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Deficit of current account of Ukraine's balance of payment down to $ 234m in Oct

Deficit of current account of Ukraine's balance of payment down to $ 234m in OctThe deficit of the current account of Ukraine's balance of payment totalled $234 million in October 2016 and it was 3.8 times better than in September 2016 and 1.8 times better than in October 2015, the National Bank of Ukraine reported on Wednesday.

"The main factor of the deficit decline was the return of the surplus for the primary income account after settling scheduled payments of interest under restructured eurobonds in September," the central bank said.

The NBU said that exports and imports mainly did not change compared to September 2016.

The deficit of the balance of trade improved in October only by 9.5% compared to September, to $546 million, while the deficit of the balance of trade with goods even grew by 3.3%, to $667 million. Exports of goods rose by 4.2%, to $3.02 billion, while imports – by 4%, to $3.69 billion.

The central bank said that in October grain exports traditionally grew, first of all, corn exports. Sugar exports were boosted thanks to entering new markets. Supplies of gas turbine engines to India and Russia increased.

"However, due to temporary difficulties with raw materials shipments and overhauls by some metal plants exports of metal products fell in October. Vegetable oil exports were less than last month," the NBU said.

Net inflow to the financial account totalled $311 million in October and this was 77.3% down on September 2016.

"The pivotal factor for the financial account was the reduction of off-bank cash currency, as in September. Other factor was net inflow of debt capital. Compared to the previous months, it arrived both to the real economic and banking sectors," the NBU said.

Payment for government domestic loan bonds pegged to foreign currency held by nonresidents resulted in a fall in liabilities of the public sector to $298 million.

With the completion of the recapitalization programs for largest banks with foreign capital foreign direct investment (FDI) inflow fell from $444 million to $45 million. They were injected only in the real economic sector.

In general, the surplus of the balance of payment in October was $91 million and this was 80.8% worse than in September 2016 and 60% worse than in October 2015.

In January-October the deficit of the current account was $2.5 billion and this was 88.1% worse than a year ago.

"The deficit of the current account was compensated by net inflows to the financial account," the central bank said. The surplus of the consolidated balance of payment in January-October 2016 was around $1 billion and this is 4.8 times better than a year ago.
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