Balance of Payments by end of 2015Economy
Ulaanbaatar /MONTSAME/ Compared with the preliminary estimates of Balance of Payments (BOP) which were released on January 29, 2016, the revised estimates show that current account deficit account has increased by US$ 19.3 million, whereas capital and financial account surplus have declined by US$ 64.9 million respectively. As a result, errors and omission have dropped by US$ 84.2 million.
These changes are subject to the enterprises’ quarterly surveys. Particularly, the reported net operating income of mining companies was significantly smaller than the preliminary estimates, and the enterprises paid loan repayment from foreign bank accounts in this quarter.
Current account deficit stands at US$ 567.1 million, decrease of US$ 837.8 million or 60percent compared to the same period of the previous year. The change is due to (i) improvement of trade in goods by 24 percent with increase of US$ 238.0 million; (ii) decline of deficit on trade in services by 42 percent or US$ 658.9 million.
Income account deficit showed increase of US$89.4 million or 9%, and current transfer account showed increase of US$30.5 million or 21 percent compared to the same period of the previous year.
Capital and financial accounts showed surplus of US$ 414.3 million, decrease of US$ 647.7 million or 61 percent from the previous year which is mainly affected by decline of other investment in Mongolia by 140 percent or US$ 571.4 million from a year prior, reports the Bank of Mongolia.