Current account deficit decreases 3.3x yoy in February

Ukraine’s current account deficit amounted to an insignificant USD 36 mln in February, vs. USD 938 mln in February 2009, the National Bank of Ukraine reported yesterday on its website. In 2M10, the current account ran a surplus of USD 192 mln. The capital account deficit was USD 612 mln in February vs. USD 1.2 bln a year earlier.  Mykyta Mykhaylychenko: After the current account deficit of 1.7% of GDP in 2009, we expect a surplus (~1% of GDP) in 2010, while the capital account deficit is poised to decrease from 10% of GDP in 2009 to 3-4% in 2010. This expected BoP adjustment will contribute to UAH exchange rate stabilization during 2010.