BNR: Current account deficit, up 87% ten months into 2017

The current account of the balance of payments registered a deficit of 5.302 billion euros in the first ten months of this year, up 87% compared to the similar period of 2016, according to data with the National Bank of Romania Romania (BNR), released on Thursday.

"Between January and October 2017, the current account of the balance of payments recorded a deficit of 5.302 billion euros, compared to 2.835 billion euros between January and October 2016. In the structure, the balance of goods and the balance of primary revenues recorded deeper deficits by 2.033 billion euros, and by 296 million euros respectively, the balance of the secondary revenues recorded a surplus lower by 274 million euros and the balance of services recorded a surplus of 136 million euros," the BNR release said. 

Between January and October 2017, the total foreign debt increased by 1.391 billion euros. 

In the structure: the long-term foreign debt totaled 69.559 billion euros on October 31, 2017 (73.8% of total foreign debt), down 0.1% from that on December 31, 2016; the short-term foreign debt stood at 24.742 billion euros (26.2% of total foreign debt) on October 31, 2017, up 6.3% from December 31, 2016. 

The long-term foreign debt service rate amounted to 22% between January and October 2017, compared to 30% in 2016. The coverage ratio of imports of goods and services on October 31, 2017 was 5.6 months from 6.3 months on December 31, 2016. 

The short-term foreign debt coverage ratio, calculated at the residual value, with the foreign exchange reserves of the BNR on October 31, 2017 was 88.5% compared to 90.5% on December 31, 2016.