Mediafax (Mediafax)
Macroeconomics  |  June 12, 2011 05:03:49

Analysts: Current Account Republic in April showed a deficit of CZK 4.5 billion


Mediafax

PRAGUE (MEDIAFAX) - Czech National Bank (CNB) on Tuesday published data on the current account balance of the CR in April. Market consensus Reuters expected a deficit of 4.5 billion crowns in March showed a surplus of 2.7 billion crowns.

The asset balance of payments current account surplus was due to the balance of goods and services. Balance of income and current transfers were passive. Amount of dividend paid in March stood at 8.3 billion. The current transfers surplus was included transfers to the CR from the EU budget in the amount of CZK 0.4 billion. The capital account were no receipts from EU budget. The current account deficit in the annual total in the long term declining slightly.

Capital inflow on the financial account ECB methodology was CZK 3.8 billion. The net inflow of direct investment reached CZK 16.1 billion, of which net reinvested earnings amounted to CZK 5.6 billion. Net outflow of portfolio investment was affected by the purchase of equity and debt securities by residents abroad. On the liabilities side was the marked reduction of holdings of government bonds denominated non-residents. The net inflow of direct investment total (in the longer trend) is stagnating. Net portfolio investment total (in the longer trend) shows a slowly declining inflow of resources.

The balance of other investments have been active in the amount of CZK 11.6 billion due to changes in short-term positions of banks, which was partially offset by growth in assets of the corporate sector.The balance of clients transactions led CNB (adjusted for valuation changes) to reduce the reserves of three billion.

Tomas Cizek, cizek@mediafax.cz

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