The underlying external position of the economy at the end of the first quarter of 2015
The Central Bank of Iceland has published on its website the preliminary statistics for the balance of payments in the first quarter of 2015, and for the external position at the end of the quarter.
For further information, the Bank has simultaneously published an analysis of the underlying net external position of the economy. The assessment of the underlying position entails an estimation of the position that will result when the domestic and foreign assets of the deposit money banks in winding-up proceedings have been sold and the proceeds distributed to creditors. The underlying external position at the end of Q1/2015 was negative by 783 b.kr., or 38% of estimated GDP. In comparison, the underlying position was negative by 880 b.kr. at the end of the fourth quarter of 2014. The underlying external position therefore improved about 97 b.kr., or 4.7% of GDP, in the first quarter. The main changes during the quarter lie in an increase in gross foreign exchange reserves of just under 63 b.kr., which is due in part to resident entities’ foreign borrowings, exchange rate movements, and changes in the value of assets and liabilities, which were positive by 71 b.kr. during the quarter.
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