, down 0.3 pps from H1. Though the most uncertain factor is the U.S.-China trade war, trade is booming: in Q3, exports were up 10.3% y/y, and up 7 pps from Q2. Imports were up 19% y/y, up 8 pps from Q2. Trade als...

COSTA RICA: Dismal news
CENTRAL AMERICA · Report · 31 Oct 2018 · 1 response

Worrying economic news continues in Costa Rica. Unlike what we’ve highlighted in previous reports, negative trends now dominate short-term economic indicator trends: we’re seeing a slowdown in economic activity, merchandise and services exports, credit to the private sector and fiscal revenues. T...

A milestone in the institutional structure of RBI
INDIA · In Brief · 31 Oct 2018

1. Under the existing RBI Act, there is no autonomy of the RBI. Section 7 of the RBI Act empowers the government to give `directions' to the RBI on any subject, without any transparency provisions. This feature of the RBI Act has always been present. Many people in the Indian discourse have loose...

Bye-bye, cyclical recovery.
CHILE · Report · 30 Oct 2018

The Central Bank has raised the Monetary Policy Rate (TPM) to 2.75%, after keeping it at 2.5% for 17 months. The Bank will likely raise the TPM another 25 bp in the next RPM in December. More importantly, the Bank says that, under the base scenario, it will bring the TPM to at least 4% by 2020. ...

AMLO unveiled by the cancellation of Mexico's City new airport
MEXICO · In Brief · 29 Oct 2018

Andrés Manuel López Obrador (AMLO), announced today that the construction of Mexico City’s new airport will be cancelled. AMLO has unveiled his personal priorities and it is clear he’ll choose political gain over economic stability. Markets reacted negatively not only due to the importance of thi...

Tough macroeconomic adjustment is supported by IMF program, while more severe stagflation raises political uncertainty
ARGENTINA · Forecast · 29 Oct 2018

From the second week of August until the end of September, Argentina suffered its second currency crisis of the year, with the peso depreciating from 28 to 42 pesos to the dollar. The first currency crisis had happened at the beginning of May, and lasted until the end of June, when the price of t...

Panama: The Presidential race is on
PANAMA · In Brief · 29 Oct 2018

This Sunday, two parties held their primaries: the incumbent Panameñista Party and the hard-liner leftist Frente Amplio por la Democracia (FAD). The major of Panama City, José I. Blandón defeated by an ample margin (56.7% vs. 38.1 %) his main opponent, Mario Etchelecu (former Minister of Housing)...

Economics: Risks of federal government overhaul
MEXICO · Report · 29 Oct 2018

A recent proposal by the next governing party’s leader in the Chamber of Deputies to amend the Organic Law of Federal Public Administration included many changes that had been expected and clarified some of the mechanisms for achieving objectives that had already been announced. But it and other ...

Politics: Implications of the new reform proposal
MEXICO · Report · 29 Oct 2018 · 1 response

A reform proposal advanced last week by the head of the Morena caucus in the Chamber of Deputies would significantly modify the federal government’s structure and mode of functioning, concentrating power, budget and authority in the hands of the President of the Republic, as various major governm...

Monetary Policy: No surprises for now
BRAZIL ECONOMICS · Report · 29 Oct 2018

At the next COPOM meeting the Central Bank should keep the SELIC rate at 6.5%, with the communiqué and minutes repeating two warnings that have been expressed repeatedly. The first refers to the changes that have been occurring in the international scenario, which is not as favorable as it was un...

The success of international events in the midst of disaster recovery
INDONESIA · Report · 29 Oct 2018

In the month of September 2018, disasters hit the area of Central Sulawesi, especially in Palu, Donggala and Sigi. A huge earthquake created deadly tsunamis and flooding, which especially hit Palu just shortly after the earthquake. That earthquake followed another large earthquake that hit Lombok...

Russia supports Saudi Arabia over the Khashoggi issue
RUSSIA / FSU POLITICS · In Brief · 29 Oct 2018

The Russian Government has backed Saudi Arabia's version of events with relation to the death of Jamal Khashoggi. Dmitry Peskov said that no one has any reason to doubt the explanation of the Saudi Arabian Government. No other country outside the Middle East has offered such support. Peskov is Pr...

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