Qatar - Revision history

imported>Doug Williamson: Remove broken link and heading.

2017-11-22T14:46:44Z

Remove broken link and heading.

← Older revision		Revision as of 14:46, 22 November 2017
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	'''Qatar Chamber of Commerce and Industry'''		'''Qatar Chamber of Commerce and Industry'''
	* [http://www.qatarchamber.com http://www.qatarchamber.com]		* [http://www.qatarchamber.com http://www.qatarchamber.com]
	~~'''General Secretariat for Development Planning'''~~
	* [http://www.gsdp.gov.qa http://www.gsdp.gov.qa]
	'''Qatar Exchange'''		'''Qatar Exchange'''
	* [http://www.qe.com.qa http://www.qe.com.qa]		* [http://www.qe.com.qa http://www.qe.com.qa]

	[[Category:Book_Export]]		[[Category:Book_Export]]

imported>Jeeten.patel@thinkpublishing.co.uk at 15:58, 12 October 2015

2015-10-12T15:58:58Z

← Older revision		Revision as of 15:58, 12 October 2015
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	\|header5 =		\|header5 =
	\| label5 = GDP:		\| label5 = GDP:
	\| data5 = US$~~213.1~~ (~~2013~~ estimate)		\| data5 = US$212 (2014 estimate)
	\|header6 =		\|header6 =
	\| label6 = FATF member:		\| label6 = FATF member:
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	===Taxation of dividends===		===Taxation of dividends===
	~~A final withholding~~ tax is levied on payments ~~made to non-residents with respect to activities not connected with a permanent establishment in Qatar. The rate of withholding tax stated in the law ranges from 5% to 7%.~~		Withholding tax is not levied on dividend payments.
	Withholding tax applies to royalties (5%), technical fees (5%), commissions (7%), brokerage fees (7%), director’s fees (7%), attendance fees (7%) and any other payments for services carried out wholly or partly in Qatar (7%). The law states that the rate of withholding tax on interest is 7% with certain exceptions.
	There are no withholding taxes in the QFC.		There are no withholding taxes in the QFC.

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	There are no consumption taxes in Qatar.		There are no consumption taxes in Qatar.

	''Tax information provided by Deloitte Touche Tohmatsu ([http://www.deloitte.com www.deloitte.com]) and Deloitte Highlight ~~2014~~.''		''Tax information provided by Deloitte Touche Tohmatsu ([http://www.deloitte.com www.deloitte.com]) and Deloitte Highlight 2015.''

	==Banking service provision==		==Banking service provision==
	The Qatari banking sector supports a high number of banks in comparison to its size and a number of large international banks have a presence in the country.		The Qatari banking sector supports a high number of banks in comparison to its size and a number of large international banks have a presence in the country.
	The banking sector currently contains 18 commercial banks, consisting of 11 local banks (including four Islamic banks) and seven branches of foreign banks. Conventional banking services are provided by seven local banks and all seven branches of foreign banks. The 11 locally-owned banks in Qatar account for around 97.5% of the sector’s total assets.		The banking sector currently contains 18 commercial banks, consisting of 11 local banks (including four Islamic banks) and seven branches of foreign banks. Conventional banking services are provided by seven local banks and all seven branches of foreign banks. The 11 locally-owned banks in Qatar account for around 97% of the sector’s total assets.
	The banking sector is dominated by Qatar National Bank (QNB), which has a market share of over half of all banking assets. QNB is 50% state-owned through the Qatar Investment Authority (QIA) sovereign wealth fund.		The banking sector is dominated by Qatar National Bank (QNB), which has a market share of over half of all banking assets. QNB is 50% state-owned through the Qatar Investment Authority (QIA) sovereign wealth fund.
	The QIA took a stake in all locally-owned banks in 2008 (with the exception of QNB, in which it already owned 50%) to protect the sector from the effects of the global economic downturn. At the start of 2009, it purchased a further 5% of the capital of all national banks, except QNB. A further 5% of the capital of several domestic banks was purchased by the QIA in December 2009.		The QIA took a stake in all locally-owned banks in 2008 (with the exception of QNB, in which it already owned 50%) to protect the sector from the effects of the global economic downturn. At the start of 2009, it purchased a further 5% of the capital of all national banks, except QNB. A further 5% of the capital of several domestic banks was purchased by the QIA in December 2009.
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	===Clearing systems===		===Clearing systems===
	There are three main payment and settlement systems in Qatar: the Qatar Payment System (QPS), QATCH, and the Electronic Cheque Clearing system (ECC). The National ATM and POS Switch (NAPS) processes card payments.		There are three main payment and settlement systems in Qatar: the Qatar Payment System (QPS), QATCH, and the Electronic Cheque Clearing system (ECC). The National ATM and POS Switch (NAPS) processes card payments.
	All banks and bank branches in Qatar participate in QPS, QATCH and the NAPS.		All banks and bank branches in Qatar participate in QPS, QATCH, ECC and the NAPS.

	* '''''Qatar Central Bank Payment System (QPS)''''' – the real-time gross settlement (RTGS) system processes high-value and urgent interbank fund transfers. The QPS uses the SWIFT network for the transmission of payment messages and to communicate with participants. Payments are settled in real time with immediate finality.		* '''''Qatar Central Bank Payment System (QPS)''''' – the real-time gross settlement (RTGS) system processes high-value and urgent interbank fund transfers. The QPS uses the SWIFT network for the transmission of payment messages and to communicate with participants. Payments are settled in real time with immediate finality.
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	===Payments===		===Payments===
	Electronic funds transfer ~~and cheques are~~ the dominant form of cashless payments in Qatar in terms of ~~both~~ value ~~and volume~~. Card payments are increasing in popularity as a result of an increase in point-of-sale (POS) terminals and ~~ATMs~~. Direct debits and direct credit are also available.		Electronic funds transfer is the dominant form of cashless payments in Qatar in terms of value. Card payments are increasing in popularity as a result of an increase in point-of-sale (POS) terminals and ATM, and both have become the dominant form of cashless payment by volume. Direct debits and direct credit are also available.
	* '''''Credit transfers''''' – credit transfers are used for high-value transactions and wage payments. Credit transfers can be initiated through e-banking systems for consumer payments.		* '''''Credit transfers''''' – credit transfers are used for high-value transactions and wage payments. Credit transfers can be initiated through e-banking systems for consumer payments.
	* '''''Payment cards''''' – debit and credit card use is increasing in popularity in Qatar. There are also around 1.2 million ATM cards. All cards issued comply with EMV chip technology or standards. Each bank in Qatar has its own individual clearing and settlement arrangement with the respective card networks, predominantly MasterCard or Visa.		* '''''Payment cards''''' – debit and credit card use is increasing in popularity in Qatar. There are also around 1.2 million ATM cards. All cards issued comply with EMV chip technology or standards. Each bank in Qatar has its own individual clearing and settlement arrangement with the respective card networks, predominantly MasterCard or Visa.
	The number of ATMs has increased in Qatar along with payment card use. All banks operating in Qatar are members of the National ATM and POS Switch (NAPS) card payments process network. NAPS connects the ATM network to other GCC member states via the GCCNet ATM network.		The number of ATMs has increased in Qatar along with payment card use. All banks operating in Qatar are members of the National ATM and POS Switch (NAPS) card payments process network. NAPS connects the ATM network to other GCC member states via the GCCNet ATM network.
	* '''''Direct debits''''' – direct debits in Qatar have primarily been used for low-value recurring transactions such as utility payments. Payments are processed through QATCH for next-day settlement.		* '''''Direct debits''''' – direct debits in Qatar have primarily been used for low-value recurring transactions such as utility payments. Payments are processed through QATCH for next-day settlement.
	* '''''Cheques''''' – cheques are the most popular form of cashless payment in Qatar ~~and~~ their ~~usage has increased dramatically in recent years~~. Cheques above QAR250,000 are processed on a real-time basis while cheques below QAR250,000 are processed on a net basis at the end of each clearing day.		* '''''Cheques''''' – cheques are no longer the most popular form of cashless payment in Qatar, although their use remains significant. Cheques above QAR250,000 are processed on a real-time basis while cheques below QAR250,000 are processed on a net basis at the end of each clearing day.

	==Cash and bank account management==		==Cash and bank account management==
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	===Account opening requirements===		===Account opening requirements===
	Residents are permitted to ~~hold domestic and foreign~~ currency accounts both domestically and abroad. Resident domestic currency accounts are fully convertible into foreign currency.		Residents are permitted to holdforeign currency accounts both domestically and abroad. Resident domestic currency accounts are fully convertible into foreign currency. Domestic currency accounts cannot be held outside Qatar.
	Non-residents are permitted to hold domestic and foreign currency accounts in Qatar. Non-residents cannot open current accounts. Non-resident domestic currency accounts can be converted into foreign currency with prior approval from the QCB.		Non-residents are permitted to hold domestic and foreign currency accounts in Qatar. Non-residents cannot open current accounts. Non-resident domestic currency accounts can be converted into foreign currency with prior approval from the QCB.

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	Qatar has established a financial intelligence unit (FIU), The Financial Information Unit, within the Central Bank of Qatar, is a member of the Egmont Group.		Qatar has established a financial intelligence unit (FIU), The Financial Information Unit, within the Central Bank of Qatar, is a member of the Egmont Group.

	''Supplied by BCL Burton Copeland ([http://www.bcl.com www.bcl.com]). Data as at ~~March 2014~~.''		''Supplied by BCL Burton Copeland ([http://www.bcl.com www.bcl.com]). Data as at January 2015.''

	===Cash concentration===		===Cash concentration===
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	===Notional pooling===		===Notional pooling===
	Notional pooling is ~~available~~ in Qatar.		Notional pooling is permitted but not commonly used in Qatar.

	===Electronic and internet banking===		===Electronic and internet banking===
	Electronic banking is widely available from ~~the larger~~ commercial banks in Qatar.		Electronic banking is widely available from all commercial banks in Qatar.
	Most banks offer some kind of internet-based balance reporting and transaction initiation services, although these are mainly used by businesses. ~~In 2011, the QCB unveiled the~~ Qatar Electronic Payment Gateway (Q-Pay) ~~to facilitate real-time payments for online transactions. Q-Pay~~ is based on an electronic wallet system and allows card holders (debit and credit cards) to make online payments in real time. Mobile money transfer services are also offered in Qatar by the major telecom network providers.		Most banks offer some kind of internet-based balance reporting and transaction initiation services, although these are mainly used by businesses. The Qatar Electronic Payment Gateway (Q-Pay) is based on an electronic wallet system and allows card holders (debit and credit cards) to make online payments in real time. Mobile money transfer services are also offered in Qatar by the major telecom network providers.

	==Liquidity management==		==Liquidity management==
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	* [http://www.qcb.gov.qa http://www.qcb.gov.qa]		* [http://www.qcb.gov.qa http://www.qcb.gov.qa]
	'''Qatar National Bank'''		'''Qatar National Bank'''
	* [http://www.qnb.com~~.qa~~ http://www.qnb.com~~.qa~~]		* [http://www.qnb.com http://www.qnb.com]
	'''Commercial Bank of Qatar'''		'''Commercial Bank of Qatar'''
	* [http://www.cbq.com.qa http://www.cbq.com.qa]		* [http://www.cbq.com.qa http://www.cbq.com.qa]

imported>Doug Williamson: Protected "Qatar" (‎[edit=sysop] (indefinite) ‎[move=sysop] (indefinite))

2015-07-27T14:04:43Z

Protected "Qatar" (‎[edit=sysop] (indefinite) ‎[move=sysop] (indefinite))

← Older revision	Revision as of 14:04, 27 July 2015
(No difference)

imported>Jeeten.patel@thinkpublishing.co.uk at 17:11, 19 November 2014

2014-11-19T17:11:25Z

← Older revision		Revision as of 17:11, 19 November 2014
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	Qatar has established a financial intelligence unit (FIU), The Financial Information Unit, within the Central Bank of Qatar, is a member of the Egmont Group.		Qatar has established a financial intelligence unit (FIU), The Financial Information Unit, within the Central Bank of Qatar, is a member of the Egmont Group.

	Supplied by BCL Burton Copeland ([http://www.bcl.com www.bcl.com]). Data as at March 2014.		''Supplied by BCL Burton Copeland ([http://www.bcl.com www.bcl.com]). Data as at March 2014.''

	===Cash concentration===		===Cash concentration===

imported>Jeeten.patel@thinkpublishing.co.uk at 17:10, 19 November 2014

2014-11-19T17:10:11Z

← Older revision		Revision as of 17:10, 19 November 2014
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	There are no consumption taxes in Qatar.		There are no consumption taxes in Qatar.

	Tax information provided by Deloitte Touche Tohmatsu (www.deloitte.com) and Deloitte Highlight 2014.		''Tax information provided by Deloitte Touche Tohmatsu ([http://www.deloitte.com www.deloitte.com]) and Deloitte Highlight 2014.''

	==Banking service provision==		==Banking service provision==
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	Qatar has established a financial intelligence unit (FIU), The Financial Information Unit, within the Central Bank of Qatar, is a member of the Egmont Group.		Qatar has established a financial intelligence unit (FIU), The Financial Information Unit, within the Central Bank of Qatar, is a member of the Egmont Group.

	Supplied by BCL Burton Copeland (www.bcl.com). Data as at March 2014.		Supplied by BCL Burton Copeland ([http://www.bcl.com www.bcl.com]). Data as at March 2014.

	===Cash concentration===		===Cash concentration===

imported>Jeeten.patel@thinkpublishing.co.uk at 09:35, 2 September 2014

2014-09-02T09:35:13Z

← Older revision		Revision as of 09:35, 2 September 2014
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	* '''''Commercial paper''''' – there is a commercial paper market in Qatar.		* '''''Commercial paper''''' – there is a commercial paper market in Qatar.

	===Websites===		==Websites==
	'''Qatar Central Bank'''		'''Qatar Central Bank'''
	* [http://www.qcb.gov.qa http://www.qcb.gov.qa]		* [http://www.qcb.gov.qa http://www.qcb.gov.qa]

imported>Jeeten.patel@thinkpublishing.co.uk at 09:34, 2 September 2014

2014-09-02T09:34:54Z

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imported>Jeeten.patel@thinkpublishing.co.uk: Created page with "actskin {{Infobox |name = |bodystyle = width:400px; |titlestyle = |abovestyle = background:#e9d7e0; padding:5px 0px; |subheaderstyle = |title..."

2014-09-02T09:12:56Z

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<skin>actskin</skin>
{{Infobox
|name =
|bodystyle = width:400px;

|titlestyle =
|abovestyle = background:#e9d7e0; padding:5px 0px;
|subheaderstyle =
|title =
|above = KEY COUNTRY FACTS
|subheader =
|subheader2 =

|imagestyle = padding:10px 0px;
|captionstyle =
|image = [[File:Flag_qatar.png|border|160px|alt=Flag of Qatar]]
|caption =

|headerstyle = background:#e9d7e0;
|labelstyle = background:#e9d7e0;
|datastyle =

|header1 =
| label1 = System of government:
| data1 = emirate
|header2 =
| label2 = Population:
| data2 = 2.12 million (2014 estimate)
|header3 =
| label3 = Currency:
| data3 = Qatari riyal (QAR)
|header4 =
| label4 = FX regime:
| data4 = conventional peg
|header5 =
| label5 = GDP:
| data5 = US$213.1 (2013 estimate)
|header6 =
| label6 = FATF member:
| data6 = yes, via GCC
|header8 =
| label8 = Treasury association:
| data8 = [http://www.treasurers.org/actmiddleeast ACT Middle East]

|belowstyle = background:#ddf;
|below =
}}

==Financial regulatory framework==
===Bank supervision===
The central bank, Banco Central do Brasil (BCB), is in charge of regulating, inspecting and supervising all financial institutions. At the same time, it is responsible for controlling monetary stability. Its main goal is to ensure the stability of the currency's purchasing power and a solid and efficient financial system.
Regarding the latter, in May 2011 the BCB created a Financial Stability Committee (COMEF) as part of its organisation to evaluate financial stability in the country and to implement strategies to keep systemic risks under control. The Committee is made up of the BCB president and directors and all the deputy governors of the monetary authority. It centralises all the activities related to financial stability within the BCB.
In addition to BCB's activities, the Securities Commission (CVM) also has regulatory and supervisory authority regarding the activities of investment banks, third party fund managements (such as mutual funds and foreign investment portfolio), intermediaries (such as commodities and future exchange and stock exchanges) and some settlement and custody systems.

===Exchange controls===
Resolution 3.265 dated 4 March 2005 has consolidated the two existing foreign exchange markets, commercial and tourism, into one single floating exchange rate market. This resolution helped to liberalise exchange controls.
The BCB has announced several measures to help reduce structural exchange controls, including rulings for the consolida-tion of the Brazilian exchange markets into one single floating exchange rate market. As from 3 February 2014, the Interna-tional Capital and Foreign Market Regulation (RMCCI) has been replaced by four new circulars (Circulars 3691, 3690, 3689 and 3688, of 16 December 2013), in a move aimed at making regulation clearer and simplifying foreign exchange policies. The fol-lowing provisions were, however, maintained:
* Obligation to register with BCB (particularly all foreign exchange transactions).
* Obligation to record foreign exchange transactions via foreign exchange contracts for all transactions higher than USD 3,000.
* Rules applicable to foreign capital investments and loans.
* Requirement to observe operational procedures concerning the recording with BCB of data related to loans, investments and commercial transactions.

===Restriction on foreign investment/ownership===
In general, there are no restrictions for the participation of foreign capital in national activities. Few activities, however, are restricted to foreign investors. This is the case for postal services, health services, sanitation, nuclear energy and airlines with domestic flights. There are also certain restrictions on participation of foreign capital in financial institutions, insurance companies and in the media sector. With respect to financial institutions, however, the restrictions can be lifted with regard to national interest.

===Restriction on non-residents' operations in domestic markets===
Investments in financial and capital markets by non-resident investors follow Resolution 2.689 dated 2000. The two main restrictions are:
* Enrolment with the Securities Commission and Internal Revenues Board.
* Appointment of at least one representative in Brazil.

==Taxation framework==
Brazil has a complex and inefficient tax system. The tax burden was around 39% of the GDP in 2012. Federal taxes amount to 25% of the GDP and state and municipal taxes to the remainder.

===Federal taxes===
* '''Income taxes''' – Personal income tax (IRPF) is levied at a rate that varies from 7.5% to 27.5% depending on the income level.
* Corporate income tax (IRPJ) is levied at a rate of 15%. In addition, a 10% surtax is imposed on taxable income exceeding BRL 240,000 on an annual basis. Income, capital gains and profits are equally subject to corporate income taxes. There is no distinction with respect to the origin of the capital (foreign or domestic).
* Finally, an income withholding tax is levied on certain domestic transactions (such as income derived from banking investments) and on non-residents' income that has a Brazilian source of payment. Rates vary but in general are within the 15% to 25% range.
* '''Social charges''' – Social contribution tax (CSLL) is levied on entities subject to the IRPJ. The CSLL rate is 9% in general and 15% for financial institutions.
* Social contribution for social security funding (COFINS) levied on gross income. Rates vary from 3% to 8%.
* Other social charges include a contribution to the social integration programme (PIS) and a contribution for the intervention in the economic domain (CIDE), which is levied on fuel operations, on remittance to foreign individuals, on royalties and on technologic transfers.
* '''Value-added taxes''' – The tax on industrialised products (IPI) is levied on industrial production, including industrialised imports but excluding exports. The average rate is 20%.
* '''Financial taxes''' – The tax on financial transactions (IOF) is levied on credit operations, insurance premiums, securities trading and exchange transactions. Rates vary largely depending on the transaction. In the most recent years, the government has been using the IOF tax on foreign capital inflows with the goal to try to control exchange rate fluctuations. More recently, the government has been reducing and eliminating IOF taxes on foreign capital introduced in the last few years.
* '''Other taxes''' – Other federal taxes include import and export taxes and a rural property tax (ITR).

===State taxes===
* '''Value-added taxes''' – The tax on goods, communications and transportation (ICMS) varies from 7% to 25% depending on the state. It averages 18%. Exports are exempt.
* '''Other taxes''' – Other state taxes include an inheritance and gifts tax and a tax on the ownership of motor vehicles.
* '''Municipal taxes''' – Municipal taxes include a tax on urban properties, a tax on real estate transfers and a tax on services, which applies to a set of specific services.

==Banking system==
Since the launch of the Real Plan in 1994, the Brazilian financial system has experienced a deep process of restructuring, mainly the consolidation of the number of banks, reduction of a public sector presence in the market and an increase in the participation of foreign banks. Since 2008, however, there has been a sharp expansion of state-owned commercial and development banks and credit from public sector banks now represents 52% of the total credit market in Brazil, which compares to 34% in 2007.
Brazil has implemented Basel III standards. As the monetary authorities noted, domestic institutions are in a relatively good position to meet the new capital requirements, given their current capital levels and the Brazilian prudential regulation now in force. In line with Basel III provisions, financial authorities have established a schedule of gradual deployment of capital requirements from 2013 to 2019.

==Clearing and payment systems==
===Clearing===
The launch of the Sistema de Tranferência de Resevas – STR (Reserves Transfer System), in April 2002, marked the beginning of a new phase in the Brazilian payment system. The focus of the system was redirected to risks management from dealing with high inflation. With this system, operated by the Central Bank, Brazil joined the group of countries whose interbank funds transfer can be settled irrevocably and unconditionally on a real-time basis.
The core features of the payment system are:
* Clear definition of the role of the BCB in the payment system and establishment of a well-founded legal basis to allow better risk control.
* Setting up of a large-value fund transfer system at the BCB, operating under a real-time gross settlement (RTGS) mode and a real-time monitoring of bank's reserve account balances to avoid the possibility of overdrafts at any time.
* Enabling clearing houses to assume certainty of settlement through the establishment of proper safeguard mechanisms.
* Clear definition of all the risks involved in every stage of the pre-settlement and settlement process.

===Payments===
* '''Cheques''' – In 2012 cheques represented 6% of the total number of transactions. This payment instrument market share
has been decreasing in the last years as payment cards have been gaining in importance (cheques' share was 62% in 1999).
* '''Payment cards''' – The use of credit and debit cards has evolved significantly in the last few years. According to the Central Bank, transactions with payment cards represented 34% of total transactions in 2012. In that same year, the BCB implemented Resolution 3.919 to set a new and more modern legal basis for the sound development of the payment card industry in Brazil.
* '''Credit transfers''' – Increasingly, companies are using banks for their electronic payrolls. Since direct payroll credit is now mandatory for most companies, banks have developed special services targeted at employees and are actively pursuing payroll accounts, mainly because the choice of bank where the employee would receive the salary was made by the companies and not by the employee. Since 2006, a regulation implemented by Central Bank, Resolution 3.402, allows the employees of private companies to choose the bank that their salary will be credited to; for public sector companies this regulation started in 2009. In 2012, 38% of all payment operations were made through credit transfers.
* '''Direct debit''' – The number of transactions in which the customer allows a company to make charges to his or her bank account automatically increased from practically zero in 2008 to 19% of total payment transactions in 2012.
* '''Electronic payments''' – There has been a strong government push towards electronic tax payment methods by corporations and financial institutions.
* '''Collections''' – The basic collection service consists of specialised collection slips (boletos) that customers use when paying by cash or cheque at the teller windows for their commercial or consumer merchandise or services. Such payments can also be electronic. Collection slips are the main method of payment in Brazil. Boletos services are highly sophisticated, evolving to a full paperless process. The bank collects the funds, prepares detailed reports and provides them to their corporate customers either electronically or in paper form. While large banks with an operating services franchise still have in-branch collection windows for their corporate customers, cheaper new alternatives based on centralised electronic funds transfer are frequently used.

===Benchmark rates===
The benchmark interest rate used locally is the SELIC (Sistema Especial de Liquidação e Custodia, or Special System of Clearance and Custody). The SELIC rate is the BCB's overnight lending rate.
The BCB has increased the SELIC rate nine times from the record low level observed at the end of 2012 and beginning of 2013 (7.25%) to 11% in April 2014. The current tightening cycle is aimed at containing Brazil's highest inflation in over a decade.

==Corporate governance==
In May of 2008 the Bolsa de Valores de Sao Paulo (BOVESPA) and the Bolsa de Mercadorias e Futuros (BM&F) announced their merger. The new stock exchange institution is among the main stock exchanges in the world, the second in the Americas and the leader in Latin America.
Both government authorities and representatives of financial markets have been studying the adoption of measures to transform the city of Sao Paulo into a global financial hub.

==Websites==
'''Government'''
* [http://www.brasil.gov.br http://www.brasil.gov.br]
'''Ministry of Finance'''
* [http://www.receita.fazenda.gov.br http://www.receita.fazenda.gov.br]
'''Central Bank – Banco Central do Brasil'''
* [http://www.bcb.gov.br http://www.bcb.gov.br]
'''Securities Commission – CVM'''
* [http://www.cvm.gov.br http://www.cvm.gov.br]
'''Macroeconomic analysis of the country by BBVA'''
* [http://www.bbvaresearch.com http://www.bbvaresearch.com]

[[Category:Book_Export]]