MEFD September 2022
Published: Monday October 31st, 2022
During the month of September, the domestic economy sustained its recovery momentum from the adverse impact of the Novel Coronavirus (COVID-19) pandemic. Alongside healthy foreign investments flows, tourism remained buoyed by further rebound in the high value-added air segment and more than recovered sea visitors. Outcomes reflect further relaxation of pandemic restrictions and release of pent-up demand for travel in the key source market. In monetary developments, bank liquidity contracted during the review month, as the growth in domestic credit contrasted with the falloff in the deposit base. Against this backdrop, external reserves declined, owing primarily to seasonal net foreign currency outflows through the public and private sectors.
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