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Wednesday, May 21, 2014
Mogi: using monthly numbers FDI was shown to have fallen 36% previously. WTH?
Mongolia Q1 FDI Plunges 65% to y/y to $294m
By Michael Kohn
May 21 (Bloomberg) -- Mongolia’s Q1 foreign direct investment fell to $294m from $845.8m, a y/y decline of 65.2%, according to adjusted data released today by Mongolia’s central bank.
* 2012 Q1 FDI was $1.27b
* 2014 Q1 current account deficit $320.6m vs $771.9m yr ago: central bank
(Bloomberg First Word)
BoM: Balance of Payment Report, First Quarter 2014
May 21 (Bank of Mongolia) Quarterly Balance of Payment (BOP) report alters from the monthly preliminary BOP report (January, February, March) as it is executed using the data from the quarterly reports of enterprises, international trade statistics, state budget, information from the banking system and Mongolian enterprises’ balances at foreign accounts.
Current account deficit stands at US$ 320.6 million which is decrease of US$ 451.2 million from the previous year. Of which (i) deficit of international trade account of goods decreased by 131 percent, thus showed surplus of US$ 71.8 million; (ii) trade of services deficit decreased by 11 percent to US$ 339.0 million; (iii) deficit of income account dropped by 44 percent to US$ 102.9 million; and (iv) current transfer increased by 90 percent to US$ 49.4 million.
Balance of capital and financial accounts showed surplus of US$ 66.2 million which is decrease of 90 percent or US$ 591.4 million from the previous year. This is due to i) 65 percent decline of foreign direct investment from abroad to Mongolia which is US$ 551.1 million (Mogi: this is the wrong number. 551.1 is the difference between the balance of FDI coming in and coming out), ii) surplus of portfolio investment increased by US$ 333.1 million and iii) the deficit of other investments increased by 185 percent or US$ 387.9 million compared to a year prior.
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