Romania's Current Account Gap Narrows To EUR15M In January

Romania's current account deficit narrowed 86.5% to EUR15 million in January, from a gap of EUR111 million in the year-earlier month, as the trade balance turned to surplus, central bank data showed Monday.

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The trade balance posted a surplus of EUR91 million, from a deficit of EUR258 million in January 2010.

Foreign direct investments, which stood at EUR240 million, entirely covered the country's current account deficit in January. A year earlier, Romanian FDI stood was EUR31 million.

Romania's total external debt reached EUR92.06 billion at the end of January, up from EUR90.7 billion in December 2010, according to central bank data.

The medium and long-term debt stood at EUR72.9 billion, from EUR72.01 billion at the end of 2010. The short-term debt was at EUR19.15 billion, from EUR18.7 billion in December last year.

Romania's current account deficit widened 5% to EUR5.16 billion in 2010, from a gap of EUR4.91 billion in the previous year, due to the lower current transfers surplus and an increasing deficit of the incomes balance.

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