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Current account deficit, up 21pct in first 11 months of 2019

BNR1

In January - November 2019, the balance-of-payments current account posted a deficit of 9.924 billion euros, on the increase by almost 21pct, compared with 8.205 billion euros in the similar period of 2018, informs the National Bank of Romania (BNR) on Monday. 

In the structure, the deficit on trade in goods was by 2.473 billion euros higher, the surplus of the balance of services was by 135 million euros more, while the deficit in the primary income balance contracted by 485 million euros, and the surplus in the secondary income balance was up by 134 million euros. 

Between January and November 2019, total external debt increased by 7.262 billion euros. In the structure, the long-term external debt amounted to 72.971 billion euros on 30 November, 2019 (68.1pct of the total external debt), by 6.9pct more than that on 31 December, 2018. The short-term external debt recorded on November 30, 2019 the level of 34.132 billion euros (31.9pct of total external debt), increasing by 8.2pct compared to 31 December, 2018. 

Direct public debt accounted for 39.195 billion lei in the first 11 months, up from the 34.5 billion lei recorded in the same period in 2018. According to the BNR, the increase in direct public debt in the first eleven months of 2019 came mainly from the eurobonds issued by the Ministry of Public Finance for a nominal value of 5 billion euros and from the influence of the variation of the prices of the securities issued by the public administration, in the amount of about 2,214 billion euros, diminished by the repayments made in the direct public debt account worth 2,986 billion euros. 

Long-term external debt service ratio ran at 17.4pct between January and November 2019, compared to 22.6pct in 2018. 

The goods and services import cover on 30 November, 2019 stood at 4.7 months, compared to 4.9 months on 31 December, 2018. 

The ratio of the National Bank of Romania's foreign exchange reserves to short-term external debt by remaining maturity came in at 74pct on 30 November, 2019, compared with 74.1pct on 31 December, 2018.

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