MEFD December 2021

Published: Monday January 31st, 2022

The gradual pace of recovery in the domestic economy was sustained during the review month, despite the growing presence of the highly transmissable omicron strain of COVID-19. Tourism output further strengthened underpinned by seasonal gains in the high value-added air segment and the modest uptick in sea traffic, as vaccination efforts progressed in the major source markets. Monetary developments reflected a moderation in the growth in liquidity, though attibuted to an expansion in the deposit base, which outpaced the rise in domestic credit. However, external reserves decreased during the review month, owing primarily to seasonal net foreign currency outflows through the public sector.

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