WEO External Sector Developments - September 2011

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Monetary Policy Report Vol. 4 No. 4/2011 Page 2

In the emerging market economies, the main factor has been a tightening in monetary

conditions, which has resulted from a combination of higher short-term interest rates,

increases in bank reserve requirements and an appreciation in the real exchange rate.

Outlook:

Looking ahead, there are some offsetting positives.

• Disruptions to the global industrial cycle resulting from the disaster in Japan have

now largely passed through the system, leaving global Industrial Production well

placed to rebound somewhat in the third quarter.

• Capital spending has been strong in the U.S., and recent orders data point to

continued vigour.

• Lower oil and other commodity prices and declines in bond yields are expected to

provide some support to a fragile US and world economy.

4.1.2 Global inflation

Global inflation is likely to subside through 2011:H2, after steadily increasing in 2011:H1.

The most obvious reason to expect a dip in global headline inflation in coming months is

that oil price inflation is poised to roll over decisively in the months ahead.

The Brent oil spot price which averaged $77 per barrel (pb) in 2010:Q3, peaked at $125pb

at the end of April 2011 and has since fallen to about $101 pb (26 August). Heading into

2012, therefore, it seems highly likely that oil prices will be falling on a year ago basis,

which would be consistent with global headline inflation dropping to 2 percent or below.

In the emerging market economies, rising core inflation has been a threat, and there

seems little reason for this threat to diminish significantly in the months and quarters






central banks around the world. Of those decisions, eight (8) hiked the policy rates while

six (6) reviewed rates downward with the thirty-four (34) majority staying put.

Switzerland adjusted its interest rate target range downward to halt gains in the Swiss

franc.

Other than interest rates, Taiwan's central bank increased commercial bank minimum

liquidity requirements as part of an ongoing program to strengthen risk management in the

banking system.

The Philippines raised its required reserve ratio by 100 basis points to 21 percent,

and Turkey dropped its required reserve ratios by 100-200bps to add extra liquidity to the

market.

The Bank of Japan announced a 10 trillion yen expansion of its asset purchase

(quantitative easing) programme. Japan was also reported as intervening in the foreign

exchange market to weaken the Yen. Similarly, the European Central Bank recommenced

its bond buying program in efforts to stabilize financial markets. The People's Bank

of China announced a ban on foreign Yuan loans for purposes other than import/export.

Monetary policy was rocked by the turmoil in global sentiment in the wake of the US

sovereign credit rating downgrade, and heightened concerns about contagion in the

European sovereign debt crisis.

The Fed has since committed to keeping its target federal funds rate within 0 to 0.25

percent at least through mid-2013 and to continue reinvesting principal payments from its

existing security holdings. The Fed first cut rates to near-zero in late 2008, and their

maintenance at this level for almost five years would be unprecedented.

The ECB has accelerated its purchases of sovereign debt, especially that of fiscally

challenged member nations.




4.3 Commodities markets

There has been a recent correction in international commodity prices, and many

commodities have entered Q3 with price falls. Macro and liquidity situations have moved

against commodities in recent months, due to:

• higher interest rates in emerging markets

• slower growth in advanced economies, especially US, and the end of QE2

With the huge inflows over the last 3 years at risk of reversing, commodities could be

under bearish pressure for some time.

4.3.1 Oil

Crude oil prices have tumbled alongside equity markets as risk appetite faltered in the face

of the US sovereign rating downgrade,

continued euro-area debt concerns and weak

economic data.

The average weekly price per barrel of the

benchmark Brent crude closed August (26th)

2011 at $110.33 per barrel, having risen by

17 percent from the end-2010 price of $94.28

Global policy ratesG7 AVG FED BOJ ECB BOE BOC SARB CBT CBC BOG

End-2004 2.30 2.25 0.00 2.00 4.75 2.50 7.50 18.00 2.25 18.50

End-2005 2.85 4.25 0.00 2.25 4.50 3.25 7.00 13.50 4.50 15.50

End-2006 3.65 5.25 0.25 3.50 5.00 4.25 9.00 17.50 5.25 12.50

End-2007 3.70 4.25 0.50 4.00 5.50 4.25 11.00 15.75 6.00 13.50

End-2008 1.31 1.00 0.10 2.50 2.00 1.50 11.50 15.00 8.25 17.00

End-2009 0.42 0.25 0.10 1.00 0.50 0.25 7.00 6.50 0.50 18.00

End-2010 0.57 0.25 0.0 - 0.1 1.00 0.50 1.00 5.50 6.50 3.25 13.50

Jan-11 0.57 0.25 0.0 - 0.1 1.00 0.50 1.00 5.50 6.25 3.25 13.50

Feb-11 " " " " " " " " 3.50 "

Mar-11 " " " " " " " " 4.00 "

Apr-11 0.62 " " 1.25 " " " " 4.50 "

May-11 " " " " " " " " 5.00 13.00

Jun-11 " " " " " " " " 5.25 "

Jul-11 0.67 " " 1.50 " " " " 12.50

Aug-11 " " " " " " 5.75 " "FED - US Federal Reserve; BOJ - Bank of Japan; ECB - European Central Bank; CBC - Central Bank of Chile

BOE - Bank of England; BOC - Bank of Canada; SARB - South African Reserve Bank

CBT - Central Bank of Turkey; BOG - Bank of Ghana

Mkt Close

Commodity Unit (26 Aug) 2008 2009 2010 2011:Q1 2011:Q2 2011:Q3 2011:Q4

m/m Ytd y/y a a a a a f f

Crude Oil

Brent (nr future) USD/bbl 110.33 -6.3 17.0 46.8 98.59 0.00 80.40 104.46 116.83 115.00 110.00

Precious metals

Gold (spot) USD/oz 1,790.00 11.5 29.3 45.8 872.90 0.00 1,226.50 1,385.81 1,503.09 1,525.00 1,550.00

Softs

Cocoa (CSCE) USD/tonne 3,044 -1.3 0.7 11.4 2,635 0 2,799 3,279 3,024 3,300 3,500

OVERVIEW OF THE COMMODITIES MARKET

Period AverageChange (%)

Developments in the price of Brent crude:

(Jan-Dec 2010 & Jan-Aug 2011)

30

50

70

90

110

130

150

3 0 - 0 5

0 6 - 1 2

1 3 - 1 9

2 0 - 2 6

2 7 - 0 2

0 3 - 0 9

1 0 - 1 6

1 7 - 2 3

2 4 - 0 2

0 3 - 0 9

1 0 - 1 6

1 7 - 2 3

2 4 - 3 0

3 1 - 0 6

0 7 - 1 3

1 4 - 2 0

2 1 - 2 7

2 8 - 0 4

0 5 - 1 1

1 2 - 1 8

1 9 - 2 5

2 6 - 0 1

0 2 - 0 8

0 9 - 1 5

1 6 - 2 2

2 2 - 2 9

3 0 - 0 6

0 7 - 1 3

1 4 - 2 0

2 1 - 2 7

2 8 - 0 3

0 4 - 1 0

1 1 - 1 7

1 8 - 2 4

2 5 - 3 1

0 1 - 0 7

0 8 - 1 4

1 5 - 2 1

2 2 - 2 8

2 9 - 0 5

0 6 - 1 2

1 3 - 1 9

2 0 - 2 6

2 7 - 0 2

0 3 - 9

1 0 - 1 6

1 7 - 2 3

2 4 - 3 0

0 1 - 0 7

0 8 - 1 4

1 5 - 2 1

2 2 - 2 8

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

$ p e r b b l .

Jan-Dec'10

Jan-Aug' 11




per barrel. In Q1, it firmed by 22.4 percent but declined by 7.6 percent in Q2 and by 6.3

percent in August. The end-August price represented an increase of 46.8 percent in year-

on-year terms.

4.3.2 Cocoa

Cocoa prices have staged a modestrecovery after being pressured

throughout May. The lower trend in

cocoa prices is closely linked to the

improved political climate in Côte d’Ivoire.

The improved supply outlook has been

further boosted by benign weather in Côte d’Ivoire and Ghana, which together account for

over 60 percent of global output.

In Ghana, the 2010/2011 light crop season purchases commenced on 16 June.

Cumulative purchases from that date to the week ending 11 August 2011 (9 weeks) came

in at 80,393 tonnes, 79.2 percent higher in year-on-year terms, compared with the first

nine weeks of the last light season.

Price developments

The London International Financial Futures

Exchange (LIFFE) weekly average price in the

2011 year-opening was £2,039.00 per metric

tonne. For the January-August 2011 period, the

average weekly LIFFE price was £1,986.6,

compared with the average of £2,259.50 over the

corresponding period in 2010.

The end-August 2011 price of £1,910.00

represented a weakening of 1.8 percent in year-

on-year terms.

In terms of the CSCE1 US$ price however, the end-August price was $3,044.00 per metric

tonne and represented a firming of 11.4 percent in year-on-year terms.

4.3.3 Gold

Gold extended its rally to a record level above $1,900 on 22 August as mounting concern

that the global economy was faltering spurred demand for bullion as a protection of wealth.

1 Coffee, Sugar and Cocoa Exchange

Change

2009/10 2010/11 (%)

MAI N A ctual (33 week s) 587,166 916,810 56.1

Proj. for season 580,000 850,000 46.6

Share (%) 101.24 107.86

LIGHT Actual (9 weeks) 44,858 80,393 79.2

Proj. for season 40,000 80,000 100.0

Share (%) 112.15 100.49

Crop Year

Ghana: Cumulative Cocoa Purchases (tonnes)

Season

Developments in LIFFE cocoa prices:


1,400

1,600

1,800

2,000

2,200

2,400

2,600

3

0

- 0

5

0

6

- 1

2

1

3

- 1

9

2

0

- 2

6

2

7

- 0

2

0

3

- 0

9

1

0

- 1

6

1

7

- 2

3

2

4

- 0

2

0

3

- 0

9

1

0

- 1

6

1

7

- 2

3

2

4

- 3

0

3

1

- 0

6

0

7

- 1

3

1

4

- 2

0

2

1

- 2

7

2

8

- 0

4

0

5

- 1

1

1

2

- 1

8

1

9

- 2

5

2

6

- 0

1

0

2

- 0

8

0

9

- 1

5

1

6

- 2

2

2

2

- 2

9

3

0

- 0

6

0

7

- 1

3

1

4

- 2

0

2

1

- 2

7

2

8

- 0

3

0

4

- 1

0

1

1

- 1

7

1

8

- 2

4

2

5

- 3

1

0

1

- 0

7

0

8

- 1

4

1

5

- 2

1

2

2

- 2

8

2

9

-

0

5

0

6

- 1

2

1

3

- 1

9

2

0

- 2

6

2

7

- 0

2

0

3

- 9

1

0

-

1

6

1

7

- 2

3

2

4

- 3

0

0

1

- 0

7

0

8

- 1

4

1

5

- 2

1

2

2

- 2

8

Jan Feb Mar Apr May Jun Ju l Aug Sep O ct Nov Dec

G

B

P

/ T

o n

n

e

Jan-Dec'10

Jan-Aug' 11




Gold and the Swiss franc once again hit record levels as investors poured money into an

ever-narrowing range of “safe” assets. Investors ranging from sophisticated hedge funds

to European savers were turning to bullion as they pulled money out of tumbling equity

markets.

Price developments

Over the January – August 2011 period,

spot price of gold rallied 29.3 percent from

$1,384.73 to $1,790.00 per ounce, with

some fluctuations being registered over

the period. The max-min prices were

$1,842.77 (third week of August) and

$1,337.79 (last week of January).

The average weekly price in 2011:H1 was

$1,443.90 per fine ounce, compared with

$1,151.80 in 2010:H1. In July and August, the spot price of gold rallied by 16.02 percent.

4.4 Currencies Markets

4.4.1 Movements of selected currencies

4.4.2 Currency war

Developments in the price of Gold:


900

1,000

1,100

1,200

1,300

1,400

1,500

1,600

1,700

1,800

1,900

3 0 -

0 5

0 6 -

1 2

1 3 -

1 9

2 0 -

2 6

2 7 -

0 2

0 3 -

0 9

1 0 -

1 6

1 7 -

2 3

2 4 -

0 2

0 3 -

0 9

1 0 -

1 6

1 7 -

2 3

2 4 -

3 0

3 1 -

0 6

0 7 -

1 3

1 4 -

2 0

2 1 -

2 7

2 8 -

0 4

0 5 -

1 1

1 2 -

1 8

1 9 -

2 5

2 6 -

0 1

0 2 -

0 8

0 9 -

1 5

1 6 -

2 2

2 2 -

2 9

3 0 -

0 6

0 7 -

1 3

1 4 -

2 0

2 1 -

2 7

2 8 -

0 3

0 4 -

1 0

1 1 -

1 7

1 8 -

2 4

2 5 -

3 1

0 1 -

0 7

0 8 -

1 4

1 5 -

2 1

2 2 -

2 8

2 9

-

0 5

0 6 -

1 2

1 3 -

1 9

2 0 -

2 6

2 7 -

0 2

0 3 -

9

1 0

-

1 6

1 7 -

2 3

2 4 -

3 0

0 1 -

0 7

0 8 -

1 4

1 5 -

2 1

2 2 -

2 8

Jan Fe b Mar Apr May Jun Jul Aug Sep Oct Nov Dec

$

p

e r

f / o z

Jan-Dec'10

Jan-Aug'11

Euro Pound Yen Rupee Real Ruble Peso Rand Gh. Cedi

Euro zone UK Japan India Brazil Russia Chile S. Africa Ghana

Jan -2.2 -0.4 -1.3 1.4 -1.6 0.8 0.3 0.4 0.0

Feb -4.2 -3.4 1.0 -0.8 -3.4 -1.0 -5.8 -2.8 0.1

Mar -0.8 -3.6 -0.6 1.8 3.2 2.0 1.8 3.6 0.6

Apr -1.2 1.8 -2.9 2.3 1.7 1.3 0.5 0.8 0.1

May -6.4 -4.3 1.6 -2.8 -3.1 -4.3 -2.5 -3.8 -0.3

Jun -2.7 0.6 1.3 -1.7 0.4 -2.5 -0.6 0.0 -0.4

Jul 4.8 3.6 3.8 -0.6 2.0 2.2 1.4 1.6 -0.7

Aug 0.7 2.3 2.6 0.6 0.5 0.6 4.4 3.2 0.4

Aug-10 (y/y) -9.5 -5.2 11.2 3.8 4.9 4.3 7.9 9.1 2.1

Jan 1.0 1.2 0.7 -0.8 1.1 2.4 -3.6 -1.7 -1.9

Feb 2.2 2.1 0.1 0.1 0.6 3.0 3.5 -3.4 0.3

Mar 2.7 0.2 1.1 1.0 0.5 2.9 -1.0 4.1 -0.4

Apr 3.1 1.3 -1.9 1.3 4.6 1.3 2.1 2.6 0.4

May -0.8 -0.1 2.6 -1.2 -1.7 0.5 0.5 -1.9 -0.4

Jun 0.4 -0.8 0.8 0.2 1.7 -0.2 -0.4 0.9 -0.2

Jul -0.9 -0.4 1.5 0.9 1.5 0.2 1.6 0.0 -0.1

Aug* 0.3 1.3 2.8 -1.9 -2.3 -3.3 -1.3 -4.5 -0.3

Aug-11 (y/y) 11.0 4.6 10.8 2.9 10.0 5.3 8.4 2.6 -5.3

2011

MOVEMENTS OF SELECTED CURRENCIES AGAINST THE US DOLLAR (%)

2010

Advanced Economies Emerging Market & Developing Economies

Pt-to-pt. (%)




Both the yen and the Swiss franc rose sharply against the US dollar in June-July as

concerns about the future of the euro weakened the single currency and the protracted

debt talks in the US weighed on the US dollar.

On 03 August, Switzerland’s national bank intervened to weaken the Swiss franc and said

it would increase the supply of the Swiss currency to money markets to stem the rapid riseof the franc.

Just a day after, Japan also intervened in the currency markets to slow the rapid rise of the

yen, in the latest response by policymakers to deal with the worsening outlook for the

global economy.

As part of its package to weaken the yen, the Bank of Japan also announced more

quantitative easing. It announced an additional Y10 trillion to its Y40 trillion asset-purchaseprogramme, to limit the damage of the country’s rising currency on the export-driven

recovery in the wake of the devastating earthquake and nuclear disaster earlier this year.

Some analysts are sceptical whether the combination of Tokyo’s yen intervention and

additional easing by the BOJ will have the desired effect of holding down the yen.

Section II: External sector developments

4.5 Local foreign exchange market

4.5.1 Nominal performance of the Ghana cedi – Bilateral and Effective

Bilateral movements






For the January-August 2011 period, the cedi depreciated by 3.2 percentage points in

trade-weighted terms. This compares with appreciation of 2.9 percentage points over the

corresponding period in 2010. The August 2011 value of the index was 34.35 and was

0.21 of a percentage point below its quarterly trend represented by the 3-month moving

average.

Foreign Exchange Transactions Weighted Index (FXTWI)

Like the TWI, the FXTWI is nominal and effective, the difference being that while the TWI

uses total merchandise trade (i.e. imports plus exports) as weights, the FXTWI uses the

value of total foreign exchange transactions (i.e. purchases and sales) in the three core

currencies as weights.

The FXTWI also shows that over January – August 2011, the cedi depreciated, in FX

transactions-weighted terms, by 0.9 of a percentage point as compared with appreciation

of 1.0 percentage point in the corresponding period in 2010. The August 2011 value of theindex of 46.74 was 0.14 of a percentage point below the quarterly trend value.

Core TWI for Cedi

(Jan. 2005-Aug 2011)

30.0

35.0

40.0

45.0

50.0

55.0

60.0

65.0

70.0

J a n - 0 5

A p r

- 0 5

J u l - 0

5

O c t

- 0 5

J a n - 0 6

A p r

- 0 6

J u l - 0

6

O c t

- 0 6

J a n - 0 7

A p r

- 0 7

J u l - 0

7

O c t

- 0 7

J a n - 0 8

A p r

- 0 8

J u l - 0

8

O c t

- 0 8

J a n - 0 9

A p r

- 0 9

J u l - 0

9

O c t

- 0 9

J a n - 1 0

A p r

- 1 0

J u l - 1

0

O c t

- 1 0

J a n - 1 1

A p r

- 1 1

J u l - 1

1

Months

I n d e x

3-mnth M.A.

TWI

Core FXTWI

(Jan. 2005-Aug. 2011)

40.0

45.0

50.0

55.0

60.0

65.0

70.0

75.0

80.0

J a n - 0 5

A p r - 0 5

J u l - 0

5

O c t

- 0 5

J a n - 0 6

A p r - 0 6

J u l - 0

6

O c t

- 0 6

J a n - 0 7

A p r - 0 7

J u l - 0

7

O c t

- 0 7

J a n - 0 8

A p r - 0 8

J u l - 0

8

O c t

- 0 8

J a n - 0 9

A p r - 0 9

J u l - 0

9

O c t

- 0 9

J a n - 1 0

A p r - 1 0

J u l - 1

0

O c t

- 1 0

J a n - 1 1

A p r - 1 1

J u l - 1

1

3-Mnth M.A.

FXTWI

Dec-09 Aug-10 Change (%) Dec-10 Aug-11 Change (%)

TWI 36.12 39.05 2.9 37.57 34.35 -3.2

FXTWI 48.90 49.89 1.0 47.60 46.74 -0.9

Nominal TWI and FXTWI (Jan-Aug, 2010 and 2011)2011*2010




4.5.2 Real exchange rate developments

For the first seven months of 2011, the Ghana cedi’s real exchange rate showed a

cumulative appreciation of 0.3, 2.4 and 8.2 percent against the euro, the pound the US

dollar respectively.

Comparatively, for the corresponding period in 2010, the cedi’s real exchange rate

cumulatively appreciated by 21.1, 14.8 and 12.1 percent respectively against the euro, the

pound and the US dollar.

4.5.3 Inward remittances

Private inward transfers – received by NGOs, embassies, service providers,

individuals etc. – through the banks for January to July 2011 amounted to $9.97 billion,

which represents 54.1 percent increase

over the transfers through banks in January

to July 2010.

The impressive growth was reflected in all

the seven months with July alone recording

a growth of 46.7 percent in year-on-year

terms.

Month EUR GBP USD EUR GBP USD EUR GBP USD

2005:Jan-Jul 99.1 108.1 132.0 14.1 13.5 12.8

2006:Jan-Jul 101.2 110.4 139.5 -0.5 -0.5 7.3

2007:Jan-Jul 99.7 106.5 147.8 3.6 5.1 6.5

2008:Jan-Jul 85.9 107.5 144.2 -0.6 8.6 7.4

2009:Jan-Jul 89.1 121.8 131.8 -4.8 -11.5 -6.9

Jan-10 89.7 116.1 130.8 3.3 2.1 1.2

Feb-10 90.8 122.2 134.0 6.0 6.1 3.2

Mar-10 92.7 128.4 136.4 1.8 6.2 2.4 11.1 14.4 6.8

Apr-10 94.8 127.2 138.3 2.1 -1.2 1.9

May-10 102.6 135.0 140.6 7.8 7.8 2.3

Jun-10 107.0 135.5 142.3 4.4 0.5 1.7 25.5 21.5 12.7

Jul-10 102.6 130.9 142.9 -4.4 -4.6 0.5 21.1 14.8 12.1

Jan-11 91.7 118.3 133.4 -0.8 -2.0 -1.0

Feb-11 92.4 117.9 136.4 0.6 -0.4 3.0

Mar-11 90.0 118.4 136.7 -2.4 0.4 0.3 -2.6 -1.9 2.3

Apr-11 88.3 117.7 138.4 -1.7 -0.7 1.7

May-11 90.0 119.5 139.8 1.7 1.8 1.4

Jun-11 91.0 121.8 141.4 1.0 2.4 1.7 -1.5 1.5 7.0

Jul-11 92.9 122.7 142.6 1.9 0.8 1.1 0.3 2.4 8.2

2011

2010

Real Bilateral Exchange Rate Developments

RERI (Jan.02=100) MONTHLY CHANGE (%) CUMULATIVE (%)

Year Q1 Q2 JUL JAN. - JULY

2007 1,516.82 1,651.78 516.54 3,685.14

2008 2,132.26 2,151.12 701.32 4,984.69

2009 1,976.59 2,249.49 815.81 5,041.88

2010 2,500.96 3,028.50 939.08 6,468.542011 4,219.96 4,369.92 1,377.78 9,967.67

2007-8 615.44 499.34 184.78 1299.56

2008-9 -155.67 98.37 114.49 57.19

2009-10 524.37 779.02 123.27 1426.65

2010-11 1719.01 1341.42 438.70 3499.13

2007-8 40.6 30.2 35.8 35.3

2008-9 -7.3 4.6 16.3 1.1

2009-10 26.5 34.6 15.1 28.3

2010-11 68.7 44.3 46.7 54.1

Change ($'m)

Change (%)

INWARD TRANSFERS THRO' BANKS

Jan - Jul, 2007 - 2011

($'million)




Of

the

tot

al

transf

ers

fro

m

January to July 2011, $1.13 billion (or 11.38%) accrued to individuals, compared with

$930.6 million (or 14.4%) in 2010.

Even though the value of transfers received byindividuals through banks increased over the

2005 – 2011 period, nonetheless, the share of

individual to the total inward transfers declined

over the period.

4.6 Gross and Net International Reserves

Developments in both the Gross International

Reserves (GIR) and Net International Reserves

(NIR) in the first eight months of the year were marked by significant fluctuations.

The GIR peaked at $4.88 billion in April 2011, but declined by 5.2 percent to $4.63 billion

in July 2011. As at 19th August, it had declined further by 2.2 percent to $4.53 billion.

The August level of GIR however

represented a year-on-year

increase of 36.7 percent.

The August 2011 GIR position of

$4.53 billion translates, on the

average, into goods and services

import cover of 3.5 months.

For further information, contact:Financial Stability Department,Bank of Ghana,

Accra.Tel: +233 30 2666902-8 (Ext. 4851)

Fax: +233 30 2660844Website: www.bog.gov.gh

Transfers to Individuals

(Jan-Jul: 2005 - 2011)

-

200.0

400.0

600.0

800.0

1,000.0

1,200.0

$ ' m

i l l .

-

5

10

15

20

25

30

S

h a r e

( %

Level ($'m) 666.2 891.4 881.1 972.7 867.3 930.6 1,134.53

Share (%) 28.3 27.4 23.9 19.5 17.2 14.4 11.38

2005 2006 2007 2008 2009 2010 2011

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

$ ' m i l l i o n

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Private Inward Transfers

(Jan-Jul: 2002 - 2011)

Banks ($'m) 781.20 1,162.36 1,514.11 2,356.07 3,258.85 3,685.14 4,984.69 5,041.88 6,468.54 9,967.67

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

GIR and NIR

(Jan. 2005 - Aug. 2011)

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

M a y - 0

5

A u g - 0 5

N o v - 0 5

F e b -

0 6

M a y - 0

6

A u g - 0 6

N o v - 0 6

F e b -

0 7

M a y - 0 7

A u g - 0 7

N o v - 0 7

F e b -

0 8

M a y - 0

8

A u g - 0 8

N o v - 0 8

F e b -

0 9

M a y - 0

9

A u g - 0 9

N o v - 0 9

F e b -

1 0

M a y - 1

0

A u g - 1 0

N o v - 1 0

F e b -

1 1

M a y - 1

1

A u g - 1 1

GIR

NIR

Documents

WEO External Sector Developments - September 2011