MEFD March 2022

Published: Monday May 2nd, 2022

Preliminary indications are that the domestic economy’s growth momentum was maintained during the month of March, amid ongoing adjustments to the Novel Coronavirus (COVID-19), and emergence of new and more contagious strains—though infections further subsided. Tourism output continued to register strong growth, undergirded by seasonal gains in the high value-added air segment and the rebound in sea traffic, as vaccination efforts progressed both locally and internationally. Monetary developments were marked by a rise in bank liquidity and further gains in external reserves, as the expansion in the deposit base, contrasted with the reduction in domestic credit. The underlying net foreign currency inflows in the aggregates reflected strengthening private sector activity and further proceeds from Government’s external borrowings.

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