According to preliminary data, the current account deficit (about 8.6% of GDP) declined in the third quarter compared with both the previous quarter (by 9.3%) and the third quarter of 2001 (by 10.3%),  BIS Review 1/2003  1  because exports of goods increased more rapidly than imports, and the current transfers surplus increased substantially.
Some of these thoughts also find resonance in the articles presented in Shri Venugopal’s book. A)  Productivity and efficiency  Banks play the critical role of financial intermediation by performing the task of maturity and risk transformation, besides providing payment and settlement services.