Deficit of the current account of the balance of payments for the 1st quarter of 2009 has lessened considerably as compared to the 4th and 1st quarters of 2008 and amounted to 406.0 million of USD (diminutions comprised 13.8 and 50.6 percents correspondingly). Nevertheless it has enlarged by 2.2 percent comparing with analogous period of 2007.

Trading with goods has reduced during the accounting period – both export and import. In particular, in the 1st quarter of 2009, export has decreased by 15.4 percent as compared to the previous quarter and by 32.9 percent as compared to the same period of 2008. As regarding with import, it has dropped by 33.7 and 32.1 percents accordingly. The sizeable lowering of imports has resulted improving of the deficit balance of trade with goods which has amounted to 315.6 million of USD. That is 41.1 percent lower as compared to the previous quarter and by 31.6 percent less as compared to the same period of 2008.

Balance of services is positive and equals 41.0 million of USD for the 1st quarter of 2009. From this amount the export of services is 264.5 million of USD (it has decreased by 12.2 and 5.6 percents as compared to the previous quarter and same period of 2008 respectively) and the import of services – 223.6 million of USD (lessening amounted to 30.6 and 62.9 percents relatively).

In the trade with services usually the tourism service has notable positive balance (38.5 million of USD), but in the 1st quarter of 2009 it has decreased by 11.1 percent as compared to the same quarter of 2008 and by 23.5 percent as compared to the previous quarter. The second positive component was communication services constituting 36.0 million of USD. The export of that item of BOP, has decreased by 2.9 percent comparing with the previous quarter. As compared to the analogous period of 2008 it has declined by 4.9 percent. Declining of imports of communication services was even higher (30.9 and 22.7 percents correspondingly). The insurance, other business, financial and construction service balances has a negative feature (-21.4, -7.3, -2.8, and -2.1 million USD accordingly).

Balance of income is negative equaling -127.2 million of USD in the 1st quarter of 2009. Income credit has amounted 93.8 million of USD which is the lowest figure in years 2007-2008. It is 27.4 percent lower than the same indicator for the previous quarter and 14.9 percent less than the figure for the 1st quarter of 2008. Debit of income is 101.4 million of USD, which is 76.9 percent higher as compared to the last quarter of 2008 and 54.8 percent less than it was in the 1st quarter of 2008.

Volume of current transfers is the highest positive component of the current account constituting 176.2 million of USD. that is 2.8 tames lower as compared to the previous quarter and 4.5 percent higher as compared to the analogous period of 2008. Inflow of current transfers amounted to 193.3 million of USD, while outflow equaled 17.0 million of USD. In the 1st quarter of 2009 current transfers of the government and other sectors decreased. As compared to the previous quarter, government sectors current transfers has diminished by 95.1 percent and comprised 14.4 million of USD, while transfers of other sectors decreased by 21.1 percent and made up 161.8 million of USD.

Capital transfers for the 1st quarter of 2009 amounted to 31.2 million of USD and they are declined by 31.8 per cent as compared to the last quarter. But if we compare them to the same period of the year 2008, they are increased 1.8 times.

In the 1st quarter of 2009 direct investments amounted to 124.5 million of USD which is 2.3 times smaller than it was in the previous quarter and 4.3 times less as compared to the analogous period of 2008. Direct investment diminishing took place in equity capital as well as in other capital.

During the 1st quarter of 2009 the number of portfolio investments was insignificant comprising 6.5 million of USD.

Balance of other investments equaled 278.5 million of USD in the reporting period and it has been enlarged as compared to the previous quarter as well as compared to the same period of the last year (30.6 and 27.6 percents correspondingly). That was caused by the assets’ decreasing (in the 1st quarter it has declined by 232.7 million of USD) as well as by an increasing of liabilities (growth has comprised 45.8 million of USD). The share of currency and deposits from other assets is 99.3 per cent (231.1 million of USD), and growth of liabilities entirely was resulted from loans. During the reporting period, loans have increased by 95.0 million of USD. Growth was marked in all sectors except commercial banks. The loans of National Bank, government sector and other sectors have increased by 179.9, 26.8 and 3.3 million of USD respectively. At the same time, the loans of commercial banks have declined by 115.0 million of USD.

During the 1st quarter of 2009 reserve assets increased by 59.8 million of USD. The total foreign currency reserves have risen by 114.5 million USD and the SDR account has declined by 9.8 million USD.