MEFD August 2018

Published: Sunday July 1st, 2018

Overview

Preliminary indicators suggest that the economy’s modest growth rate was sustained over the review period, buoyed by gains in tourism sector metrics and positive impulses from foreign investment-led construction activity. In terms of prices, the pass-through effects of elevated international oil prices contributed to an uptick in domestic energy costs during the month. Monetary developments featured a contraction in liquidity, reflecting an increase in commercial bank lending to the Government, as well as a falloff in domestic deposits. In addition, external reserves contracted, due to a rise in foreign currency demand to facilitate public and private sector transactions.

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