17:32 08.02.2016

NBU twice downgrades outlook for current account deficit for 2016

1 min read
NBU twice downgrades outlook for current account deficit for 2016

The National Bank of Ukraine (NBU) has almost twice downgraded the outlook for the deficit of the current account of the balance of payments for 2016 against a background of deterioration of trade relations with Russia and the decline in the world commodity prices.

These data are taken from the Inflationary Report presentation, posted on the central bank's website.

The National Bank, in particular, twice downgraded the estimate of losses due to restrictions on exports of Ukrainian goods to the Russian Federation to $600 million and, in addition, expects $500 million losses due to the restriction of Ukrainian goods transit through the territory of Russia.

In addition, the NBU expects $100 million losses as a result of lower commodity prices, whereas previously it expected the growth of foreign currency earnings in the amount of $1.5 billion.

Thus, the current account deficit in 2016, according to the updated forecast, will amount to $2.5 billion, while earlier the projected figure stood at $1.2 billion.

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