Payments' balance deficit doubles in first half, totals $1 billion

The balance of payments recorded a cumulative deficit of $1 billion in the first half of 2012. The deficit had almost doubled y-o-y from $479 million recorded at end-June 2011.

According to the Central Bank, the deficit resulted from a decline of $2 billion in net foreign assets held by commercial banks. The said decline had offset a $1 billion rise in net foreign assets of the Central Bank.