The monetary policy note for the first quarter of the 2025–2026 fiscal year confirmed the persistence of the trade balance imbalance, against a backdrop of inflationary risks for the economy due to the war in Iran. “Available data on the external sector for the first fiscal quarter of 2026 indicate a decline in exports, while imports increased, and the gourde, supported by the rise in unrequited transfers, showed a relative appreciation against the US dollar at the end of December 2025. Thus, exports of goods and services (US$114
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