Praia, Cape Verde, 10 Feb – Cape Verde’s current account deficit decreased by around 59 percent year-on-year in the fourth quarter of 2011 reaching 1.509 billion Cape Verdean escudos, the Bank of Cape Verde said in Praia.

As a result the economy’s financing needs fell in the period, contributing 3.253 billion Cape Verdean escudos to the accumulation of the country’s foreign reserves between the third and fourth quarters of the year. In December 2011 the country’s foreign reserves covered 3.2 months of imports.

According to a statement from the central bank, the decrease in the current account deficit was due to a decrease of 22 percent year-on-year in the goods and services account, despite a 12 percent rise in the trade deficit. (macauhub)