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MEFD January 2011

Published: Friday March 11th, 2011

Aided by the sustained, although uneven, improvement in the global economy, the domestic market continued on its recovery path, with moderate gains in the tourism sector and stable construction activity. In the absence of a more broadly based domestic economic upturn, Governments’ fiscal deficit remained elevated, as revenue generating opportunities were subdued. Monetary developments for the month were dominated by Government’s receipt of stamp tax proceeds associated with the sale of a refinery company, which boosted both liquidity and external reserves.

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