Friday, July 10, 2009

A few observations on May Current Account

Let's cut to the chase right away:
  1. Current account is shrinking faster than you can say current (see picture below).
  2. The mystery of the UFOs (i.e. net errors and omissions) continues after a one-month pause (see picture below).
  3. Tourism held out well in May, as hinted by the arrivals figures.
  4. On the capital account front, portfolio flows took up the slack from dismal FDI and corporate borrowing (rollover at 60%), but we already knew this from the CBT weekly bulletins.


123 123 said...

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