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Monthly Economic and Financial Developments (MEFD) February 2024

Published: Tuesday April 2nd, 2024

During February, preliminary indications are that the domestic economy’s momentum, though healthy, was moderated in comparison to the previous year, as the pace of growth continued to converge closer to its expected medium-term trajectory. Tourism sector activity maintained buoyancy, supported by robust gains in both the high-value air traffic and sea segments, reflective of sustained demand for travel in key source markets. Monetary sector developments in February were marked by a moderated build-up in banking sector liquidity, with growth in the deposit base, contrasting with the reduction in domestic credit. Likewise, external reserves increased, supported largely by net foreign currency inflows through the private sector.

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