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FINANCIAL NEWS
UAE current account balance surplus down in 2013
31 May 2014
(MENAFN) UAE’s surplus of current account balance dropped 6 percent in 2013, reaching USD64.5 billion, driven by higher remittances by workers, rise in expenses on travel, shipping and other services, Khaleej Times reported.
According to the Central Bank of the UAE”s annual report, the surplus in the current account balance shrank from USD68.94billion in 2012 to USD 64.64 billion in 2013.
“The outflow of funds due to services which include freight and insurance, transport, travel and government services, increased to USD 70.96 billion in 2013, while the inflow increased to USD17.22 billion in 2013,” according to the report.
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