Balance of Payments in 2020

The low oil prices during 2020 had negative adverse on macroeconomic conditions of Member States and especially on external sector, where Oil is the main commodity in exports. In turn, this has been reflected on balance of payments and associated changes in foreign exchange reserves. Preliminary data indicate that commercial and financial transactions of Member States at aggregate level with external world during 2020 have resulted in a net deficit in balance of payments around $ 38.5 billion, which represents 3.9% of 2020 GDP.