Monthly Economic and Financial Developments (MEFD) November 2020

Published: Monday December 21st, 2020

Domestic economic developments during the month of November continued to be adversely impacted by the Novel Coronavirus (COVID-19) pandemic. Specifically, tourism sector activity remained contracted as globally imposed travel restrictions largely eliminated both the high value-added air component and sea traffic. However, the construction sector was undergirded by ongoing foreign direct investment projects, along with post-Hurricane reconstruction work. On the monetary front, the growth in bank liquidity slowed during November, as the expansion in domestic credit, contrasted with the reduction in the deposit base. Further, external reserves decreased during the review month, mainly on account of the falloff in foreign currency inflows from real sector activities.

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