RESTRICTED
WORLD TRADE WT/BOP/3
14June1995
ORGANIZATION(95-1587)
Original: English Committee onBalance-of Payments Restrictions
CONSULTATION WITH THE SLOVAK REPUBLIC
UNDER THE BALANCE OFPAYMENTS PROVISIONS OF
THE GATT 1994 AND THE RELATED UNDERSTANDING
Basic Document supplied bytheSlovak Republic
I. General
1. TheGovernment oftheSlovak Republic hasintroduced pursuant toArticle XII:4(a) ofthe
General Agreement onTariffs andTrade 1994 animport surcharge forabroad range ofgoods. The
ratehasbeenfixed at10percent,andtheapplication hasbeenrestricted toatransition period. The
reasons werethenegative development ofthebalance ofpayments atthebeginning oftheyear1994
andtheeffort tostabilize currency andforeign exchange reserves.
2. Theimport surcharge wasintroduced byDecree No.45/1994 Coll. oftheMinistry ofFinance
oftheSlovak Republic of22February 1994, which entered intoforce on3March 1994.
3. The Slovak Republic notified theintroduction oftheimport surcharge inGATT
Document L/7428 of22March 1994. TheAnnex tothenotification document givesalistofthegoods,
towhich theimport surcharge isapplied.
4. TheBasic Document fortheConsultations under Article XII:4(a) waspresented bytheSlovak
Republic indocument BOP/319 of5July1994.
5. TheSecretariat oftheGATT presented indocument BOP/W/156 of18July1994abackground
paper inaccordance withparagraph 7oftheDeclaration onTrade Measures Taken forBalance-of-
Payments Purposes (BISD 26S/205).
6. Theconclusion oftheConsultations intheCommittee onBalance-of-Payments Restrictions
arestated indocument BOP/R/218 of15August 1994 andwere adopted bytheCouncil of
4October 1994 (document C/M/275 of24October 1994).
7. TheSlovak Republic notified theextension oftheapplication oftheimport surcharge forthe
year1995 indocument WT/BOP/N/1.
8. Theimport surcharge isapplied toconsumer goods andfoodstuffs. Theimport surcharge is
notapplied togoods imported intheframework ofexchange trade; goods imported forfurther
re-processing, processing, completion, assembly inproduction, i.e.togoods designed forusein
production; documented re-imports; andgoods delivered byaforeign exporter ascompensation for
claimed goods; documentation, advertising material andcommercial samples. Thelistofgoods to
which theimport surcharge isapplied remained unchanged aftertheprolongation oftheapplication
period. Thecustoms value isusedasthebasis fordetermining theamount ofsurcharge tobepaid.WT/BOP/3
Page2
9. Decree No.45/1994 Coll.oftheMinistry ofFinance oftheSlovak Republic exactly determines
theimports towhich theimport surcharge isapplied aswellasthelevying procedures. (Complete
wording oftheDecree isstated indocument BOP/319.)
10. Theimport surcharge isapplied inanon-discriminatory manner toallimports irrespective
ofthesource ofsupply, including theCzech Republic andcountries withwhich theSlovak Republic
hasconcluded bilateral ormultilateral free-trade agreements.
II. Reasons fortheadopted restrictive measures
11. When introducing theimport surcharge theGovernment oftheSlovak Republic declared the
short period ofitsapplication andtheobjective ofeliminating itbytheendof1994. However, the
Government underestimated thedevelopments inthedebt-payments; theimpact oftheintroduction
offreeconvertibility oftheSlovak crown, aswellaspossibilities inexports andthemassive imports
necessary torevive industrial production.
12. After fouryears ofconstant degressive development, which ledtothereduction ofGDP by
more than25percent, theprocesses leading totherevival oftheGDP began toshow theireffect in
1994. Although realGDP increased by4.8percentin1994 incomparison to1993, itisnecessary
toconsider thisresult withregard tothesignificant reduction oftheGDP inprevious years.
13. IntheSlovak Republic thetransformation fromthecommand tothemarket economy continued
alsoin1994. TheSlovak Republic ratified theAgreement establishing theWTO, which entered into
force on1January 1995, andsince thisdatetheSlovak Republic hasbeenfulfilling itsliberalization
obligations inallsectors. TheSlovak Republic hasbeensuccessful inkeeping theachieved levelof
liberalization inallsectors.
14. Theslowing down ofprice increases, achieved in1994 incomparison to1993, wasmainly
duetothechanges ineconomic performance andespecially tothefactthatthereduction ofGDP in
1993 by4percentwasreplaced byanincrease ofalmost 5percentin1994. Therateofinflation
in1994 fellsignificantly andachieved anaverage levelof13.4percent.
15. Thedevelopment ofthelabour market wasinfluenced bytheendoftherecession andbythe
firststeps towards arevival ofeconomic growth. After acontinuous reduction inthenumber of
employed persons intheprevious years, thetotalfigure ofemployed persons in1994 wasstabilized
atthe1993 level. Therateofunemployment stillremains rather high, 14-15 percent, asignificant
trend inreducing thisratecannot beobserved yet.
16. Intheprocess ofeconomic reform fullliberalization offoreign trade hasbeenachieved in
Slovakia, andallbarriers, having anegative impact onimports havebeenremoved. Non-automatic
import licences areapplied onlytoselected products: brown coal,hardcoal,uranium, recycled paper,
fuelelements.
17. TheSlovak Republic hasachieved alowaverage customs incidence atthelevelofthedeveloped
industrial economies -4.9percent. Thelevel willdecrease during theapplication oftheUruguay
Round. With regard tothelowcustoms protection andhardly anynon-tariff barriers totrade the
10percentimport surcharge doesnotrepresent asignificant burden forimports.WT/BOP/3
Page3
18. Thedevelopment offoreign trade in1994 represented, unlike in1993 oneofthestabilizing
anddynamizing factors intheeconomic development. There wasalsoanincrease inimports in1994
by8.4percentincomparison to1993, despite oftheimport surcharge, andtheimports achieved a
total value ofUS$6.6 billion. Itismainly duetothefaster increase inexports, compared toimports
thatthetrade balance improved in1994, asitturned from anegative US$887 million in1993 toa
positive balance ofUS$127 million in1994. (Thedataforforeign trade arecontained inAnnex 1.)
Adetailed examination ofimports shows thatduetotherestrictive monetary andfiscal policy, and
totheefforts oftheSlovak Government toraiseandstabilize theforeign exchange reserves, minimum
investment imports were realized during thepastyear.
19. Thefastincrease ofexports lastyearisconsidered asextreme anditcannot beexpected to
continue atthesame ratein1995. Themain reasons aretheslowrevival ofindustrial production;
lowlevelofinvestment; relative exhaustion ofsources forexports; slowdevelopment ofnewexport
structures towards products withahigher degree ofvalue added, growing requirements ofexported
goods forimported components; lowlevelofdirect foreign investment, etc.
20. Thedynamics ofexports washigh in1994 (theincrease between 1993 and1994 was
28.5percent). Thistrend isnotexpected tocontinue inthelongterm, andwillprogressively diminish.
Thepredominant export goods arestillgoods withalowdegree ofvalue added andsemi-finished
products.
21. Theemergence ofpositive trends intheeconomic development oftheSlovak Republic was
observed alsointhedevelopment ofthebalance ofpayments. Thecurrent account ofthebalance of
payments achieved asurplus ofUS$712 million. Thisresult wasmainly influence bythebalance of
services, andtrade relation withtheCzech Republic.
22. Thetotalbalance ofpayments achieved asurplus ofUS$1,290 million. Thepositive balance
inrelation totheCzech Republic in1994 wasinfluenced mainly bythesurplus ofUS$542.1 million
inthetrade balance andofUS$275.1 million inthebalance ofservices. Payments from theCzech
RepublicexceedingthedeterminedlimitofcreditamountedtoUS$273million.(Thedataonthebalance
ofpayments arecontained inAnnex 2.)
23. Despite themacroeconomic results achieved in1994, itisnecessary toevaluate thesituation
withcareful optimism. Theexpected revival ofproduction willleadtomore imports, which together
withthelimited increase inexports andfurther negative factors oftheactual transformation, donot
leadtotheassumption thatthistrend willcontinue forasignificantly longperiod. Therefore the
Government describes thebalance ofpayment asrather fragile, where unexpected changes arepossible.
Inorder toachieve long-term stability inthebalance ofpayments theGovernment decided toprolong
theduration oftheapplication oftheimport surcharge fortheyear1995.
24. Thetotalgross foreign debtfortheSlovak Republic represented on31December 1994
US$4.283 billion, ofwhich thedebtoftheGovernment oftheSlovak Republic andoftheNational
Bank ofSlovakia amounted toUS$2.275 billion. Thegross foreign debtincreased byUS$603 million
in1994. In1994 National Bank began topaythesecurities oftheStand ByandCCFF loans worth
US$88.7 million andinterest andpayments totheIMFamounted toUS$30 million. Thepayment
ofdebt,i.e.thepaidforeign obligations (excluding payments totheIMF) amounted toUS$234.6 million
in1994, ofwhich thesecurity represented US$140.3 million andinterests US$94.3 million. Foreign
obligations duein1995willbeevenharder than1994, forthetotalvalue ofdueobligations including
payments totheIMFisestimated atUS$520 million.WT/BOP/3
Page4
25. After acomprehensive liberalization ofprices in1991 andfurther price deregulation in1992
and1993onlyapproximately 5percentofgoods andservices remain regulated bytheState(inrelation
toretailtradeturnover). Onlyprices forpublic services, energy, gas,heatandelectricity forhouseholds
areregulated bytheState. These prices stillremain under thelevelofcostfortheproduction ofsuch
goods. From themedium-term point ofviewtheGovernment isdetermined tointroduce apricepolicy
intheenergy sector which willensure fullcoverage ofcosts forenergy production. With thisaim
theGovernment willprepare aplanofprogressive price adaptation ofnatural gas,heatandelectricity
inorder toachieve anaverage coverage ofproduction costs.
26. Atpresenttheprocessofrestructuringindustrialandagriculturalproductionisbeingaccelerated,
andtheprocess ofprivatization iscontinuing. These twoimportant reform steps aretheconditions
forarevival oftheeconomy inSlovakia andforaninflux offoreign capital, aswellasforthe
implementation ofpro-export measures. Inorder torevive exports apro-export programme was
developed. Thisprogramme concentrates onmeasures inthefiscal, credit andinsurance sectors and
onmarketing, information andconsulting activities.
27. Theprivatization oftheeconomy wasconducted intwobasic ways during 1993 and1994.
Thesmall-scale privatization hasbeenpractically finished, andtheGovernment ispreparing thesecond
wayofthelarge privatization. TheGovernment aimstoaccelerate theprocess oftransformation of
property distribution, which itconsiders animportant partofthereform process anditfurther aims
toprivatize onethirdofthecompanies, where theState owns themajority bytheendofSeptember
1995. Thismeans thatbytheendofSeptember 1995, companies withpreviously determined value
ofSK60 billion andbytheendof1995companies withatotalvalue ofSK80 billion willbeprivatized.
28. Inorder tostabilize foreign exchange reserves theNational BankofSlovakia adopted measures
tostoptheirinitial reduction atthebeginning of1993. Thedrawing oftheIMFSTFcredit worth
US$90 million andtheissueofbonds worth US$240 million resulted inagrowth offoreign exchange
reserves in1994, butitwasnotpossible toprovide thenecessary volume toensure thecontinuity in
imports,especiallyofinvestmentcharacter.Althoughthesituationhasimproved,itcannotbeconsidered
asfullystabilized from along-term point ofview.
29. Thetotalforeign exchange reserves oftheNational Bank ofSlovakia include foreign exchange
reserves infreeconvertible currencies, goldandassets listed ontheIMFaccount withavalue of
US$1.745 million. Thedevelopment ofthetotalforeign exchange reserves in1994 waspositively
influenced bytheemergence ofnewforeign exchange sources fromabroad andbytheissueofcurrency
bonds andswap trade. Foreign exchange reserves ofthebanking sector, including commercial banks
amounted toUS$3.65 billion inApril 1995.
30. Between theCzech andSlovak Republics there isthePayment Agreement (clearing) andthe
payments aremade inclearing ECU. TheSlovak Republic devalued theclearing ECU by5percent
on7December1993andrevaluedtheSKinrelationtotheclearingECUby4percenton19May1995.
31. TheaimoftheGovernment istoachieve sustainable development, which isnotyetthecase.
TheGovernment stated initsprogramme thepriorities inthemacroeconomic sector (growth ofthe
GDP; reduction oftheinflation rate; reduction oftheunemployment rate; improvement offoreign
exchange reserves; sustaining theexchange rateoftheSlovak crown andtheintroduction offull
convertibility oftheSlovak crown incurrent accounts), which require theapplication oftheimport
surcharge tocontinue in1995. Thesurcharge isapplied toanextent necessary toachieve thestated
aimsandpriorities oftheGovernment, itistransparent, anditfulfils thebasicconditions ofconsistency
withtherelevant Articles oftheWTO. Thebroad spectrum ofitems towhich thismeasure applies,WT/BOP/3
Page5
issufficient evidence thattheSlovak Government isnotpursuing protection ofacertain branch, or
product, orgroup ofproducts.
32. TheSlovak Government considers theimport surcharge asoneoftheimportant temporary
instruments leading tothelong-term stabilization offoreign exchange reserves oftheNational Bank
ofSlovakia andaninstrument necessary toassist thetransformation process oftheSlovak economy
andtoimprove thebalance oftrade andthebalance ofpayments. Theapplication isshowing some
positive impact, tobeobserved intheimprovement ofthemacroeconomic factors, however anearly
abolition under given circumstances could reverse thesituation inthebalance ofpayments andinforeign
exchange reserves.
33. With regard totheexpected development ofthese factors theGovernment intends toreduce
theimport surcharge forabroad range ofproducts bytheendof1995 andtoremove itbytheend
of1996, provided thebalance ofpayment position remains satisfactory.WT/BOP/3
Page6
ANNEX 1
Trade balance oftheSlovak Republic
Territory oforigin1993 1994
MilSk MilUS$ MilSk MilUS$
TOTAL BALANCE -27310 -887.0 4059 126.7
Without Czech Republic -28399 -886.5 -13310 -371.1
Czech Republic 1089 58.2 17369 564.4
European countries with
economy intransition
ofwhich:-22178 -706.8 -17146 -520.6
Hungary 5012 164.4 8027 252.9
Poland 1101 37.2 1029 33.8
Croatia 1056 34.6 1385 43.6
Slovenia 350 11.7 517 16.5
former Soviet Union -30308 -975.0 -28699 -886.6
ofwhich: Russia -30192 -973.2 -28768 -890.7
Ukraine -386 -11.1 -67 -0.9
Bulgaria 189 6.3 41 1.4
Romania 521 17.1 606 19.1
Countries withcontrolled trade 1010 33.3 -431 -13.1
ofwhich:
China 1098 36.1 -465 -14.2
Countries withmarket economy -7163 -210.8 4267 162.6
ofwhich:
United States -1587 -50.7 -2582 -79.1
Japan -2016 -65.1 -2402 -74.5
Canada -283 -9.1 819 25.8
Australia -207 -6.7 -239 -7.4
EU
ofwhich:141 17.6 7416 249.9
Germany 3217 112.2 8669 280.8
Belgium -17 0.0 144 5.3
United Kingdom -754 -23.8 -568 -16.8
Denmark -593 -19.1 -694 -21.4
France -273 -8.0 -1117 -33.6
Ireland -187 -6.0 -284 -8.8
Italy -1269 -39.5 577 21.0
Luxembourg 9 0.3 -78 -2.4
Netherlands 93 3.9 295 10.4
Portugal 32 1.1 139 4.4
Greece 127 4.3 343 10.9
Spain -242 -7.6 -11 0.1
EFTA
ofwhich:-6777 -215.6 -3652 -108.7
Austria -3809 -120.4 -929 -25.3
Finland -915 -29.5 -1078 -33.3
Iceland 8 0.3 25 0.8
Liechtenstein -26 -0.8 34 1.1
Norway -323 -10.4 -26 -0.8
Sweden -339 -10.8 -114 -3.1
Switzerland -1374 -44.1 -1564 -48.1WT/BOP/3
Page7
Imports oftheSlovak Republic
Territory oforigin1993 1994 %of
total
importsIndex
1994/93
1993=100 MilSk MilUS$ MilSk MilUS$
TOTAL IMPORTS 195034 6334.3 211463 6600.2 100.0 108.4
Without Czech Republic 124999 4059.7 148820 4645.0 70.4 119.1
Czech Republic 70035 2274.6 62643 1955.2 29.6 89.4
European countries with
economy intransition
ofwhich:52734 1712.7 55337 1727.2 26.2 104.9
Hungary 2603 84.5 3685 115.0 1.7 141.6
Poland 3792 123.2 5040 157.3 2.4 132.9
Croatia 421 13.7 557 17.4 0.3 132.2
Slovenia 812 26.4 948 29.6 0.4 116.7
former Soviet Union 44267 1437.7 43657 1362.6 20.6 98.6
ofwhich: Russia 38078 1236.7 37662 1175.5 17.8 98.9
Ukraine 4686 152.2 3799 118.6 1.8 81.1
Bulgaria 323 10.5 330 10.3 0.2 102.3
Romania 220 7.1 247 7.7 0.1 112.2
Countries withcontrolled
trade1117 36.3 1326 41.4 0.6 118.7
ofwhich:
China 919 29.8 1204 37.6 0.6 131.0
Countries withmarket
economy70928 2303.6 92157 2876.4 43.6 129.9
ofwhich:
United States 3440 111.7 6050 188.8 2.9 175.9
Japan 2254 73.2 2602 81.2 1.2 115.4
Canada 551 17.9 371 11.6 0.2 67.4
Australia 303 9.9 350 10.9 0.2 115.5
EU
ofwhich:40143 1303.8 55491 1732.0 26.2 138.2
Germany 22273 723.4 28468 888.5 13.5 127.8
Belgium 1596 51.8 2432 75.9 1.2 152.4
United Kingdom 2453 79.7 3382 105.6 1.6 137.9
Denmark 856 27.8 1323 41.3 0.6 154.6
France 2940 95.5 4741 148.0 2.2 161.3
Ireland 266 8.6 446 13.9 0.2 167.7
Italy 5840 189.7 9280 289.7 4.4 158.9
Luxembourg 42 1.4 223 6.9 0.1 530.0
Netherlands 2554 82.9 3530 110.2 1.7 138.2
Portugal 46 1.5 87 2.7 0.0 188.5
Greece 476 15.5 298 9.3 0.1 62.6
Spain 799 25.9 1281 40.0 0.6 160.4
EFTA
ofwhich:17274 561.0 18728 584.5 8.9 108.4
Austria 12145 394.4 12240 382.0 5.8 100.8
Finland 1223 39.7 1766 55.1 0.8 144.4
Iceland 2 0.1 2 0.1 0.0 110.5
Liechtenstein 96 3.1 71 2.2 0.0 74.2
Norway 426 13.8 217 6.8 0.1 51.0
Sweden 958 31.1 1385 43.2 0.7 144.6
Switzerland 2424 78.7 3046 95.1 1.4 125.7WT/BOP/3
Page8
Total trade oftheSlovak Republic
Territory oforigin 1993 1994 Index
mil.Sk milUS$ mil.Sk mil.US$ %oftotal
turnover1991/93
1991=100
TOTAL TURNOVER 362758 11781.7 426984 13327.0 100.0 117.7
without Czech Republic 221599 7192.8 284330 8872.6 66.6 128.3
Czech Republic 141159 4584.9 142654 4455.3 33.4 101.1
European countries with
economy intransition of
which:83290 2701.6 93528 2916.6 21.9 112.3
Hungary 10218 332.7 15396 481.8 3.6 150.7
Poland 8685 282.3 11108 346.9 2.6 127.9
Croatia 1898 61.8 2498 78.2 0.6 131.6
Slovenia 1974 64.2 2412 75.4 0.6 122.2
former SU 58226 1886.2 58614 1825.0 13.7 100.7
inwhich: Russia
Ukraine45964
89861488.0
291.846556
75311448.6
235.010.9
1.8101.3
83.8
Bulgaria 835 27.2 702 21.9 0.2 84.1
Romania 961 31.3 1099 34.4 0.3 114.4
Countries withcontrolled
trade3244 105.5 2221 69.3 0.5 68.5
ofwhich:
China 2936 95.5 1943 60.6 0.5 66.2
Countries withmarket
economy134693 4373.6 188581 5886.8 44.2 140.0
ofwhich:
USA 5293 171.1 9518 296.7 2.2 179.8
Japan 2492 80.6 2801 87.0 0.7 112.4
Canada 819 26.5 1562 48.9 0.4 190.8
Australia 400 12.9 462 14.4 0.1 115.6
EU 80427 2612.2 118397 3696.7 27.7 147.2
ofwhich:
Germany 47763 1551.8 65605 2019.1 15.1 137.4
Belgium 3175 103.1 5008 156.3 1.2 157.7
UK 4152 134.7 6195 193.3 1.5 149.2
Denmark 1119 36.2 1952 60.8 0.5 174.5
France 5607 182.1 8365 260.9 2.0 149.2
Ireland 345 11.2 608 18.9 0.1 176.4
Italy 10411 337.9 19137 597.4 4.5 183.8
Luxembourg 93 3.0 368 11.5 0.1 395.4
Netherland 5201 168.9 7355 229.6 1.7 141.4
Portugal 124 4.0 312 9.8 0.1 252.0
Greece 1079 35.1 939 29.4 0.2 87.0
Spain 1356 44.0 2552 79.7 0.6 188.2
EFTA 27771 900.9 33803 1054.5 7.9 121.7
ofwhich:
Austria 20181 664.6 23551 735.0 5.5 115.0
Finland 1531 49.6 2454 76.4 0.6 160.3
Island 12 0.4 29 0.9 0.0 241.6
Liechtenstein 166 5.4 176 5.5 0.0 106.1
Norway 529 17.1 409 12.7 0.1 77.2
Sweden 1577 51.2 2656 82.9 0.6 168.4
Switzerland 3474 112.6 4528 141.1 1.1 130.3WT/BOP/3
Page9
ANNEX 2
TheSlovak Republic -Balance ofPayments (January toDecember 1994)
Convertible currencies Nonconv.
currenciesRelation toCzech
rep.Consolid. balance
mil.SKK mil.US$ mil.
SKKmil.
US$mil.
SKKmil.US$ milSKK milUS$
Trade balance -14139.0 -441.3 140.0 4.4 17369.0 542.1 3370.0 105.2
Exports f.o.b. 135269.0 4222.0 241.0 7.5 80012.0 2497.3 215522.0 6726.9
Imports f.o.b 149408.0 4663.3 101.0 3.2 62643.0 1955.2 212152.0 6621.7
Services balance 12245.0 382.2 -8.0 -0.2 8814.0 275.1 21051.0 657.0
Receipts NFS 46789.0 1460.4 77.0 2.4 25418.0 793.3 72284.0 2256.1
Shipping and
other13216.0 412.5 0.0 0.0 4031.0 125.8 17247.0 538.3
Travel 13779.0 430.1 40.0 1.2 4383.0 136.8 18202.0 568.1
Other 19794.0 617.8 37.0 1.2 17004.0 530.7 36835.0 1149.7
Expenditure NFS 34544.0 1078.2 85.0 2.7 16604.0 518.2 51233.0 1599.1
Shipping and
other3933.0 122.8 0.0 0.0 1227.0 38.3 5160.0 161.1
Travel 7365.0 229.9 49.0 1.5 1671.0 52.2 9085.0 283.6
Other 23246.0 725.6 36.0 1.1 13706.0 427.8 36988.0 1154.5
Income balance -3412.0 -106.5 1.0 0.0 -415.0 -13.0 -3826.0 -119.4
Interest -4670.0 -145.8 1.0 0.0 -327.0 -10.2 -4996.0 -155.9
Income 2355.0 73.5 1.0 0.0 201.0 6.3 2557.0 79.8
Payments 7025.0 219.3 0.0 0.0 528.0 16.5 7553.0 235.7
Investment -38.0 -1.2 0.0 0.0 -165.0 -5.1 -203.0 -6.3
Income 780.0 24.3 0.0 0.0 77.0 2.4 857.0 26.7
Payments 818.0 25.5 0.0 0.0 242.0 7.6 1060.0 33.1
Compesations of
employee 's1296.0 40.5 0.0 0.0 77.0 2.4 1373.0 42.9
Income 1468.0 45.8 0.0 0.0 93.0 2.9 1561.0 48.7
Payments 172.0 5.4 0.0 0.0 16.0 0.5 188.0 5.9
Current transfers 2155.0 67.3 4.0 0.1 58.0 1.8 2217.0 69.2
Official 201.0 6.3 201.0 6.3
Private 1954.0 61.0 4.0 0.1 58.0 1.8 2016.0 62.9
Current account -3151.0 -98.3 137.0 4.3 25826.0 806.1 22812.0 712.0
Capital transfers 0.0 0.0 0.0 0.0 2788.0 87.0 2788.0 87.0
NetMLT financial
account30416.1 965.4 78.0 2.4 -285.0 -8.9 30209.1 958.9
Direct foreign
investment5731.0 178.9 0.0 0.0 -301.0 -9.4 5430.0 169.5
Portfolio
investment8429.0 263.1 0.0 0.0 275.0 8.6 8704.0 271.7
MLT Credits
received10545.1 345.2 2.0 0.1 -300.0 -9.4 10247.1 335.9
Disbursements 25378.6 824.8 2.0 0.1 334.0 10.4 25714.6 835.3
Repayments -14833.5 -479.6 0.0 0.0 -634.0 -19.8 -15467.5 -499.4
Table cont'dWT/BOP/3
Page10
Convertible currencies Nonconv.
currenciesRelation toCzech
rep.Consolid. balance
mil.SKK mil.US$ mil.
SKKmil.
US$mil.
SKKmil.US$ milSKK milUS$
MLT Credits
extended5711.0 178.3 76.0 2.4 41.0 1.3 5828.0 181.9
Disbursements -616.0 -19.2 -1.0 0.0 -55.0 -1.7 -672.0 -21.0
Repayments 6327.0 197.5 77.0 2.4 96.0 3.0 6500.0 202.9
Netshort-term
financial account-12885.8 -460.8 10.0 0.3 -3477.0 -108.5 -16352.8 -569.0
Clearing balance
(-,surplus)-21649.0 -623.0 -21649.0 -623.0
Payments for
overfl. ofmarg.
credit8408.2 275.3 8408.2 275.3
Total capital and
financial account17530 504.6 88.0 2.7 -14214.8 -378.1 3403.5 129.3
Errors and
omissions20039.4 608.3 -225.0 -7.0 -3203.0 -152.7 16611.4 448.6
Overall Balance 34418.7 1014.6 0.0 0.0 8408.2 275.3 42826.9 1289.9
Change inreserves
(-,inc)-34418.7 -1014.6 0.0 0.0 -8408.2 -275.3 -42826.9 -1289.9
Gold 104.9 0.0 104.9 0.0
Holding ofSDR -2561.0 -81.9 -2561.0 -81.9
Foreign exchange
assets-28614.3 -932.7 -8408.2 -275.3 -37022.5 -1208.0
Valuation
changes-3348.3 -3348.3
Note: Exchange rate: US$1 =32.039 SKKWT/BOP/3
Page11
Capital account ofBalance ofPayments (January toDecember 1994)
Convertible
currenciesNonconv. currencies Relation toCzech
rep.Consolid. balance
mil.SKK mil.
US$mil.
SKKmil.
US$mil.
SKKmil.US$ milSKK mil
US$
Capital transfers 2788.0 87.0 2788.0 87.0
Direct investment 5731.0 178.9 0.0 0.0 -301.0 -9.4 5430.0 169.5
SRabroad -71.0 -2.2 0.0 0.0 -380.0 -11.9 -451.0 -14.1
inSR 5802.0 181.1 0.0 0.0 79.0 2.5 5881.0 183.6
Portfolio investment 8429.0 263.1 0.0 0.0 275.0 8.6 8704.0 271.7
Other long-term financial
account16256.1 523.4 78.0 2.4 -259.0 -8.1 16075.1 517.8
Assets 5711.0 178.3 76.0 2.4 41.0 1.3 5828.0 181.9
Government 5,137.0 160.3 0.0 0.0 0.0 0.0 5137.0 160.3
disbursements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
repayments 5137.0 160.3 0.0 0.0 0.0 0.0 5137.0 160.3
Commercial Banks -75.0 -2.3 0.0 0.0 0.0 0.0 -75.0 -2.3
disbursements -311.0 9.7 0.0 0.0 0.0 0.0 -311.0 -9.7
repayments 236.0 7.4 0.0 0.0 0.0 0.0 236.0 7.4
Enterprises 649.0 20.3 76.0 2.4 41.0 1.3 766.0 23.9
disbursements -305.0 -9.5 -1.0 0.0 -55.0 -1.7 -361.0 -11.3
repayments 954.0 29.8 77.0 2.4 96.0 3.0 1127.0 36.2
Liabilities 10545.1 345.2 2.0 0.1 -300.0 -9.4 10247.1 335.9
Government 2300.1 72.8 0.0 0.0 0.0 0.0 2300.1 72.8
disbursements 8038.6 252.8 0.0 0.0 0.0 0.0 8038.6 252.8
IMF 4446.3 140.1 0.0 0.0 0.0 0.0 4446.3 140.1
WB 2436.3 77.2 0.0 0.0 0.0 0.0 2436.3 77.2
EXIMBANK 673.0 20.4 0.0 0.0 0.0 0.0 673.0 20.4
G24
EC
EIB 262.0 8.2 0.0 0.0 0.0 0.0 262.0 8.2
Other 221.0 6.9 0.0 0.0 0.0 0.0 221.0 6.9
repayments -5738.5 -180.0 0.0 0.0 0.0 0.0 -5738.5 -180.0
Commercial Banks 2869.0 104.6 0.0 0.0 0.0 0.0 2869.0 104.6
disbursements 5871.0 214.0 0.0 0.0 0.0 0.0 5871.0 214.0
repayments -3002.0 -109.4 0.0 0.0 0.0 0.0 -3002.0 -109.4
Enterprises 5376.0 167.8 2.0 0.1 -300.0 -9.4 5078.0 158.5
disbursements 11469.0 358.0 2.0 0.1 334.0 10.4 11805.0 368.5
repayments -6093.0 -190.2 0.0 0.0 -634.0 -19.8 -6727.0 -210.0
Short-term financial
account-12885.8 -460.8 10.0 0.3 -3477.0 -108.5 -16352.8 -569.0
banking assets -10605.0 -397.8 0.0 0.0 -729.0 -22.8 -11334.0 -420.6
banking liabilities 492.0 23.5 0.0 0.0 -1470.0 -45.9 -978.0 -22.4
enterprises assets -2654.0 -82.8 27.0 0.8 1904.0 59.4 -723.0 -22.6
enterprises liabilities -225.0 -7.0 -17.0 -0.5 -3182.0 -99.3 -3424.0 -106.9
other assets
other liabilities 106.2 3.4 0.0 0.0 0.0 0.0 106.2 3.4
Clearing balance
(-.surplus)-21649.0 -623.0 -21649.0 -623.0
Payments foroverfl. of
marg.credit8408.2 275.3 8408.2 275.3
Total capital andfinancial
account17530.3 504.6 88.0 2.7 -14214.8 -378.1 3403.5 129.3
Note: Exchange rate: US$1 =32.039 SKK