Print

Current account deficit increases 1.5 times yoy, capital and financial account surplus increases 2.1 time yoy, official

Bank of Mongolia published today, April 23, 2012 preliminary execution of Q1 of 2012 balance of payments (http://www.mongolbank.mn/bopnews.aspx), BOP analytic presentation in English is also on the bank’s website (http://www.mongolbank.mn/eng/default.aspx)

Main indicators:

  • Current account deficit increased 1.5 times yoy or by 229M USD to 701M USD, mainly influenced by
  1. i)goods foreign trade accountincreased 1.9 times yoy to 382M USD
  2. ii)services trade account deficit increased 1.5 times yoy to 327M USD
  • Capital and financial account surplus increased 2.1 times yoy or by 612M USD to  of 1.15B USD. Although FDI declined 41% yoy or by 435M USD,  in connection with issuance of bonds by Development Bank of Mongolia  surplus of portfolio investment account reached 577M USD which influenced increase of surplus of capital and financial account
  • Although Bank of Mongolia supplied 245M USD worth of USD and RMB to FX market and banks transferred outside of Mongolia through Bank of Mongolia net of 221M USD, because of Development Bank bonds, official foreign exchange reserves increased by 359M USD YTD to 2.63B USD