RECENT developments indicate that the country's balance of payments is increasingly sensitive to changes in portfolio flows and risk-on/risk-off episodes, Nomura said in a report released on Monday.
The CAD is now being increasingly financed by 'other investments' that in turn are dominated by external loans made by the government to fund anti-Covid programs.Aside from exceeding net FDI, Nomura said that external loans appear more volatile.'The volatility of external loans from a BoP perspective is because actual drawdowns by the government are irregular throughout the year and often lumpy, especially for program loans,' it explained.
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