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.
As the inflow of capital during 2013 exceeded the current account deficit, the balance of payments of the monetary union recorded a surplus as reflected by an increase of approximately NAf.77 million in the gross official reserves.