Being highly reliant on oil and gas as sources of current-account receipts, the country was not immune to the fallout of the low oil prices. Indeed, current-account receipts dropped sharply which led to a large current-account deficit of more than 20% of GDP in 2016. This year, the current-account deficit is likely to narrow somewhat but would remain very large. As the authorities have introduced exchange restrictions and as short-term debt is on the rise albeit from a low level, Credendo decided to downgrade the country’s short-term political risk to category 6/7.
10 Feb 2020
OECD premium categories: Kosovo, Serbia and Ukraine upgraded. Algeria, Iran, Oman, Tunisia and Turkmenistan downgraded
In accordance with the country risk classifications of the OECD Arrangement, Credendo has upgraded the premium category for political risks on ...