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MEFD February 2013

Published: Thursday March 28th, 2013

Preliminary indicators suggest that domestic economic conditions remained relatively subdued over the review month, amid sustained foreign investment-led construction activity, although some signs of softness were evident in the key tourism sector. Consumer price developments featured an incremental rise in domestic energy costs, as international oil prices remained elevated. On the fiscal side, the overall deficit widened over the seven months of FY2012/13, reflecting a combination of tax-revenue related declines and higher spending. For the monetary outcome, both banking sector liquidity and external reserves contracted, in response to heightened foreign currency demand to facilitate import payments.

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