The current account of the balance of payments reported a deficit worth 1.77 billion euros over Jan 1-May 31, 2009, down 75.5 pc over the same period of 2008, the National Bank of Romania informs on Tuesday.
The shrinkage of the current account deficit was mainly driven by the trade balance deficit that totalled 2.5 billion euros, down 65.9 percent over Jan.-May 2008.
The current account deficit over Jan.-May 2009 was fully funded by direct investments of non-residents in Romania which stood at 2.47 billion euros, compared to 4.26 billion euros in the first five months of the previous year.
Over Jan.-May 2009, out of the 2.47 billion euros, the intra-group loans accounted for 47.7 percent, contributions to capital accounted for 43.2 percent and the reinvested profit accounted for 9.1 percent.
The medium and long-term foreign debt reported on May 31, as many as 57.043 billion euros (76 percent of the overall foreign debt), up 12.3 percentage points over Dec. 31, 2008.
The short-term debt reported on May 31, 2009 18 billion euros (24 percent of the overall foreign debt), down by 18.9 percent over Dec. 31, 2008.
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