Comments from a Saudi official suggest that the government is looking to boost the Kingdom’s economic recovery but, against the backdrop of low oil prices, the scope to row back on austerity plans is limited. One bit of positive news to support Saudi’s economy is that Umrah pilgrimages will resume from 4th October. Even at reduced capacity, these will provide much needed support. Elsewhere, two of Egypt’s largest state-owned banks lowered interest rates on high-yielding certificates of deposit this week, which could be a signal that the central bank is preparing the ground to resume its easing cycle.
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