NBU: Current account deficit cut 8.4 fold to USD 130 million
2011-04-28 09:45:30
Current account deficit in March 2011 reduced to USD 130 million against USD 1.1 billion in February, the NBU review on the state of the balance of payments reads.
Export of goods continues and its volumes were the largest in March since the beginning of October 2008 (USD 6 billion). Volumes of goods import made up USD 6.9 billion.
In March account of operations with capital and financial operations was negative (-USD 383 million).
In Q 1, 2011, surplus of capital and financial operations account of the balance of payments amounted to USD 1.9 billion.
Net inflow of direct foreign investments was low (in March - USD 153 million).
Balance of operations on credits and bonds was negative in March (-USD 419 million).
The planned repayment of state bonds at USD 0.6 billion became a factor of the negative balance formation.
Accumulation of cash currency outside banks made up USD 1 billion for March. In total, over Q1 the cash growth amounted to USD 2.8 billion, which is 3.6 fold up against the relevant period of the last year.
In March, deficit of the consolidated balance of payments (USD 513 million) was financed at the expense of reserve assets. In total, over three months of this year, balance of the consolidated balance of payments was positive (USD 1.1 billion), which allowed to continue increasing reserve assets. Their volume as of April 1, 2011, reached USD 36.4 billion.