The country’s current account balance posted a deficit of USD 683m, down USD 1.3bn from the same month last year, according to the Central Bank.
With July figures, the current account deficit saw its eleven-month low.
According to the balance of payments figures released by the bank, the country’s 12-month rolling deficit totaled almost USD 27.8bn.
In June, the current account posted a USD 1.1bn deficit.
The bank said the drop is mainly driven by the net inflow of nearly USD 2.95bn in services item, increasing by USD 2.65bn compared to July of the previous year.
The goods item posted a USD 2.98bn deficit, increasing by USD 1.02bn compared to the same month of the previous year.
The gold and energy-excluded current account indicated USD 2.75bn surplus which was recorded USD 1.92bn surplus in the same month of the previous year, the bank noted.
Travel items under services saw a net inflow of USD 2.1bn in July.
The bank also said direct investments recorded a net inflow of USD 1.03bn during the month.
According to the country’s medium-term economic program, the current account deficit to GDP ratio is projected to be 2.2% next year, further narrowing to 1.5% in 2023 and 1% in 2024.
The government is aiming for the GDP to exceed USD 850bn in 2022, before hitting USD 975bn in 2023 and topping USD 1tr in 2024.