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Balance-of-payments current account posts 51.72pct deficit increase ten months into 2018

In January - October 2018, the balance-of-payments current account posted a deficit of EUR 7,991 million, compared with EUR 5,267 million in January - October 2017, having increased 51.72pct, reads a National Bank of Romania (BNR) release sent on Friday.

According to BNR, the deficit on trade in goods widened by EUR 2,041 million, the surplus on services income narrowed by EUR 196 million, the deficit of the primary income balance increased by EUR 170 million, and the surplus of the secondary income balance decreased by EUR 317 million.

In January - October 2018, total external debt increased by EUR 1 492 million, of which: long-term external debt at end-October 2018 stood at EUR 68,286 million (69.1 percenPresident Iohannis says "it would be hazardous" to say that Romania is ready to enter Eurozone in 2024t of total external debt), down 0.3 percent from end-2017;
short-term external debt at end-October 2018 amounted to EUR 30,567 million (30.9 percent of total external debt), up 6 percent against end-2017.

Long-term external debt service ratio ran at 20.6 percent in January - October 2018 against 25 percent in 2017. At end-October 2018, goods and services import cover stood at 4.8 months, as compared to 5.4 months at end-2017.

At end- October 2018, the ratio of the National Bank of Romania's foreign exchange reserves to short-term external debt by remaining maturity came in at 75.3 percent, against 79 percent at end-2017.