| M | T | W | T | F | S | S |
|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| 8 | 9 | 10 | 11 | 12 | 13 | 14 |
| 15 | 16 | 17 | 18 | 19 | 20 | 21 |
| 22 | 23 | 24 | 25 | 26 | 27 | 28 |
| 29 | 30 | |||||
Russia’s annual inflation eased for a fourth straight month to 8.8% in July 2025, the lowest since October 2024, from 9.4% in June. The slowdown matched the central bank’s view that early-year price pressures would not persist, though inflation remains well above the 4% target. Services posted the highest increase at 11.9%, followed by food at 10.8%, while non-food goods rose 4.1%. Core inflation was 8.5%. On a monthly basis, consumer prices rose 0.6%.
Mongolia’s January to July 2025 trade surplus fell to USD 1.3 bln from USD 2.9 bln a year earlier, as exports dropped USD 1.5 bln to USD 7.8 bln, mainly due to a USD 2.4 bln plunge in coal exports to China. Gains in copper and zinc shipments only partly offset declines in coal, cashmere, and crude oil.
Serbia’s central bank cut its 2025 GDP growth forecast to 2.75% from 3.5%, citing weaker agricultural output, rising inflation, and lower investor confidence. For 2026 to 2027, it projects growth of 4 to 5%. President Vucic reiterated Serbia’s military neutrality and non-alignment with NATO, and announced early elections. He also confirmed there would be no constitutional changes to allow him another presidential term.
Egypt signed a USD 1 bln agreement with China’s Sailun Group to build an automotive tire factory in the Suez Canal Economic Zone, producing 10 mln tires annually by 2029, with the first phase due in 2026. The SCEZ benefits from special legal and tax incentives and is part of China’s broader expansion in Egyptian infrastructure and industrial sectors.
Standard Chartered Bank said Egypt’s macroeconomic stability remains intact, supported by strong FX inflows from portfolio investments and official sources. The bank expects over half of USD 12.5 bln in pledged investments from Qatar and Kuwait to be disbursed this year, but also stressed the need for tighter fiscal policy and faster privatization to sustain growth.
Kenyan President Ruto’s administration plans to raise KES 516.8 bln (USD 4 bln) by securitizing the 2% Railway Development Levy on imports to fund the Standard Gauge Railway (SGR) extension from Naivasha to Malaba. The project, the largest in East Africa since the 2019 Mombasa–Nairobi SGR, will be supported by Etihad Rail (UAE) for freight operations. A separate deal with China aims to extend the SGR beyond Malaba to South Sudan, Ethiopia, and the DRC.
CBK Governor Kamau Thugge said Kenya is seeking a new IMF programme after abandoning the final review of its previous USD 3.6 bln facility in March, missing out on USD 800 mln due to fiscal and revenue shortfalls linked to scrapped tax hikes.
Nigeria’s oil industry aims to boost production by over 800,000 bpd through six major offshore projects in the Gulf of Guinea, tapping deepwater reserves to offset declines caused by underinvestment, operational bottlenecks, and onshore security risks. Output fell to 1.5 mln bpd in July 2025 from 2.5 mln bpd at peak.
The Bank of Zambia held its key policy rate at 14.5% for the second straight meeting, seeking to consolidate progress in reducing inflation while managing global uncertainty.
Argentina’s consumer prices rose 1.9% MoM in July 2025, up from 1.5% in June and slightly above forecasts, driven by higher food, transport, and hospitality prices, while clothing and education costs fell. Annual inflation slowed to 36.6%, the lowest since March 2021, continuing a disinflation trend.
Brazil’s 10-year government bond yield rebounded to ~13.8% from a one-month low of 13.7% as markets priced in fiscal risks from the US tariff shock and President Lula’s “Sovereign Brazil” stimulus package worth 30–35 bln. The central bank’s decision to hold the Selic rate at 15% keeps borrowing costs high, anchoring real-rate expectations despite elevated public debt and persistent inflation.
Paraguay posted a USD 841.1 mln trade deficit through July 2025, swinging from a USD 470.1 mln surplus a year earlier, the largest shortfall since records began in 1994. Exports fell 6.7% YoY to USD 6.54 bln on a 22.8% drop in primary products, led by soybeans (-29.9%) and sesame (-7.1%). Imports rose 7.3% to USD 9.89 bln, driven by agro-industrial goods (+13.3%) and industrial manufactures (+11.7%), while fuel imports fell 20.2%.
Indonesia’s IDX Composite rose 1.0% to 7,867, its fourth straight gain and highest since Sept 2024, tracking Wall Street’s rally on Fed cut hopes. Sentiment was lifted by a 90-day extension to the US-China trade truce and strong capital inflows (IDR 2.2 tln on Tuesday). Gains were led by tech and financials, with DCI Indonesia (+10%) and Bank Jago (+3.6%) among top movers.
Pakistan is close to finalizing a trade deal with the US after securing a 19% tariff rate, the lowest among major South Asian exporters, compared with the initially proposed 29%. The deal is expected to cover textiles, apparel, and other manufacturing goods.
Azerbaijan and Armenia have published the text of their US-brokered peace deal, pledging mutual recognition, a ban on territorial claims and foreign troops at their border, and cooperation in diplomacy, trade, and other fields, once the agreement is ratified.
In Azerbaijan, annual inflation was 5.0% in July, down from 6.0% the previous month. At the end of July, the central bank cut rates by 25 bps, the first rate cut since pausing its easing cycle more than a year ago.
Kenya will pivot from fiscal consolidation to privatization, aiming to raise USD 1.2 bln by June through state asset sales, starting with an IPO of Kenya Pipeline Co.
Rwanda’s inflation rose to 7.3% YoY in July, the fastest since January, driven by higher food, health, and hotel costs, with core inflation also above the 5% target.
South Africa’s central bank governor reiterated support for lowering the inflation target to 3% from the current 3%-6% band, despite opposition from the finance minister.
Tanzania’s July inflation held at 3.3% YoY, within the 3%-5% target, driven mainly by food price increases.
Fitch affirmed Uganda’s ‘B’ rating with Stable outlook, citing solid growth prospects and macro stability but constrained by low GDP per capita, governance issues, and twin deficits.
Brazil’s consumer prices rose 0.26% in July, below forecasts, with annual inflation slowing to 5.23%. The central bank is expected to maintain a restrictive policy stance into 2025.
Costa Rica’s economic activity grew 4.2% YoY in June, while the unemployment rate was 7.4% in Q2.
Mongolia’s annual inflation eased slightly to 8.1% in July from 8.2% in June, its lowest since last November, as housing, utilities, and transport prices moderated.
Benin resumed drilling at the Sèmè offshore oil field after 27 years, with Singapore-based Akrake Petroleum leading redevelopment. The site previously produced ~22 mln barrels before closing in 1998. The project aims to reduce oil import dependence, attract investment, and restore Benin’s oil producer status, though commercially recoverable reserves remain unclear.
Kenya moved closer to a bilateral agreement with China to remove tariffs of around 10% on tea, coffee, and avocados. President William Ruto said the deal would strengthen Kenya’s trade diversification strategy and improve competitiveness in China’s agricultural market.
Namibia’s central bank cut its 2025 GDP growth forecast to 3.5% from 3.8% on weaker agriculture, mining, and manufacturing outlooks. Drought has reduced livestock herds, while diamond and meat processing output are set to fall.
Dominican Republic’s NFPS posted a 0.2% of GDP deficit in June as central government revenues rose 11.7% YoY on stronger income tax receipts (+23%), while primary spending fell 7% YoY after May’s spike. The H1 2025 overall deficit remained stable at 0.8% of GDP.
China’s 10-year bond yield rose to 1.73% as markets welcomed a 90-day extension of the US-China tariff truce, keeping duties at 30% on US goods and 10% on Chinese goods instead of a near trade embargo. Nvidia and AMD agreed to forfeit 15% of China sales to the US government in exchange for restored access.
Albania’s annual inflation rose to 2.5% in July 2025 from 2.4% in June, driven mainly by higher food and housing costs. The central bank kept interest rates unchanged at its meeting last week.
