Banking

Current-account balance negative after two years

Higher trade deficit sent the country's current-account balance into a negative territory again in the just-concluded fiscal year (FY) after boasting surplus in the preceding two years. The current-account deficit stood at US$1.65 billion in the FY2014-15 in a slide from a surplus amount of $1.40 billion a year before. In FY13 the surplus was as high as $2.39 billion, according to the central bank's latest statistics, released Monday. The country's overall trade deficit widened nearly 46 per cent in the last fiscal, officials said, disturbing the balance in the nation's net income from abroad and net current transfers.