In fact, our current account has been in surplus for over a decade now supported by remittances, which continue to be “volatility-proof” and receipts from BPO services. This is important to bear in mind – because, at the end of the day, investors will discriminate.
And, it has generally been the case that economies with strong external liquidity positions have been better able to minimize the impact of external shocks on their domestic economy and financial markets. Moving on to oil price developments.