MEFD October 2021

Published: Monday November 29th, 2021

The domestic economy continued a gradual pace of recovery during the month of October, despite the ongoing spread of the Novel Coronavirus (COVID-19). Tourism output maintained its strengthening, undergirded by gains in the high value-added air segment and uptick in sea traffic, reflecting sustained progress in vaccination efforts, both locally and internationally. Monetary developments registered a decrease in bank liquidity, owing to an expansion in domestic credit, which contrasted with a reduction in the deposit base. Similarly, external reserves declined during the review month, largely attributed to seasonal net foreign currency outflows through the public sector.

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