Net Receipts from Financial and Travel Services Remain in Surplus
"The Cayman Islands’ Balance of Payments (Current Account) Report 2011 which presents the balances of payments"The Cayman Islands’ Balance of Payments (Current Account) Report 2011 which presents the balances of payments by the country’s residents with the rest of the world for goods and services, income and transfers was released today. Data from the Report is used largely by credit rating agencies and creditors and foreign investors as general indicators of the country’s ability to service its foreign debt.
The Honorable Premier and Minister for Finance, Tourism and Development Mr. McKeeva Bush notes, ⫿The overall current account balance continues to be in deficit in 2011 as expected. However, our receipts from services transactions including financial and travel services continue to outpace payments, resulting in a surplus on the trade in services account.???
Financial and travel services are the leading sources of foreign exchange receipts for the Cayman Islands. Other business services and government goods and services were also major contributors to foreign exchange receipts in 2011.