BOP surplus close to US $ 2Bn, reserves top US $ 9.2 bn
Overall Balance of Payment (BOP) of the country’s external account is estimated to have recorded a surplus of US $ 1.95 billion for the 1H’14. This is in comparison to a deficit of US $ 169.2 million recorded a year ago.
Meanwhile the gross official reserves including the Asian Clearing Union (ACU) balances, reached a level of US dollars 9.2 billion by end June 2014. This is equivalent to 6.1 months of imports by end June.
“By early August 2014, the gross official reserves which had a steady rise, recorded a level above US $ 9.0 billion without the ACU balances, thereby reflecting an even greater sustainable level of reserves,” the CB stated.
The total foreign assets, which include foreign assets of the banking sector amounted to US dollars 10.7 billion by end June 2014, and this is equivalent to 7.2 months of imports.
Foreign debt service payments during the 1H’14 amounted to US 740.6 million and the IMF-SBA payments amounted to US $ 351 million.