OREANDA-NEWS. August 2016,the balance of payments recorded asmall surplus of USD 16million due to:

- the widening of the current account deficit to USD 414 million amid larger  foreign trade deficit. Merchandise imports grew at a faster pace than exports, primarily driven by an increase in energy imports. In addition, both   consumption and investment imports continued to increase fueled by a pick-up in domestic demand.

- net inflows of USD 417 million on the financial account, which, as in previous months, were attributed to the private sector's borrowings. In contrast to previous months, the real sector was the major recipient of FDI. FX cash outside banks continued to decrease, albeit at a slower pace.

In January-August 2016, the current account recorded a deficit of USD 1.4 billion. However, the current account deficit was offset by net inflows on the financial account. As a result, the overall balance of payments surplus amounted to USD 533 million.