MEFD July 2014

Published: Friday August 29th, 2014

Indications are that the domestic economy maintained its modest growth trajectory over the review month, reflecting a rebound in the tourism sector and sustained foreign investment-led construction activity. Despite a reduction in global oil prices in July, price accelerations in prior periods contributed to the firming in domestic energy costs. In monetary developments, both bank liquidity and external reserves contracted, reflecting transitory cash movements related to short-term lending to the Government and the seasonal rise in foreign currency demand to facilitate current payments.

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