BoP deficit rises to $787 million till July

Payments’ balance in July sees $307 million deficit, compared to $993 million surplus in July 2010 .

The balance of payments (BoP) recorded a deficit of $787 million in the first seven months of 2011, according to figures released by the Central Bank. It recorded a surplus of $2.3 billion in the same period last year.

In July alone, the BoP posted a deficit of $307 million, compared to a surplus of $993 million in July 2010. In June 2011 the BoP saw a surplus of $563 million.

The deficit in the first seven months of the year is the result of a decrease of $945 million in net foreign assets of commercial banks, combined with an increase of $158 million in net foreign assets of the Central Bank.

The deficit in July 2011 is the result of a decline of $910 million in net foreign assets of commercial banks and a rise of $602 million in net foreign assets of the Central Bank.