According to the preliminary balance of payments data for 2021 Q3, the current account balance of Cyprus recorded an improvement, with the deficit decreasing from €616.9 million in 2020 Q3, to €144.7 million, in 2021 Q3, the Central Bank said in a press release.

The resulting deficit when adjusting the data for the impact of Special Purpose Entities (SPEs), that is, classifying SPEs as non-residents, stood at €237.4 million in 2021 Q3, compared with a deficit of €617.6 million in 2020 Q3, it adds.

The international investment position (IIP) recorded a slight improvement at the end of 2021 Q3, presenting a net liability position of €29,761.3 million, compared with a net liability position of €29,809.9 million in 2021 Q2, it notes.

With the corresponding data being adjusted for the impact of SPEs, IIP recorded a net liability position of €10,480.4 million at the end of 2021 Q3, compared with a net liability position of €10.664,1 million, at the end of the previous quarter.

At the same time, the gross external debt decreased to €192,395.1 million in 2021 Q3 from €193,271.5 million in 2021 Q2.

On the other hand, external assets in debt instruments increased to €132,121.1 million, up from €127,925.5 million in 2021 Q2. Consequently, net external debt decreased by €5,072.0 million to €60,274.0 million in 2021 Q3, the Central Bank says.

Adjusted for the impact of SPEs, gross external debt reached €66,816.9 million at the end of 2021 Q3, compared to €62,630.2 million, at the end of 2021 Q2. The corresponding net external debt indicator reached -€3,021.5 million, compared with -€1,786.2 million at the end of the previous quarter, it concludes.

Source: Cyprus Mail