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OCTOBER 2009 VOLUME 19 - NO. 10
Pages
Figures 1-6 1
Monetary Aggregates 2
Commercial Banks Assets and Liabilities 2
Commercial Banks Deposits and Loans 2
Interest Rates (Selected) 3
Securities 4
Instalment Credit 4
Near-Banks 4
Building Societies 4
Inflation Rates 4
Actual Production 4
Stock Market Activities 4
External Trade 5
Tourism 5
Balance of Payments 5
BOJ Net International Reserves 7
Foreign Exchange 7
Reviews on Balance of Payments 9
CONTENTS
2009 Bank of JamaicaNethersole Place
KingstonJamaica
Telephone: (876) 922 0750-9Fax: (876) 922 0854
E-mail: [email protected]: www.boj.org.jm
ISSN 1018-9084
1
Figure 3 Figure 4
SELECTED ECONOMIC INDICATORS
Figure 1 Figure 2
Figure 5
Money Supply (M1) Sept 2008 - Sept 2009
0
10
20
30
40
50
60
70
80
90
100
110
Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar -09 Apr -09 May-09 Jun-09 Jul -09 Aug-09 Sep-09
Mo nt hs
J$BN
Money Supply (M1) Curr with Public Demand Deposits
Commercial Banks' Loans and DepositsSept 2008 - Sept 2009
0
50
100
150200
250
300
350
400
Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09
Months
J$B
N
Loans Deposits
Commercial Banks' Weighted Interest Rates Sept 2008 - Sept 2009
0.0
2.5
5.0
7.5
10.0
12.5
15.0
17.5
20.0
Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar -09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09
Months
Per
Cen
t
Time Deposit Rate Loan Rate
Monthly Inflation Rates Oct 2008 - Oct 2009
-0.5
0.0
0.5
1.0
1.5
2.0
Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09
Months
Per
Cen
t
BOJ Net International ReservesOct 2008 - Oct 2009
0
500
1,000
1,500
2,000
2,500
Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09
Months
US$
MN
BOJ OMO Instruments and Annual Average Inflation Rates
Oct 2008 - Oct 2009
0.00
5.00
10.00
15.00
20.00
25.00
30.00
Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09
Months
Rat
es
30-day 60-day 90-day 120-day180-day 365-day Ann. Avg.Infl.
2
1. MONETARY AGGREGATES (J$mn.)Local and Foreign CurrencyMoney Supply (M1)....................................................
(a) Currency with the Public......................................(b) Demand Deposits (adj.)***..................................
Quasi-Money.....................................................................(a) Time.................................................................(b) Savings.............................................................
Money Supply (M2)....................................................Domestic Credit .................................................................
Local CurrencyMoney Supply (M1).........................................................
(a) Currency with the Public.....................................(b) Demand Deposits (adj.)***................................
Quasi-Money....................................................................(a) Time........................................................................(b) Savings..................................................................
Money Supply (M2)........................................................ Domestic Credit ................................................................
Base Money................................................................
II. COMMERCIAL BANKS (J$mn.) *Assets & Liabilities (J$mn.)**....................................
Loans**.......................................................................Agriculture..............................................................Manufacturing........................................................Construction & Land Development.......................... Mining............................................................................
Tourism..........................................................................Transport, Storage & Communication......................Consumer-Oriented................................................Government Services...................................................Other.......................................................................
DEPOSITS..................................................................Private Sector (including overseas residents).........
Time...................................................................Savings..............................................................Demand.............................................................
Government............................................................Time...................................................................Savings..............................................................Demand.............................................................
Public Entities.........................................................Time...................................................................Savings..............................................................Demand.............................................................
Sep 2009 97,378.97 37,432.99 59,945.98 219,455.75 54,931.06164,524.69316,834.72352,015.03
Sep 200987,911.6337,432.9950,478.64
118,917.0826,883.3792,033.71
206,828.71244,966.53
Oct 200972,953.59
Sept 2009571,869.41
257,227.404,219.408,687.13
19,375.80826.26
40,717.5012,080.75
131,315.0834,333.895,671.59
Sept 2009351,676.21303,161.4070,505.96
174,279.6758,375.77
22,249.811,444.462,683.83
18,121.52
15,393.678,924.883,424.033,044.76
Sept 200890,900.7633,602.7057,298.06
202,017.91 50,733.92151,283.99292,918.67312,211.15
Sept 200883,539.5833,602.7049,936.88
115,998.1627,641.3488,356.82
199,537.74228,227.53
Oct 200857,957.70
Sept 2008533,049.15
233,120.913,457.459,212.30
12,086.32608.88
36,127.1311,252.26
124,994.7930,840.704,541.08
Sept 2008327,776.04280,084.3563,685.24
159,683.6156,715.50
25,383.881,285.612,582.92
21,515.35
10,475.443,443.164,729.602,302.68
% Change p.a.
7.1311.404.628.638.278.758.16
12.75
5.2311.401.082.52
-2.744.163.657.33
25.87
7.28
10.3422.04-5.7060.3135.7012.717.365.06
11.3324.90
7.298.24
10.719.142.93
-12.3512.363.91
-15.77
46.95159.21-27.6032.23
Aug 2009 99,863.68 39,156.91 60,706.77
219,838.06 54,797.15165,040.91319,701.74351,268.46
Aug 200989,388.3439,156.9150,231.43
117,114.2426,113.7091,000.54
206,502.58247,292.74
Sept 200972,129.01
Aug 2009572,921.02
259,701.983,813.319,154.98
19,004.841,102.70
40,957.6612,350.15
132,345.9035,649.455,322.99
* PanCaribbean Commercial Bank began operations in June 2008 ** Includes provision for loan losses; and excludes loans acquired by FINSAC. *** Excludes Deposits of Government, Public Entities, Financial Institutions and Non Residents
Aug 2009356,469.56305,821.9870,724.52
175,632.3259,465.14
22,490.211,571.562,377.83
18,540.82
12,261.026,503.662,610.443,146.92
3
Sept 200910,871.331,930.011,412.487,528.84
Oct 2009305.86
Sept 200936.082.56
14.250.231.58
17.4628.00
Oct 2009
7.30-15.497.00-15.753.00-9.00
5.6021.986.93
Sept 20096.69
16.30
Oct 2009-
16.2117.04
-17.49
Oct 200912.5013.0015.5015.7017.00
22.67
Oct 2009
1.00-3.701.00-4.291.00-4.56
1.00-4.851.00-5.151.00-5.65
10.391.97
Aug 200915,896.352,381.021,368.90
12,146.43
Sept 2009149.86
Aug 2009+35.092.52
14.240.191.43
16.7128.00
Sept 2009
7.30-15.497.00-15.753.00-11.00
5.8622.267.39
Aug 20096.90
16.46
Sept 2009-
16.3917.35
--
Sept 200912.5013.0015.5015.7017.00
22.67
Sep 2009
1.00-4.851.00-5.351.00-5.85
1.00-5.601.00-6.101.00-6.60
10.791.97
II. COMMERCIAL BANKS (J$mn.) (Cont'd)Spec. & O. F. Insts..................................................
Time.................................................................Savings.............................................................Demand............................................................
Current Account Balances with BOJ (J$mn)..........
LIQUIDITY (Average) %Actual Liquid Assets Ratio......................................
Cash.................................................................Deposits with B.O.J.........................................Treasury Bills...................................................Local Registered Stocks...................................Other................................................................
Statutory Requirement.............................................
III. SELECTED INTEREST RATES (%)COMMERCIAL BANKS (Domestic Currency)
Fixed Deposits (J$100,000 & over)3-6 months..........................................................9-12 months........................................................Call Deposits......................................................
Average Savings Deposits .......................................Average Loan Rate..................................................
Average Inter-bank Rate ...........................................
Weighted Fixed Deposits Rate...............................Weighted Loan Rate................................................
G.O.J. Treasury Bills (Weighted Average) Yield 2 Months:........................................................
3 Months:........................................................ 6 Months:........................................................ 9 Months:........................................................12 Months:........................................................
BOJ Open Market Rates (%)30-Day .....................................................................60-Day .....................................................................90-Day .....................................................................
120-Days .................................................................. 180-Days ................................................................. 365-Days .................................................................
COMMERCIAL BANKS (Foreign Currency) Fixed Deposits (Under US$100,000)
1-3 months...............................................................3-6 months..........................................................6-12 months........................................................
Fixed Deposits (US$100,000 & Over)1-3 months..........................................................3-6 months..........................................................6-12 months........................................................
Average Loan Rates ................................................ Average Savings ..........................................................
Sept 200811,832.374,339.181,638.665,854.53
Oct 2008172.22
Sept 200839.742.469.290.780.93
26.2823.00
Oct 2008
7.30-12.857.00-13.355.00-20.00
5.5422.5811.17
Sept 20087.03
16.46
Oct 2008-
15.2116.96
-16.69
Oct 200814.6514.8515.0515.1515.35
16.70
Oct 2008
2.25-4.852.00-5.352.00-5.85
2.70-5.602.45-6.102.45-6.60
10.422.02
% Change p.a.
-8.12 -55.52 -13.80 28.60
+ Revised
4
% Change p.a.IV. SECURITIES (J$mn.) (outstanding balances)
GOJ Local Registered Stock.....................................
GOJ Treasury Bills..................................................... BOJ Open Market Operations 1/..............................
V. INSTALMENT CREDIT (J$mn.)(Banks & Near-Banks)Total Credit Outstanding.........................................New Business............................................................
VI. NEAR-BANKS (J$mn.)****(Merchant Banks, Trust Com. & Finance Houses)Assets/Liabilties..................................................................Loans Outstanding..............................................................Total Deposits......................................................................
Loans.........................................................................Agriculture.........................................................................Manufacturing.................................................Construction & Land Development................................Mining, Quarrying & Processing..................Tourism...........................................................Transport, Storage & Communication...............................Consumer Oriented............................................................Government Services........................................................
Other....................................................................................
Liquid Assets Ratio (average) %.............................Statutory Requirement...........................................
VII. BUILDING SOCIETIES (J$mn.)(members & associate members)
Assets/Liabilities..............................................Loan Balances..................................................Savings Funds..................................................
VIII. INFLATIONConsumer Price Index (Dec. 2006 = 100)..............Monthly Rate (%)................................................Calendar Year to Date (%)........................................Fiscal Year to Date (%) ............................................
IX. ACTUAL PRODUCTION ('000)Crude Bauxite (tonnes)..........................................Alumina (tonnes)..................................................Sugar (tonnes)........................................................Banana Exports (tonnes).........................................
X. STOCK MARKET ACTIVITIESIndex**............................................................Volume Traded (mn.)***....................................... Ordinary Shares............................................. Block Transactions........................................
Oct 20084,300.00
141,391.47
Sep 2008
30,775.471,099.10
Sept 2008
31,736.3710,482.6714,295.41
10,482.6742.33
333.662,600.48
45.44281.49451.74
5,667.60332.72727.21
Sept 200831.0923.00
Sept 2008
134,678.3171,232.3190,425.35
Oct 2008136.9
0.317.211.3
Sept 2008 421.40
319.700.000.00
Oct 200893,750.90
384.71384.71
0.00
Sept 20094,066.95
119,833.18
Aug 2009
29,810.20992.28
Aug 2009
32,389.3610,107.6713,280.67
10,107.6744.44
375.882,716.71
37.15496.17317.58
5,413.71149.42556.61
Aug 200934.4428.00
Aug 2009
155,097.7183,372.48
106,031.69
Sept 2009146.3
1.77.25.9
Aug 2009365.10120.47
0.000.00
Sept 200979,928.03
212.71154.0258.69
-5.69 -19.18
-3.06-10.67
2.88-3.51-8.02
-3.51-4.133.196.16
-20.9571.09
-32.80-3.85
-56.71-23.75
15.8216.6618.39
7.74
-32.04 -63.93
0.000.00
-14.06-90.49-90.49
-
Oct 20094,055.41
114,270.14
Sep 2009
29,834.78981.82
Sept 2009
32,651.2010,114.8313,149.63
10,114.8340.58
344.322,760.70
35.92481.61303.58
5,449.63144.02554.47
Sept 200928.1028.00
Sept 2009
155,990.2383,097.28
107,054.32
Oct 2009147.5
0.88.16.7
Sept 2009286.38115.32
0.000.00
Oct 200980,567.52
36.5736.570.00
1/ As at May 2005 the Bank of Jamaica no longer issues ReverseRepurchases - No Production** As at end of month*** Monthly values**** As at June 2008 PanCaribbean Merchant Bank ended operations
Sept 2008213,295.18
Aug 2009187,816.29
Sept 2009185,922.39 -12.83
5
X. STOCK MARKET ACTIVITIES (cont'd) Mar 2008 Value of Stocks Traded (J$mn.)***....................................
Ordinary Shares..................................................... Block Transactions................................................
Advance/Decline Ratio***................................................
XI. EXTERNAL TRADE (US$mn.)1. EXPORTS(a) Major Traditional Exports........................................
Bauxite....................................................................Alumina..................................................................Sugar.......................................................................
Bananas.................................................................(b) Other Traditional Exports........................................(c) Non-Traditional Exports........................................(d) Re-exports...............................................................General Merchandise Exports............................................(e) Freezone Exports..........................................................(f) Goods Procured in Ports.............................................Total Goods Exports.............................................................
2. IMPORTS (by S.I.T.C.)(a) Food........................................................................
(b) Beverage & Tobacco................................................(c) Crude Material..........................................................(d) Mineral Fuel ...............................................................(e) Animal & Vegetable Oil............................................(f) Chemicals..................................................................(g) Manufactured Goods..................................................
(h) Machinery & Transportation..................................... (i) Miscellaneous Manufactured Goods........................
(j) Miscellaeous Commodities........................................General Merchandise Imports Freezone Imports...........................................................
Goods Procured in Ports.................................................Total Goods Imports....................................................
Trade Balance................................................................
XII. TOURISMTourist Arrivals ('000)....................................................
Stop Overs...................................................................... Foreign Nationals.....................................................
Non-Resident Jamaicans.................................. Cruise.............................................................................
XIII. BALANCE OF PAYMENTS (US$mn.) Balance of Payments (Calendar)
1. Current Account...................................................A. Goods balance................................................
Exports (f.o.b.)..............................................Imports (f.o.b.)..............................................
B. Service Balance..............................................Transportation...........................................Travel........................................................Other Services............................................
Jan-Jun 2008828.8258.78
677.5892.460.00
43.10 557.40
34.811,464.13
29.6481.48
1,575.25
422.5046.1442.84
1,939.7327.72
452.79 440.68
616.64 383.36 51.03 4,423.43
10.9487.50
4,521.87
-2,946.62
Aug 2008 197.12 142.46 129.78 12.68 54.66
Jan-Jun 2008 -1,373.1 -2,446.1 1,575.2 4,021.4
290.8 -317.1 945.0 -337.1
Jan-Jun 2009299.2634.59
199.9064.770.00
46.91240.3541.06
627.58 27.79 46.91
702.28
416.2637.9425.52
598.5317.31
320.77 260.64 419.78 195.57 54.34
2,346.666.13
39.49 2,392.28
-1,690.00
Aug 2009 204.02 152.57 138.83 13.74 51.45
Jan-Jun 2009 -198.0 -1,376.5 702.3 2,078.8
480.5 -156.9 942.0 -304.6
Change-529.56-24.19
-477.68-27.69
0.003.81
-317.056.25
-836.55-1.85
-34.57-872.97
-6.24-8.20
-17.32 -1,341.20 -10.41
-132.02-180.04-196.86-187.79
3.31-2,076.77
-4.81-48.01
-2,129.59
1,256.62
% Change3.507.106.978.36
-5.87
Change
1,175.1 1,069.6 -872.9 -1,942.6
189.7 160.2 -3.0 32.5
*** Monthly values + Revised 1/ Provisional
-91.37 -91.37
-
%Change
1,256.45 837.98 418.47 16/17
240.68 240.68 0.00 15/18
Oct 2008 2,787.63
2,787.630.00
3/38
Sept 2009 Oct 2009
Change
19.2 -11.1 30.3
-103.5 6.3
-109.8
-1,175.111.011.012.4-1.30.0
-1,186.1 -380.6 -1,310.2
816.9
744.1 -443.2 -1,187.3
146.6 109.3 18.1 19.1
-13.4-6.8-6.5
-60.4 0.7
-61.1
-816.9-0.5-0.50.0
-0.50.0
-816.4-226.2-744.8
Balance of Payments (Calendar) (Cont'd)
C. Income................................................................Compensation of Employees...........................Investment Income..........................................
D. Current Transfers.............................................Official......................................................Private.......................................................
2. Capital and Financial Account..................................A. Capital Account................................................
Capital Transfers.............................................Official..................................................Private...................................................
Acq./Disp. of non-produced non-fin. assets....
B. Financial Account..............................................Other Official Investment.............................Other Private Investment.............................. (incl. errors & omissions)Reserves................................................
Balance of Payments (Fiscal)1. Current Account.................................................
A. Goods balance.............................................Exports (f.o.b.)............................................Imports (f.o.b.)..............................................
B. Service Balance..............................................Transportation...........................................Travel........................................................Other Services............................................
C. Income.........................................................Compensation of Employees........................Investment Income..........................................
D. Current Transfers.........................................Official......................................................Private.......................................................
2. Capital and Financial Account...............................A. Capital Account................................................
Capital Transfers.............................................Official..................................................Private...................................................
Acq./Disp. of non-produced non-fin. assets
B. Financial Account.......................................Other Official Investment.........................Other Private Investment..........................
(incl. errors & omissions)Reserves................................................
Jan-Jun 2008
-296.3 19.5 -315.8
1,078.5 51.3 1,027.2
1,373.1 14.7 14.7 29.5 -14.8 0.0
1,358.4 225.0 1,484.5
-351.1
Apr-Jun 2008/2009
-860.9-1,373.8
796.42,170.2
73.9-183.4423.1
-165.8
-122.513.6
-136.2
561.525.0
536.5
860.9-6.0-6.00.0
-6.00.0
866.9220.3792.0
-145.4
Jan-Jun 2009
-277.1 8.4 -285.5
975.0 57.6
917.4
198.0 25.7 25.7 41.9
-16.1 0.0
172.3 -155.6 174.3
153.6
Apr-Jun 2009/2010
-44.0 -629.7 353.2 982.9
220.5 -74.1 441.2 -146.7
-135.9 6.8 -142.7
501.1 25.7 475.4
44.0-6.5-6.50.0
-6.50.0
50.5 -5.9 47.2
9.2
6
7
* Foreign Currency balances represent the US dollar equivalent of the value of total transactions in major international currencies 1/ 'A' Accounts are tax free Foreign Currency Accounts held by non-residents + Revised
XIV. BOJ NET INTERNATIONAL RESERVES(US$mn.)
BOJ Net International Reserves (US$mn.)................Gross Foreign Assets..............................................Gross Foreign Liabilities........................................
Estimated Gross Reserves in Weeks of Goods Imports..........Estimated Gross Reserves in Weeks of Goods and
Services Imports...........................................................
XV. FOREIGN EXCHANGEDEVELOPMENTS (US$mn.) *Combined Foreign Exchange Trading
Foreign Exchange Purchases (spot)............................Foreign Exchange Sales (spot)...................................
Foreign Currency Deposit Balances of AuthorisedDealers (US$mn.)
Commercial Banks Balances..................................."A" Accounts 1/.......................................................
"B" Accounts ........................................................... Other.............................................................................
F.I.As Balance................................................................"A" Accounts 1/......................................................."B" Accounts ............................................................
Other..............................................................................
Building Societies Balances........................................."A" Accounts 1/........................................................"B" Accounts .............................................................
Other ...........................................................................
Total Foreign Currency Deposits (US$mn.)............
Total Foreign Currency Loans (US$mn.)................Commercial Banks................................................F.I.As ...................................................................Building Societies.................................................
Oct 2008
1,802.591,825.09
22.50
15.43
11.24
Oct 2008
1,143.461,150.37
Sept 2008
1,687.97141.86
0.001,546.11
154.1086.150.30
67.65
485.77223.8868.33
193.56
2,327.84
1,575.201,442.52
72.2560.43
Oct 2009
1,909.361,931.86
22.50
21.02
14.82
Oct 2009
592.56590.34
Sept 2009
1,700.28260.05
0.151,440.08
109.8054.760.16
54.88
489.36221.0556.80
211.51
2,299.44
1,583.131,444.98
56.8181.34
%Change p.a.
5.925.850.00
-48.18-48.68
0.7383.31
--6.86
-28.75-36.44-46.67-18.88
0.74-1.26
-16.879.27
-1.22
0.500.17
-21.3734.60
Sept 2009
1,933.242,007.28
74.04
21.83
15.39
Sept 2009
632.95612.58
Aug 2009
1,678.76264.31
0.151,414.30
111.4555.500.15
55.80
488.79220.6356.43
211.73
2,279.00
1,597.501,455.70
57.2084.60
8
** Indicative Rates
London Interbank Offer Rate (LIBOR) Eurodollars (%) 3 months............................................................. 6 months.............................................................
U.S. Prime Rate (end of period) (%)..........................
Selling Exchange Rates (end period) US$1.00 = J$...................................................... Can. $1.00 = J$.................................................... U.K. Pound = J$................................................... Euro = J$**.........................................................
Caricom Selling Exchange Rates** T.T. $1 = J$......................................................... Bdos. $1 = J$......................................................... Guy. $1 = J$....................................................... E.C. $1 = J$........................................................
Aug 20084.965.165.00
Oct 200876.2962.60
122.8197.97
12.24 38.12
0.38 28.24
Aug 20090.881.083.25
Oct 200989.2482.91
146.97132.27
14.10 44.63
0.45 33.06
Jul 20090.861.313.25
Sept 200989.0882.76
142.16129.59
14.10 44.55
0.44 33.00
9
JAMAICA:BALANCE OF PAYMENTS DEVELOPMENTS
MAY 2009
JUNE 2009
Provisional data indicate that the current account deficit narrowed by US$264.0 millionin June 2009, relative to the deficit in June 2008 (see Table). This improvement largely
stemmed from a decline of US$275.6 million (78.1 per cent) in spending on fuel imports, largely
reflecting the impact of a 48.0 per cent decrease in the average price of oil on the international
market in June 2009, relative to June 2008. All the other categories of imports, with the exception
of crude materials and miscellaneous commodities, declined. The impact of the fall in imports on
the merchandise trade deficit was partly offset by declines of US$101.5 million (77.7 per cent)
and US$35.8 million (67.8 per cent) in earnings from alumina exports and mineral fuel exports,
respectively.
There was also an improvement in the services sub-account, which was primarily due to the
continued decline in net transportation payments, associated with the lower level of imports.
Additionally, there was a marginal increase in net travel receipts for the month.
The main offsetting influences to the improvement of the above noted sub-accounts were an
increase in the deficit on the income account, as well as a reduction in net inflows from
current transfers. With respect to the income sub-account, the expansion in the deficit was
mainly attributed to higher interest payments on official external debt, while the decline in the
surplus on current transfers resulted from a contraction of 10.2 per cent in gross remittance
inflows
With regard to financing, net outflows from official and private investment transactions added to
the financing gap of the current account. As a result, the NIR of the Bank of Jamaica declined
by US$52.4 million for the month.
January – June 2009There was a US$1,171.2 million reduction in the current account deficit for the periodJanuary to June 2009, relative to the comparable period in 2008. An improvement in the
merchandise trade deficit was the main source of the reduction, stemming primarily from a decline
of US$1,341.2 million (69.1 per cent) in the value of mineral fuel imports. All the other categories
of imports, with the exception of miscellaneous commodities, also declined.
10
The impact of the contraction in imports on the merchandise trade deficit was partly offset by lower earnings from major
traditional exports, particularly alumina, as well as non-traditional exports, mainly ethanol.
For the review period, there were also improvements in the services and income sub-accounts. The increase in the
surplus on the services sub-account resulted from a fall in freight charges as well as a decline in insurance payments,
related to the reduction in the value of imports. The improvement in the income accoun t was principally related to
lower imputed profit remittances of direct investment companies, mainly attributed to the downturn in the mining
sector.
The impact of the improvement in the merchandise trade, services and income sub-accounts on the current account
deficit was partly offset by lower net current transfers, which reflected a contraction of 15.9 per cent in gross
remittance inflows.
In relation to financing, net private investment inflows and the surplus on the capital account were insufficient to
offset net official capital outflows as well as the deficit on the current account. As a result, there was a decline of
US$153.6 million in the NIR during the review period.
11
BALANCE OF PAYMENTS SUMMARY (US$M)
June
June1/
Jan-June Jan-June1/
2008 2009 Change 2008 2009 Change
1. CURRENT ACCOUNT -280.4 -16.4 264.0 -1,373.1 -201.9 1,171.2 A. GOODS BALANCE -460.4 -202.3 258.1 -2,446.2 -1,380.3 1,065.8 Exports (f.o.b.) 285.5 122.1 -163.4 1,575.2 698.4 -876.8
Imports (f.o.b.) 745..9 324.4 -421.5 4,021.4 2,078.8 -1,942.6
B. SERVICES BALANCE 22.6 79.8 57.2 290.8 480.5 189.7 Transportation -66.2 -26. 5 39.7 -317.1 -156.9 160.2
Travel 153.3 157.2 3.9 945.0 942.0 -3.0
Other Services -64.5 -50.9 13.6 -337.1 -304.6 32.5
C. INCOME -24.7 -64.1 -39.4 -296.3 -277.1 19.2 Compensation of employees 7.8 4.3 -3.5 19.5 8.4 -11.1
Investment Income -32.5 -68.4 -35.9 -315.8 -285.5 30.3
D. CURRENT TRANSFERS 182.1 170.2 -11.8 1078.5 975.0 -103.5 Official 8.6 8.2 -0.4 51.3 57.6 6.3
Private 173.5 162.0 -11.4 1027.2 917.4 -109.8
2. CAPITAL & FINANCIAL ACCOUNT 280.3 16.4 -264.0 1,373.1 201.9 -1,171.2A. CAPITAL ACCOUNT -2.9 -2.8 0.0 14.7 25.7 11.0a. Capital Transfers -2.9 -2.8 0.0 14.7 25.7 11.0 Official 0.0 0.0 0.0 29.5 41.9 12.4
Private -2.9 -2.8 0.0 -14.8 -16.1 -1.4
b. Acq./disposal of non-prod. non-fin'l assets 0.0 0.0 0.0 0.0 0.0 0.0
B. FINANCIAL ACCOUNT 283.2 19.2 -264.0 1,358.4 176.1 -1,182.2 Other official investment 132.0 -2.8 -134.8 225.0 -156.3 -381.3
Other private investment 2/ 120.8 -30.3 -151.1 1,484.5 178.9 -1,305.6
Reserves 30.4 52.4 -351.1 153.6
1/ Provisional
2/ Includes errors & omissions
