MEFD November 2022

Published: Wednesday December 28th, 2022

During the month of November, indications are that the domestic economy maintained its recovery momentum from the adverse impact of the Novel Coronavirus (COVID-19) pandemic. Tourism output further strengthened, buoyed by the rebound in the high value-added air segment and the recovery in sea traffic, in response to further relaxation of pandemic restrictions and the heightened demand for travel in the key source market. In monetary developments, bank liquidity contracted during the month of November, as the growth in domestic credit contrasted with the reduction in the deposit base. Against this backdrop, external reserves decreased, attributed to seasonal net foreign currency outflows through the public and private sectors.

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