Weekly Market Watch by Galt & Taggart

Weekly Market Watch by Galt & Taggart

The FINANCIAL -- Economy -- Exports up 7.2% y/y in January 2019

In January 2019, exports increased 7.2% y/y to US$ 238.8mn, imports were down 1.1% y/y to US$ 588.0mn and the trade deficit decreased 6.1% y/y to US$ 349.2mn according to Geostat’s preliminary figures. Detailed foreign trade statistics will be available on February 21, 2019.

Money transfers up 5.1% y/y in January 2019

In January 2019, money transfers increased 5.1% y/y to US$ 115.7mn after growing 9.1% y/y in previous month, according to NBG. Money transfers were up from the most remitting countries: Italy (+27.5% y/y, 15.2% of total), Greece (+7.5% y/y, 11.6% of total), Israel (+5.2% y/y, 10.7% of total) and US (+14.8% y/y, 10.6% of total). Meanwhile, remittances were downs from Russia (-10.8% y/y, 23.9% of total) and Turkey (-22.2% y/y, 5.9% of total).

NBG purchased US$ 35.0mn

On 11 and 15 February 2019, the NBG intervened on the FX market and purchased US$ 20.0mn and US$ 15.00mn, respectively. The NBG purchased US$ 135mn YTD on its 9 FX auctions.