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Current account deficit, up over 33pct two months into 2019

The current account deficit of the balance of payments grew by 33.6pct in the first two months of this year, to 568 million euro, compared to the same period last year, of 425 million euro. 

According to a release of the National Bank of Romania (BNR), the balance of goods recorded a deficit of 671 million euro, the balance of services recorded a surplus higher by 122 million euro, the balance of primary revenues registered a surplus of 94 million euro, compared with a deficit of 117 million euro, and the balance of secondary revenues had a larger surplus by 195 million euro.

Between January and February 2019, total foreign debt increased by 193 million euro. Long-term foreign debt totaled 68.252 billion euro on 28 February 2019 (68.5pct of total foreign debt), up 0.4pct on 31 December 2018 and short-term foreign debt stood at 31.358 billion euro (31.5pct of total foreign debt), down 0.3pct from 31 December, 2018.

The long-term foreign debt service rate was 12.5pct in the first two months of this year, compared with 21.2pct in 2018. The coverage of imports of goods and services on 28 February 2019 was 4.8 months, compared to 4.9 months on December 31, 2018.

The short-term foreign debt coverage, calculated at the residual value, with the foreign exchange reserves at BNR on 28 February 2019 was 72.8pct, compared to 74.3pct on 31 December 2018.