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MEFD January 2010

Published: Monday March 8th, 2010

In January, domestic economic activity continued to be adversely impacted by still fragile conditions in the global economy, although a more positive picture is emerging. Anaemic private sector demand, constrained prospects for any near-term improvements in the fiscal situation, which registered a deterioration during the first half of FY2009/2010. However, preliminary data suggests that inflation remained relatively subdued. Monetary developments featured contractions in both liquidity and external reserves, and persistent deterioration in banks’ credit arrears, given softness in business activity and elevated unemployment levels.

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