In recent meetings, the FSOC has discussed leveraged lending in depth. We recognize that each regulator directly sees only a part of the larger picture, and we are working to stitch these parts together so we can collectively see that larger picture and the risks it holds.
Also, the lower international oil and food prices contained the increase in the import bill. The deficit on the current account was financed primarily by external financing to the private sector, as reflected by a worsening of the direct investment, portfolio investment, and loans and credit balances.