Colombia
Colombia’s retail sales plunged by 11.9% YoY in July, marking the steepest decline in nearly three years, and following a 5.1% drop the month prior.
July 20, 2023
Colombia’s retail sales plunged by 11.9% YoY in July, marking the steepest decline in nearly three years, and following a 5.1% drop the month prior.
In a drastic policy shift, Argentina hiked its interest rates by 21 pp to 118% and devalued its currency by around 18% to 350 pesos
The BRICS group (comprising China, Brazil, South Africa, Russia, and India) will explore enhanced use of local currencies in intra-member trade during a summit in
Following the removal of fuel subsidies, transport fares in Nigeria nearly doubled in June, escalating to 1,285 naira from 650 the previous month, representing a
Mozambique registered a 4.7% YoY growth in Q2, up from 4.2% in the prior quarter. Key sectors contributing were agriculture (3.1% growth) and mining (42.7%
In 2022, Ghana’s FDI inflows decreased by 42.3% to USD 1.5 bln from USD 2.6 bln in 2021. However, greenfield project announcements went up by
Ethiopia’s annual inflation dropped to 28.8% in July, the lowest since July 2021, declining from 29.3% in June. The rate remained over 30% for two
Moody’s maintained its review for a potential downgrade of Egypt’s B3 long-term ratings, citing concerns about foreign currency liquidity and the net foreign asset position
Angola’s annual inflation rate surged to 12.12% in July, up from 11.25% in the previous month, mainly driven by a sharp depreciation of the Angolan
Fitch affirmed Serbia’s credit rating at BB+ and maintained a stable outlook. While the rating agency expressed optimism in its forecast, emphasizing robust FX reserves
Azerbaijan accused Armenia on Monday of building up troops along the border between the two countries to carry out military acts of provocation, a claim
During a visit to Kyiv, Germany’s finance minister Lindner confirmed the country’s pledge to supply Ukraine with annual military aid of EUR 5 bln until
The Russian ruble (RUB) experienced further depreciation yesterday, plunging beyond the significant threshold of 100 against the USD, a level unseen since March of the
Thai Move Forward Party, a surprise winner in recent elections, faces a decision on backing Pheu Party’s prime ministerial candidate, Srettha Thavisin. Supporting Srettha could
The Philippine economy grew 4.3% YoY in Q2 2023, marking the slowest growth since 2011 and decelerating from 6.4% in Q1 2023. Household consumption increased
The Indian rupee depreciated to an all-time low of 83.2 per USD due to increased capital outflows following the recent CPI report and its potential
Meanwhile, Chinese defense minister Li Shangfu is touring Russia and Belarus, marking a solidifying alliance, especially amid the West’s efforts to isolate them over Ukraine’s
The offshore yuan weakened to levels past 7.25 per USD following data that new bank loans plummeted 89% in July YoY. That stirred concerns about