MEFD December 2022
Published: Monday January 30th, 2023
Indications are that during the month of December, the domestic economy sustained its recovery trajectory, from the negative effects of the Novel Coronavirus (COVID-19) pandemic. Tourism output continued to register strong growth, undergirded by gains in the high value-added air segment and the rebound in sea traffic, as pandemic restrictions eased and the demand for travel increased in the key source markets. Monetary sector developments featured a contraction in banking sector liquidity, with the buildup in the deposit base trailing the rise in domestic credit. Similarly, with the associated seasonal increase in demand for foreign currency and drawdown of the IMF Special Drawing Rights, external reserves declined during the review month.
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