RAMALLAH, Tuesday, June 25, 2019 (WAFA) - An incessant deficit in the Current Account (goods, services, income, current transfers) totaled $306 million in first quarter of this year triggered mainly by the deficit of the Trade Balance of Goods, which reached $1,208 million, as well as the deficit in Services Balance, which  amounted to $255 million, said a joint report by the Palestinian Central Bureau of Statistics (PCBS) and the Palestine Monetary Authority (PMA) on the Balance of Payments.

The surplus in Income Account (compensations of employees and investments income) amounted to $640 million with an increase of 4% compared to the previous quarter. This surplus was due to compensations of the employees working in Israel, which reached $631 million. As for the received investments income, it amounted to $47 million; and was mainly caused by the income received on the portfolio investments abroad, in addition to the interest received on the Palestinian deposits in banks abroad.

The Current Transfers achieved a surplus value amounting to $517 million with an increase of 2% compared to the previous quarter. The total transfers from abroad amounted to $598 million, of which 32% were the transfers to the government sector (with a decrease of 7% compared to the previous quarter), while the percentage of the transfers to other sectors reached 68%.  The donors’ current transfers constituted 32% of total transfers from abroad.

The preliminary results showed a surplus value for the Capital and Financial Account amounting to $167 million mainly caused by the surplus in Financial Account which amounted to $192 million. There was an increase in the reserve assets at PMA amounting to $45 million, compared to an increase of $53 million in the previous quarter.

M.K.