Economy

The National Bank of Georgia cut the refinancing rate by 25bps in both November and December, to 6.75%. This came on the back of a sharp fall in headline inflation, with consumer prices... 2012-01-03

The Mongolian togrog continues to depreciate, losing around 3.7% over December to reach MNT1,375/US$ as of 3 January, driven largely by recent US dollar strength, as well as fears... 2012-01-03

Russia's international reserves staged their biggest weekly fall since January 2009, dropping by almost US$12bn in the week December 16. The move was principally attributable to a negative... 2012-01-03

Worried about mounting liquidity risks in the Russian financial system, the central bank cut its refinancing rate to 8.00% from 8.25% on December 23, initiating what we believe will... 2011-12-23

Inflation remained stubbornly high in the last few months of 2011, with consumer prices up 8.9% y-o-y in November, led by soaring fuel costs. Average inflation was up 7.6% y-o-y in... 2011-12-22

We have revised up our forecast for Turkmenistan's economic growth in 2011, to 10.4% from 9.7% previously, on the back of strong gas exports. We hold to our forecast for growth in 2012... 2011-12-22

We have revised down our real GDP forecast for Uzbekistan in 2012 to 8.1%, from 8.4%, on our view that the external environment will dampen demand for Uzbek exports, in particular commodities.... 2011-12-22

Ukraine's international reserves continue to drop sharply, reaching US$32bn in November 2011 (a 15% decline from September) as capital flight and a front-loaded sovereign debt profile... 2011-12-22

Azerbaijan's oil wealth no longer provides the economic cushion it once did, and the economy already appears to be in the midst of a rebalancing act, having posted barely any positive... 2011-12-22

A flash estimate released by the National Statistical Office of Mongolia on November 11 illustrates how the country is starting to be affected by the headwinds originating the the developed... 2011-11-22