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MEFD August 2016

Published: Monday October 3rd, 2016

Indications are that domestic economic activity was relatively weak during the review period. Notably, the tourism sector’s performance remained subdued, while foreign investment projects provided some impetus for the construction sector, although support from domestic mortgage lending was still constrained. Inflation continued to be very mild; however an uptick in global oil prices resulted in an increase in domestic energy costs, while monetary sector developments featured moderate reductions in both liquidity and external reserves, in line with the seasonal increase in foreign currency demand in the latter half of the year.