$290 million deficit in January

Balance of Payments deficit down year-on-year

The Balance of Payments (BoP) saw a deficit of $290 million in the first month of the year. Last January the BoP saw a deficit of $772 million.

The BoP deficit was driven by a drop in foreign assets in the banking sector. According to figures released by the Central Bank, net foreign assets of the Central Bank dropped by $103 million in January, while those of commercial banks were down by $187 million.

The trade balance saw a deficit of $1.1 billion in January, down from a deficit of $1.4 billion in the same month of 2011.