Purchasing Managers Indices in August 2023 indicated an expansion in Services activities and a softening of the contraction in Manufacturing activities.

Manufacturing PMI recorded an index value of 49.3 in August 2023, reaching closer to the neutral threshold, indicating signs of a recovery in manufacturing activities compared to previous months. Considering the sub-indices, New Orders and Suppliers' Delivery Time increased during the month, while Production and Employment remained contracted.

Services sector PMI recorded an index value of 57.6 in August 2023, indicating a continued expansion in the services activities. This was led by the increases observed in New Businesses, Business Activities and Expectations for Activity. Nevertheless, Employment remained nchanged, while Backlogs of Works remained contracted during the month.

The Treasury bond Exchange Memorandum dated 04 July 2023 (the "Exchange Memorandum") was published by the Ministry of Finance, Economic Stabilization and National Policies with subsequent announcement of the results of the Invitation to Exchange Treasury bonds on 12 September 2023 (terms used herein but otherwise not defined have the meanings given to such terms in the Exchange Memorandum).

Accordingly, outstanding Eligible Bonds for which valid Offers were accepted by the Republic were converted by reference to the Exchange Consideration Ratio into twelve (12) new step-down fixed coupon* Treasury bonds and settled on 14 September 2023 as follows: