RAMALLAH, January 18, 2009 (WAFA)- The Palestinian Monetary Authority (PMA) and Palestinian Central Bureau of Statistics (PCBS) announced, Sunday, the preliminary results of the Palestinian Balance of Payments (BOP) for the year 2007: a $347.9 million deficit in the Current Account.
The Balance of Payments (BOP) is the method countries use to monitor all international monetary transactions at a specific period of time. It is used by researchers and decision makers in preparing systematic economic statistics , necessary for observing economic performance in general and for deriving essential data used in compiling the Rest of the World Account as part of the Palestinian National Accounts.
BOP consists of two main accounts, the Current Account and the Capital and Financial Account. The PCBS adopts The West Bank, excluding east
The deficit value of the Current Account reached $347.9 million for the year 2007, a decrease by 57.2% compared to the year 2006. It was caused by the deficit in the trade balance of goods which was announced as $2,600.4 million, which increased by 16.4% compared to the year 2006.
The surplus value of Capital and Financial Account amounted to $204.5 million. This surplus was caused mainly by the surplus in Capital Account, which reached $395.0 million.
