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  • Towards International Standards - WA#42
    Towards International Standards - WA#42

    Bank financial statements to September 30

  • As of September 30, deposits abroad of private banks fell -18.0% in the quarter to $918 m. Cash funds total $1.2 bn, quarterly decrease of -4.5%. The sum of both accounts (green bars) is equivalent to 21.2% of monetary deposits, 2.8 points more than in June (red curve). (WA#42)

  • The authorities put out the estimate of net public sector revenues from the economic measures, including the tax reform yet to be sent to the Assembly, and net of outlays for compensation measures. The key revenue earner was the fuel hike, which at $1,546 mn, we consider was grossly underestimated. The point is now moot, as fuel subsidies were reinstalled. (WA#41)

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