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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.
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.
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.
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.
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.
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.
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.
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).
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.
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.
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).
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Nepal’s lawmakers strongly criticized the recent India-China agreement to reopen trade routes through the Lipulekh pass, saying the deal was concluded without Kathmandu’s consent. Parliamentarians from both ruling and opposition parties denounced the agreement as undermining sovereignty, with The Kathmandu Post reporting that concerns center on the pass connecting Uttarakhand with Tibet.
Sri Lanka recorded USD 9.99 bln in total export earnings between January and July 2025, up 7.8% YoY, according to central bank and customs data. Merchandise exports contributed USD 7.8 bln, rising 7.2% from a year earlier. Authorities attributed the strong performance to diversification efforts, supportive policies, and competitiveness gains across key sectors.
Armenia’s consumer inflation reached 3.4% yoy in July, down from 3.9% the previous month. The central bank noted that inflationary pressures remain driven by supply-side factors.
Kazakhstan plans to set guaranteed transfers from the Oil Fund at KZT 2.77 trn annually for 2026–2028, based on assumptions of 5.4% GDP growth, inflation below 10%, and a narrowing budget deficit. This marks a sharp reduction from the KZT 5.2 trn drawn in 2024, with the deficit expected to fall to 0.9% of GDP by 2028.
The National Bank of Kyrgyzstan kept its policy rate unchanged at 9.25%, citing geopolitical uncertainty, inflationary pressures in trading partners, and elevated domestic inflation (9.4% yoy) driven by tariff indexation and seasonal food effects.
