MEFD July 2022

Published: Monday August 29th, 2022

Preliminary indications are that during July, the domestic economy recovered further from the impact of the Novel Coronavirus (COVID-19) pandemic. Tourism output continued to strengthen, undergirded by notable gains in the high value-added air segment and the sustained rebound in sea traffic, due to vaccine efficacy and the relaxation of COVID-19 restrictions in the major source markets. In latest data, domestic inflation rose during the twelve months through June, reflective of higher global oil prices. Monetary developments for the month of July featured an expansion in bank liquidity, as the buildup in the deposit base, contrasted with the reduction in domestic credit. Further, external reserves increased during the review month, supported by net foreign currency inflows through the private sector.

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