Overview
Preliminary indicators suggest that the economy’s modest growth rate was sustained over the review period, buoyed by gains in tourism sector metrics and positive impulses from foreign investment-led construction activity. In terms of prices, the pass-through effects of elevated international oil prices contributed to an uptick in domestic energy costs during the month. Monetary developments featured a contraction in liquidity, reflecting an increase in commercial bank lending to the Government, as well as a falloff in domestic deposits. In addition, external reserves contracted, due to a rise in foreign currency demand to facilitate public and private sector transactions.
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