Payment balance of Kazakhstan for January-September, 1999 - 369.3 mln

/IRBIS, March 3, 00/ - REUTERS informs, with the reference to the National Bank, that deficit of accounts of current operations of Kazakhstan decreased 46% in nine months of 1999 against the same period of 1998, at $369.3 mln. Trade balance surplus for current operations in months equaled negative $135.5 mln. However, as the National Bank informs, it was positive $275.4 mln in the third quarter of last year. It is said exports grew 16% in the third quarter of last year compared to similar period of 1998, while imports decreased 19% during the same period. Also, operations with capitals and finances reached $693.5 mln positive balance in nine months of 1999. The National Bank says decline in the volume of foreign capitals attracted caused the positive balance of operations with capitals and finances to decrease twice. The bank also informs that most of gross external debt of the country (more than 75%), which is $7.557 bln, are made of mid- and long term loans. Following is the main indicators of Kazakhstan's payment balance: January- September 1999 1998 ------------------------- -------------- --------- Current account, % of GDP -3.2 -5.6 Exports (fob)* ($ bln) 3.9 5.8 Imports (fob) ($ bln) 4.0 6.6 Direct investments ($ bln) 1.2 1.1 Net inflow of capitals 0.7 1.9 Gross external debt, $ bln, (%GDP) 7.6(61) 7.5(33.6) ------------------------- -------------- --------- * fob - "free on board": term of international contract meaning that transportation, insurance and loading expenses up to the completion of the loading are born by the seller, that is they are included into the price.