OET deficit fall
PA Wellington Overseas exchange transactions in May recorded a current account deficit of $144 million.
The Reserve Bank said this was well down on the deficit of $349 million in May, 1985. For the year ended May, 1986, the current account deficit fell to $lBB2 million from $2889 million recorded in the year to May, 1985.
Official overseas reserves increased by $5B million in May, 1986, and stood at $2559 million at the end of the month.
The Reserve Bank said it should be noted that the OET statistics were only broadly Indicative of trends in the external accounts.
This had particularly been the case since the removal of exchange controls in December, 1984.
A more comprehensive measure of developments in the external sector was given by the Department of Statistics’ balance of payments series, which measures the flow of goods and services rather than just the associated cash flows.
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Press, 26 July 1986, Page 23
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153OET deficit fall Press, 26 July 1986, Page 23
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