Financial and Banking News


BIS Estimates $36bn Oil Exporter's Deficit in 1986

The 1986 annual report of the Basle-based Bank for International Settlements (BIS) estimates that developing country oil exporters (i.e. OPEC member states plus Mexico, Oman, Syria, Trinidad, Bahrain, Tunisia and Congo) suffered an aggregate $36bn current account deficit during 1986 after a $3bn surplus in 1985 as a result of a sharp decline in their aggregate trade balance from $68bn in...