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MEFD March 2023

Published: Monday May 1st, 2023

During the month of March, indications are that the domestic economy continued to expand at a healthy pace, although with moderation evident, as the recovery converged closer to pre-COVID-19 pandemic levels. Tourism output remained buoyant, bolstered by increases in both the high value-added air traffic and sea passengers, as the demand for travel in key source markets was sustained. Monetary sector developments were marked by a moderation in the accumulation in banking sector liquidity, although the buildup in the deposit base exceeded the rise in the domestic credit. Similarly, the growth in external reserves slowed sharply during the review month, following a significant increase a year earlier, which had included proceeds from Government’s external borrowings.

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