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MEFD July 2012

Published: Monday September 10th, 2012

Indications are that the domestic economy continued to experience positive, although mild, growth in July, featuring steady gains in tourism sector output and foreign investment and public sector related construction activity. Higher global food prices translated into a modest firming in average domestic consumer prices. Government’s overall deficit widened over the eleven months of FY2011/12, as increased spending offset the rise in revenue collections. In the monetary sector, bank liquidity remained at elevated levels, amid weakness in private sector demand, which continued to be constrained by elevated levels of debt and unemployment. The external reserves position contracted, due partly to banks’ profit repatriations and the traditional upturn in net foreign currency demand in the latter half of the year.

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