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Czech Current Account Balance Swings To Deficit In June

The Czech Republic's current account showed a deficit for June versus a surplus in the previous month, figures from the Czech National Bank showed on Tuesday.

The current account deficit was CZK 3.86 billion, which was much less than the CZK 16.05 billion economists had forecast.

In May, the current account showed a surplus of CZK 11.23 billion.

The goods and services balance recorded a surplus of CZK 35.9 billion versus CZK 42.94 billion in May.

The deficit in the primary income account widened to CZK 42.97 billion from CZK 28.68 billion in the previous month.

The secondary income account balance swung to a surplus of CZK 3.162 billion from CZK 3.03 billion deficit in May.

Primary and secondary income included a surplus of CZK 11.5 billion on transfers from the EU budget to the country, the central bank said.

The capital account showed a deficit of CZK 1.91 billion versus a surplus of CZK 3.37 billion in the previous month.

The financial account revealed a surplus of CZK 5.05 billion versus a deficit of CZK 4.73 billion in May.

As assets grew faster than liabilities, the outflow of capital on the financial account, or net lending, totaled CZK 5.1 billion.

A rise in banks' liabilities in the form of short-term bonds, amid a decrease in deposits accepted, and an increase in non-residents' investment in government bonds led to net portfolio investment inflow, or net borrowing, of CZK 172.4 billion.

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