Remittance receipts grew even though the June and July’s festivities are over. August 2016 recorded total remittance receipts of $24.8 million, $2.7 million (12.0%) higher than July, and $4.3 million (21.1%) higher than August 2015. This is the highest monthly record of remittance receipts so far in 2016. Read more in the Remittances Report for August.

The indicators of local economic activities in September were mixed but overall, broadly positive. The NRBT’s expectation for strong domestic economic activity remains in the near term. The level of foreign reserves is also expected to remain comfortable supported by higher expected receipts of remittances and foreign aid, despite the projected rise in imports.

At the end of August 2016, a total number of 793 containers were registered. An increase of 2 vessels in the number of cargo ships that arrived in August 2016 contributed to the higher registrations over the month of 62 containers (8.5%). Read more in the Container Registrations Report for August.

Annual inflation rose by 7.0%. The significant rise stems from the new customs duties on imported food products as well as domestic prices being at very low levels last year. However, over the month of September 2016, the monthly headline inflation rate fell by 0.3%. Read more in the latest Inflation Rate Report for September.

The total volume of agricultural exports declined over the month by 173.0 tonnes (19.7%) to 707.3 tonnes, indicating a slowdown in harvesting season. All categories of root crops decreased with yam recording the highest decline of 117.8 tonnes (42.8%), particularly late yams. Read more in the Agricultural Exports Volumes Report for August.

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