Current account gaps narrowed 78.6% in Jan-Aug

Romania’s payment balance deficit narrowed 78.6% the eight months through August 2009, to €2.449bln compared to the same period of last year, led by decreases in trade deficit and high current transfer surplus, according to data provided by the National Bank of Romania.
Trade deficit stood at €3.923 bln, down 68.6% from the same period of last year.

Non-residents’ direct investment in Romania worth €3.154 mln have entirely covered the current account deficit. During January-August 2009, out of the total of EUR 3,154 million, intra-group loans accounted for €1,690 million (as compared with €2,992 million over January-August 2008) and equity stakes (including reinvested earnings) for €1,464 million (as compared with €3,733 million over January-August 2008).

The country’s medium- and long-term external debt increased to €60.068 bln (accounts for 78.1% of the total external debt), up 17.3% from end-2008, while short-term debt soared 24.1%from the end of last year, to €16.85 bln.


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