The UAE central bank has given approval for local lenders to defer loan repayments for people affected by the recent flooding for as much as six months, meaning that those individuals who were affected by the rising waters won’t incur any additional penalty fees or extra interest. Further, the bank confirmed to local insurance companies that if an individual’s house or vehicle was covered by ‘comprehensive insurance’, then that should be considered sufficient to cover it from recent rain damage.
Sultan Haitham, ruler of Oman, has been in Abu Dhabi on a state visit to the UAE, with the two leaders reportedly witnessing a number of agreements aimed at bolstering the two countries’ cooperation in a number of different fields including renewable energy and rail infrastructure. Cooperation on the latter will become increasingly important as the development of the railway line between the two countries moves forward.
CPI inflation in Lebanon fell to 70.4% y/y in March, down from 123.2% in February. This marked the slowest pace of annual price growth since May 2020 as a series of economic and financial crises in the country drover inflation into triple-digit territory for over three and a half years. A roughly 90% devaluation of the pound in March 2023 caused CPI inflation to spike once more last year, and as that has passed through the base inflation has now slowed sharply. On a monthly basis, however, inflation accelerated to 2.4% m/m, compared with 1.6% in February. Kuwait and Morocco also reported March inflation yesterday, with Kuwait at 3.0% y/y, down from 3.4% previously, and Morrocco at 0.9%, up from 0.3% in February.
Today’s Economic Data and Events
09:00 India manufacturing PMI, April
11:15 France manufacturing PMI, April. Forecast: 46.8
11:30 Germany manufacturing PMI, April. Forecast: 42.7
12:00 Eurozone manufacturing PMI, April. Forecast: 46.5
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