The current account deficit was narrowed by over 37% last year, and according to our projections, it will remain significantly below 5% in the medium run as well. Despite the pandemic, the net inflow of foreign direct investment ensured the coverage of the current account deficit of around 1.5 times during last year as well.
As it has been pointed out in many occasions – like the IMF Seminar “Rethinking Macropolicy III; Progress or Confusion?” – we may not know exactly how to best use macroprudential instruments, but we know that we are on the right track." To sum up. I called for some flexibility, as systemic risks and banking structures differ from one country to another.