Current account surplus shrank to USD 153.1mn in Jan-Sep, according to preliminary data of the National Bank of Kazakhstan (NBK). In the same period of previous year, surplus of USD 3.5bn was reported. The main reason for lower surplus is shrinking surplus in foreign trade balance which went down by 21% y/y to USD 25.1bn. This was sparked by a 3.4% decrease in average oil price (USD 108.7 per 1 barrel of Brent oil) and lower prices for non-ferrous metals exported by Kazakhstan.
Services posted deficit of USD 5.2bn, down from USD 5.8bn in the same period of previous year. At the same time, primary income deficit went down from USD 21.8bn to USD 18.6bn which was led by higher revenues from interest on reserves and assets of the NBK and lower payout of income on direct investment to non-residents.
Capital account deficit stood at USD 6.4mn against a surplus of USD 10.8mn in the first nine months of 2012. Financial account (excluding reserves assets of the NBK) posted deficit of USD 1.02bn, against a surplus of USD 475.6mn in Jan-Sep 2012.
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