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The Dominican Republic’s central bank kept its key rate unchanged at 5.75% on Aug. 29, along with the overnight deposit rate at 4.50% and the 1-day repo at 6.25%. The Board noted headline inflation at 3.4% in July and core at 4.2%, both within the 4% ±1 band, and highlighted resilient fundamentals and stronger country risk metrics compared with peers.
Brazil’s gross public debt rose to 77.6% of GDP (BRL 9.6 t;n) in July, up 0.9 ppt from June. The increase reflected nominal interest (+0.8 ppt), net issuance (+0.4 ppt), and exchange rate depreciation (+0.1 ppt), partially offset by nominal GDP growth (-0.4 ppt). Debt has risen 1.1 ppt YTD, mainly due to accrued interest (+5.1 ppt) and offsetting GDP effects (-3.6 ppt).
Zambia’s inflation fell to 12.6% in August from 13% in July, its lowest in almost two years, as the kwacha strengthened 19% YTD on higher copper prices. Food inflation eased to 14.9% and non-food to 9.3%. The gap between the 14.5% policy rate and inflation widened to a six-year high, and policymakers signaled a possible rate cut in November.
Nigeria’s corporates increasingly issued short-term debt to avoid high long-term financing costs. From June 2024 to June 2025, companies raised NGN 1.8 tln(USD 1.2 bln) in maturities under one year, compared with NGN 197.3 bln in 2-7 year tenors, according to FMDQ data.
Mozambique approved projects worth over USD 4.2 bln in H1 2025, mainly in industry, agro-industry, and tourism. At the FACIM trade fair, officials highlighted South Africa’s role as a top investor and ‘country of honor.’ Bilateral trade exceeds USD 2 bln annually, supported by geographic and historical ties.
Ethiopia signed a USD 2.5 bln agreement with Dangote to build a fertilizer plant with 3 mln tonnes annual capacity. The project, expected to be completed in about 40 months, will make Ethiopia one of the world’s largest fertilizer producers. Dangote will hold 60% ownership, with the state-owned Ethiopian Investment Holdings holding the remainder.
Egypt’s central bank cut its key policy rates by 200 bps, lowering the overnight deposit rate to 22% and lending rate to 23%. The MPC cited stronger-than-expected Q2 GDP growth of 5.4% and easing inflation at 13.9% in July, with projections for continued disinflation. Growth was supported by non-petroleum manufacturing and tourism.
Algeria’s President Tebboune dismissed Prime Minister Nadir Larbaoui and named Industry Minister Sifi Ghrieb as acting premier. Larbaoui, a former diplomat, was appointed in 2023, but state media offered no explanation for the leadership change.
The National Bank of Kazakhstan will raise minimum reserve requirements starting September, a move expected to absorb up to KZT 3.5 tln (USD 6.5 bln) in excess liquidity while curbing inflation and cooling rapid consumer lending growth. Chairman Suleimenov also noted banks have begun repaying past state support, with further repayments expected soon.
Kazakhstan’s central bank held its policy rate at 16.5%, citing still-elevated inflation driven by fiscal support and consumer lending, while warning further tightening may be needed if disinflation stalls. It also raised its 2024 GDP growth forecast to 5.5–6.5% and expects the economy to converge to potential by 2027.
Georgia’s GDP grew by 6.5% YoY in July, slightly up from 6.3% in June, and compared to an average of 8.0% growth rate this year so far.
German Chancellor Merz said a meeting between Ukrainian President Volodymyr Zelenskiy and Vladimir Putin is unlikely, despite earlier suggestions from Donald Trump, while the US warned that Russia’s continued offensives undermine peace efforts. Meanwhile, Zelenskiy said he and European leaders will meet with Trump this week to discuss security guarantees for Ukraine, including financing, weapons, and NATO-style support.
Philippines’ central bank cut its policy rate by 25 bps to 5.0%, its third straight reduction, after July inflation eased to a near six-year low of 0.9%. Q2 GDP growth accelerated to 5.5% YoY, the strongest in a year. The BSP maintained inflation forecasts of 1.7% in 2025, 3.3% in 2026, and 3.4% in 2027, but cautioned that energy and food prices could add risks.
Laos set September priorities focused on economic resilience, infrastructure, and stability following a two-day government meeting with provincial leaders. Inflation dropped to 5%, reserves covered nearly five months of imports, and revenues reached 47 trn kip, 69% of the 2025 target. Agriculture performed strongly, with rice planted on 97% of seasonal targets. Tourism surged, with 2.35 mln foreign arrivals in 8M25 (+12% YoY) and 2.46 mln domestic visitors (+46% YoY).
India’s GDP expanded 7.8% YoY in Q2 2025, accelerating from 7.4% in the prior quarter and surpassing expectations of 6.6%. Growth reached its fastest pace in five quarters, supported by stronger consumer spending as easing inflation improved household purchasing power.
Peru’s bond issuance between January and August 2025 reached PEN 52.8 bln (USD 14.5 bln), equal to 4.6% of GDP, according to the finance ministry. Public issuers accounted for USD 9.8 bln and private issuers USD 4.7 bln. Sovereign spreads averaged 156 bps, among the lowest in Latin America, supported by debt at 32.1% of GDP and a fiscal deficit of 3.5%. Authorities target a further deficit cut to 2.2% by year-end.
Colombia’s 2061 bonds rallied more than 3 cents to nearly 60 cents on the dollar, the highest since September 2024, after a group of major banks launched a tender offer. The purchase is part of a hedging operation, though the next steps in the process remain uncertain.
Brazil’s President Lula saw his approval slip to 48% in August, down two points from July, while polls showed him trailing Sao Paulo Governor Tarcisio de Freitas 46.6% to 48.4% in a hypothetical 2026 runoff. Lula reiterated he would run if in good health. Markets rallied after the poll, with equities up 1.8% to a record close, the real gaining 0.3%, and longer-dated swap rates falling.
Zambia’s inflation eased to 12.6% in August from 13% in July, the lowest in almost two years, helped by currency strength reducing import costs. Food inflation fell to 14.9% from 15.3% and non-food inflation to 9.3% from 9.7%. The central bank, which held rates steady at 14.5% in August, signaled cuts may be considered in November if disinflation persists.
Tanzania’s electoral commission disqualified the presidential candidate of the second-largest opposition party from October elections, leaving President Samia Suluhu Hassan to face smaller rivals. Hassan and her running mate Emmanuel Nchimbi were formally cleared to contest the Oct. 29 vote.
Mozambique signed a USD 20 bln strategic agreement with Qatari group Al Mansour Holding, to be invested across agriculture, energy, infrastructure, health, education, and tourism. Authorities said the deal will create jobs, boost development, and deliver long-term social impact.
Egypt cut rates by 200 bps, lowering the benchmark deposit rate to 22% and lending rate to 23%, its first reduction since May. The central bank said easing was warranted to support investment and debt servicing while anchoring inflation expectations. Consumer inflation slowed to 13.9% in July, less than half the September 2023 peak, while a stronger pound has helped contain price pressures.
Kazakhstan confirmed that crude exports via the Baku-Tbilisi-Ceyhan pipeline were halted this month due to contamination in Azerbaijani oil, and said talks are underway to resume flows as soon as possible. The disruption highlights the importance of the BTC route for Kazakhstan’s strategy to diversify exports away from Russia.
Bosnia’s electoral commission has scheduled a presidential election in Republika Srpska for November, to replaced banned RS leader Milorad Dodik, who was removed for defying the international envoy, but refuses to step down. Dodik instead plans an October referendum on his position, deepening one of the country’s worst political crises since the 1990s war.
Russian strikes on Kyiv, Ukraine, killed at least 18 people and injured dozens more in one of the largest attacks this year, despite US and European calls for peace talks. The assault underscored Moscow’s rejection of negotiations as Ukraine pushes allies for firm security guarantees, while Western leaders condemned the strikes and warned of escalating threats to European security.
Vietnam’s decision to liberalize its gold market could help slow dong depreciation, MUFG said. Analyst Michael Wan noted the local premium over global gold prices reflects capital outflows and restrictions on imports, fueling expectations of further weakness. Narrowing that premium may temper depreciation pressures over time, though gold is only one of several factors driving currency moves.
Thailand’s bond rally is expected to lose momentum as most rate cuts are already priced in, according to Aberdeen. The 10-year yield has dropped to 1.30%, with limited room to fall another 10–15 bps over the next six months. Global funds have turned net sellers this quarter, offloading USD 262 mln after investing nearly USD 1.5 bln in Thai debt in 1H25.
Sri Lanka’s central bank repaid USD 900 mln to the RBI and USD 209 mln to the IMF in the year to March 2025, official data showed. The central bank had borrowed about USD 2.2 bln from the RBI via the Asian Clearing Union and a USD 400 mln swap during the 2019-2020 crisis. Of USD 2.45 bln due to the RBI in Q4 2023, USD 1.33 bln remained outstanding by Q1 2025.
Guatemala’s monetary authority cut its benchmark rate by 25 bps to 4.25%, citing inflation below the 3%-5% target band and subdued forecasts. Officials revised 2025 GDP growth up to 4% (from 3.8%) and held 2026 at 3.9%, noting that easing oil prices and anchored expectations justified a gradual loosening bias.
Brazil’s real weakened past 5.44 per USD as inflation pressures and a stronger dollar hit EM currencies. Mid-August inflation came in at 4.95% YoY, above expectations, with sticky services and energy components dampening hopes for rapid rate cuts. Market repricing pushed DI rates higher, signaling restrictive policy will remain in place, while weaker trade inflows and a wider external gap add pressure on the currency.
Argentina’s government is defending the peso ahead of a debt auction to refinance ARS 9 tln in maturities. Authorities are selling peso notes and dollar-linked securities while raising reserve requirements to ensure demand. The strategy has strengthened the peso but lifted yields sharply, slowed bank lending, and increased stress in the financial system, adding political risks for President Milei ahead of the October election.
Nigeria’s national oil company NNPC reported that pipeline theft has been nearly eradicated, with receipts approaching 100% and oil output rising to 1.8 mbpd, the highest since November 2024. CEO Bayo Ojulari said production could reach 2.5 mbpd in 2026, a level not seen since 2005, if remaining challenges are resolved. Higher output would boost both fiscal and external balances.
Kenya is negotiating new borrowing from the Trade and Development Bank to refinance a KES 51.6 bln (USD 400 mln) syndicated loan maturing next month. Officials said refinancing will ease pressure on revenues and allow fiscal space for expenditures, amid slower revenue growth and higher spending needs.
Jordan will receive EUR 500 mln (USD 581 mln) in macro-financial assistance from the EU over 2.5 years, part of a EUR 3 bln partnership launched in January. Funds are contingent on reform progress in areas including fiscal management, governance, social protection, and anti-corruption, and will help cover external financing needs while supporting growth.
Ghana’s central bank scaled back its dollar sales after IMF concerns over excessive FX intervention. The bank had injected more than USD 2 bln into the market in Q2 2025 to stabilize the cedi, which has appreciated 40% YTD. The widening gap between official and retail markets persists, with the dollar at ca. GHS 11 officially but as high as GHS 12 in retail trades.
UAE and Angola signed a comprehensive economic partnership agreement (CEPA) aimed at raising non-oil trade above USD 10 bln annually by 2033, while adding USD 1 bln to each economy. The accord was signed in Abu Dhabi in the presence of UAE President Sheikh Mohamed bin Zayed and Angolan President João Lourenço.
The US Treasury has postponed sanctions on Serbia’s Gazprom Neft–owned oil company NIS for another month, marking the sixth extension, while Serbian officials stress stable fuel supplies and continue diplomatic efforts for removal from the sanctions list. Washington is pressuring for full Russian ownership withdrawal from NIS, which dominates Serbia’s oil and gas market and plays a major role in its economy.
Germany, France, and Poland used a visit to Moldova to back President Maia Sandu and warn against rising pro-Russian influence in next month’s elections, stressing that Moscow’s interference threatens the country’s EU path. While Moldova has advanced integration and gained EU support, pro-Kremlin forces remain strong, making the vote a pivotal test of its Western future.
Pakistan’s central bank purchased USD 7.76 bln from the FX market between June 2024 and May 2025 to stabilize reserves and the exchange rate. Interventions peaked above USD 1 bln in some months, including USD 522 mln in May 2025. Reserves rose from USD 9.4 bln in June 2024 to USD 11.5 bln by May 2025, supported by multilateral inflows, maintaining buffers above USD 10 bln despite external repayments.
India’s rupee stabilized near 87.61 per USD on Thursday after five consecutive sessions of losses, supported by suspected RBI dollar sales and a softer greenback. The move helped prevent a retest of the 87.95 record low. Traders cited Fed rate cut bets after comments by New York Fed President Williams, and political pressure from President Trump’s attempt to replace Fed Governor Cook with a dovish nominee. Domestic demand kept India’s economy steady in July, though authorities warned that rising global protectionism could weigh on activity.
India’s refiners, among the largest buyers of Russian crude, are planning to reduce purchases to 1.4–1.6 mln bpd from October, down from 1.8 mln bpd in 1H25. The modest cut is seen as a concession to US pressure ahead of tariff hikes but signals India has no intention of cutting ties with Moscow. State-run and private firms, including Reliance Industries, are expected to maintain significant volumes despite reduced liftings.
Bolivia’s natural gas production continued its multi-year decline, falling 17% YoY in H1 2025 to 5.1 bcm. Exports dropped sharply from 9 mln tons in 2020 to 4.8 mln in 2024, with just 1.8 mln tons shipped in Jan-Jun 2025. Analysts warned Bolivia may soon need to import gas to meet domestic demand.
Uganda recorded a July 2025 budget deficit of UGX 1.46 tln, below the UGX 1.66 tln projection, according to finance ministry data. Revenues and grants totaled UGX 2.54 tln, 3% above target, supported by UGX 168 bln in World Bank funding, despite VAT and petroleum tax shortfalls. Spending was 4% under budget due to implementation delays, affecting wages, goods, and local government transfers.
South Africa’s Airports Company (ACSA) announced plans to spend 21.7 bln rand on infrastructure in the next 12 months, funding half via capital reserves and the rest through debt instruments. CFO Luzuko Mbotya said 2.3 bln rand has been allocated for refurbishment and rehabilitation projects this fiscal year.
Nigeria is finalizing reforms to increase pension fund investment in infrastructure and private equity from the current 5%, according to the National Pension Commission. A spokesman said new limits could be announced before the end of the quarter, with the goal of improving returns on the USD 17 bln retirement savings industry.
Nigeria approved its 2024–2027 medium-term debt strategy, raising the public debt ceiling to 60% of GDP by 2027 from 52.3% at end-2024, The Cable reported. The plan, supported by the World Bank and IMF, shifts borrowing toward longer-term naira instruments. It also introduces a 4.5% cap on interest-to-GDP, up from 3.75% in 2024, while sovereign guarantees remain capped below 5% of GDP.
Israel’s Prime Minister Netanyahu will convene top officials to discuss a possible Gaza ceasefire deal, giving Hamas until mid-September to agree to terms involving hostage releases and disarmament. Meanwhile, the Israeli army is preparing a final assault on Gaza City, with tanks and troops encircling the area, and plans to warn civilians before operations begin.
DR Congo’s central bank, under Governor Andre Wameso, forecast inflation will decline to ca. 8% by year-end from 24% in 2023, nearing the 7% target. Wameso said the current real interest rate of 17% is excessively high and constrains franc-denominated financing. The bank may cut rates in October for the first time since raising the policy rate to 25% in 2023. Plans under review include allowing individuals to invest in government securities and issuing long-term local-currency debt to establish a yield curve.
Tunisia’s health ministry introduced a national plan to combat medicine shortages, urging doctors to ration prescriptions and use centralized data when prescribing. The plan creates an “early warning” system at the state-owned Central Pharmacy and requires pharmaceutical firms to report inventories regularly.
South Africa’s presidency warned citizens against job offers in Russia after reports surfaced that recruiters were targeting women for alleged work in drone factories. Alabuga Start, linked to Russia’s Alabuga SEZ, has expanded its campaign since 2023 to hire women aged 18-22 from Africa, Latin America, and Asia. Research groups alleged that recruits ended up in drone assembly plants frequently bombed in Ukraine.
