Among the main developments:
- Current account imbalances continued to narrow in the early part of 1982. Developing countries have experienced financing problems which are likely to persist.
- During the second quarter of 1982, the combined current account balance of the oil exporters moved into deficit. Their borrowing from international capital markets continued at a high rate while their deposits with international banks were run down.
- The slowdown in international bank lending continued into the second and, seemingly, third quarters of 1982. Banks have become significantly more cautious, particularly as regards certain of the developing countries. An earlier period of price adjustment has given way to restrictions on the volume of lending irrespective of price.