MEFD July 2009
Published: Friday September 4th, 2009
Domestic economic conditions remained challenging over the review month, amid sustained softening in key global consumer demand indicators. The consequential weakness in the local tourism sector, combined with recessed levels of foreign investment-related construction activity, contributed to a deterioration in employment conditions. Continued easing in demand pressures resulted in a moderation in the inflation rate despite a firming in fuel prices during July. Money and credit trends for the month featured a contraction in liquidity and external reserves, reflecting the seasonal increase in demand for foreign currency in the latter half of the year.
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