June 13, 2011- The balance of payments (BoP) posted a deficit of $597.8 million in the first four months of 2011 compared to a surplus of $1.4 billion in the same period last year, according to figures released by the Central Bank.

The increased trade deficit as a result of a surge in the average price of oil as well as of some other imports had its toll on the payments’ balance. Capital inflows were not enough to compensate this deficit.

The BoP posted a deficit of $198.6 million in April compared to surpluses of $269.6 million in March 2011 and $424.4 million in April 2010.

The cumulative deficit over the first four months of 2011 was caused by a deficit of $86.1 million in the Central Bank's net foreign assets and a deficit of $511 million in those of banks and financial institutions.

The balance of payments posted cumulative surpluses of $3.3 billion in 2010, $7.9 billion in 2009 and $3.5 billion in 2008.