Deficit of the current account of the balance of payments for the 2^nd quarter of 2008 comprised 899.0 million USD, which is 2.2 times higher than the indicator for the same period of the year of 2006 and by 14.4 per cent more than the data for the previous quarter.

Trading with goods was the most capacitance deficit component in the current account and its balance equaled 965.8 million USD. This was caused by the high rate of growth of import. In particular, in the 2^nd quarter of 2008 the volume of import has increased by 54.7 per cent as compared to the same period of the last year and exceeded the indicator for the 1^st quarter by 20.5 per cent, while the rates of growth of export in the same period have been 38.9 per cent and 42.7 per cent respectively. In the first half of the current year, the main importable goods were oil products and vehicles, total amount of which has made 30 per cent of import as a whole. During the first six months of 2008, the import of oil products and vehicles has grown nearly 2 and 2.2 times correspondingly.

Balance of service is positive and equals 23.9 million USD for the 2^nd quarter of 2008. From this amount the export of service is 360.3 million USD (it has increased by 29.9 and 35.4 per cent as compared to the last quarter and same period of 2007 respectively) and the import of service - 336.4 million USD (this growth amounted 30.6% and 62.9% relatively). From service trading, the positive balance is characteristic to travel (136.0 million USD. It increased by 55.3 per cent as compared to the 2^nd quarter of 2007 and by 1.9 times as compared to the 1^st quarter of the current year), communication (3.6 million USD) and government service sectors (10.8 million USD. It declined by 13.7 per cent as compared to the same quarter of the previous year and by 23.0 per cent as compared to the last quarter). With regards to insurance, other business service, construction and transportation sectors, balance is negative (-37.5, -14.2, -5.6 and -4.7 million USD respectively).

Balance of income is negative and equals to -127.2 million USD in the 2^nd quarter of 2008. Income credit, the main part (83.7 per cent) of which is the reimbursement of employees, reached 100.8 million USD that is by 8.7 per cent higher than the same indicator of 2007 and by 4.7 per cent more than the figure for the last quarter. Debit of income is 249.5 million USD, which is 1.5 times higher than the indicator for the same period of 2007 and it is 1.3 times more than the data for the 1^st quarter of 2008.  The investment income constitutes 90.9% of the income debit.

Volume of current transfers is quite solid and together with the balance of service it reduces the deficit of the current account caused by the balances of goods and income. The balance of current transfers constituted 170.0 million USD in the 2^nd quarter of 2008, from which the inflow is 189.5 million USD and the outflow - 19.5 million USD. During the 2^nd quarter of 2008, the current transfers of the government sector has declined by 10 million USD as compared to the last quarter of the current year and has reached 19.2 million USD. With regards to transfers of private sector, it has increased by 5.6 per cent as compared to the 1^st quarter and equaled 170.4 million USD.

Capital transfers for the 2^nd quarter of 2008 make up 17.9 million USD and they are grown by 3.8 per cent as compared to the last quarter. But if we compare them to the same period of the year 2007, they are reduced by 34.1 per cent.

Direct investments have increased by 42.5 per cent in the 2^nd quarter of 2008 as compared to the same period of 2007 and comprised 522.2 million USD, while according to the quarterly data, 23.7 per cent increase of direct investments was reported in the current quarter as compared to the last quarter. The growth of investments is mostly conditioned not only by the privatization process (202.0 million USD) and by investing in banking and entrepreneur sectors (investment in the equity capital constituted 376.0 million), but also by the significant raising of current reinvestments. The amount of reinvestment has reached 116.4 million USD which is 1.5 and 13.1 times higher than the aforementioned indicator for the last quarter and the same period of 2007 respectively. Inflow of investments in the form of other capital or other types of loans was 29.9 million USD and has declined as compared to the last quarter as well as compared to the analogous period of 2007 (53.4 per cent and 6.1 times relatively).

During the 2^nd quarter of 2008 the number of portfolio investments is modest as compared to the previous quarter and in forms of equity comprises 13.0 million USD. Eurobonds, which have been issued by the government and are a part of portfolio investments, have enabled to mobilize 500 million USD. In that way, the total amount of portfolio investments have sharply increased and net balance reached 473.9 million USD; 46.7 million USD of which was the growth of assets and 520.6 million USD - the growth of liabilities.

Balance of other investments equaled 18.3 million USD in the reporting period and it has been reduced as compared to the previous quarter as well as compared to the same period of the last year. But, the assets have steeply increased (growth has comprised 414.6 million USD) so have done the liabilities (432.9 million USD). The share of currency and deposits from assets is 92.5 per cent (383.6 million USD), 82.9 per cent of which comes from government and 15.3 per cent from banking sector. 70.6 per cent of liabilities are loans. During the reporting period, loans of commercial banks and government sector have increased by 313.8 and 27.1 million USD respectively. At the same time, the loans of other sectors have declined by 33.7 million USD.

During the 2^nd quarter of 2008 transaction related changes have reached 112.8 million USD. The total foreign currency reserves have risen by 114.5 million USD and equaled 1526.1 million USD, while the SDR account has declined by 1.7 million USD.