When combined with the larger shortfall on the services, income and current transfer account, the deficit on the current account of the balance of payments increased to 5,1 percent of GDP in the fourth quarter of 2015 from – 4,3 percent and –3,1 percent in the previous two quarters respectively.
Interest rates of term instruments in money markets and yields on corporate bonds and bank debentures, on the other hand, have risen and remained high due to the more cautious attitude of market participants toward credit and liquidity risks following the failure of some financial institutions.