MEFD October 2022

Published: Monday November 28th, 2022

Preliminary indications are that, during the month of October, the domestic economy sustained its recovery trajectory from the negative effects of the Novel Coronavirus (COVID-19) pandemic. Tourism sector output remained buoyant, bolstered by healthy growth in the high value-added air segment and recovered sea traffic, given the relaxed pandemic restrictions and pent-up demand for travel in the key source market. In the latest available data, domestic inflation rose during the twelve months through September, largely attributed to the pass-through effects of higher global oil prices. Monetary developments for the month of October featured a contraction in bank liquidity, as the expansion in domestic credit, contrasted with the decline in the deposit base. Further, in line with the seasonal increase in demand for foreign currency, external reserves decreased during the review month.

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