MEFD June 2022
Published: Tuesday August 2nd, 2022
During June, indications are that the domestic economy maintained its recovery momentum, amid ongoing adjustments to the Novel Coronavirus (COVID-19) pandemic and further mutations of the virus. Tourism sector output continued to improve, undergirded by notable gains in the high value-added air segment and the seasonal strengthening in sea traffic, in response to vaccination efforts and the relaxation of COVID-19 restrictions in some of the major source markets. Monetary developments for the month of June were marked by a contraction in bank liquidity, despite the constrained growth in the deposit base, contrasting with the reduction in domestic credit. However, external reserves increased during the month, bolstered by net public sector debt inflows.
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