OREANDA-NEWS  On 01 December was announced, that according to the NBU both exports and imports slowed down their growth rates in 10M2008. In particular, in October exports increased by USD 5.7bn (-15%, m/m) to USD 59.9bn, which resulted in a slow down of cumulative exports growth  from 50%, y/y in 9M2008 to 48%, y/y in 10M2008. At the same time the amount of imports rose by USD 7.4bn (-8.0%, m/m) to USD 73.8bn, while its growth rates reduced from 57.5% in 9M2008 to 53.5% in 10M2008. Together with the decrease in the service trade surplus (by USD 0.2bn, m/m to USD 2.2bn in 10M2008) this resulted in the growth of the current account (CA) deficit to USD 10.5bn. Worth noting is that in October 2008 the balance of the financial account was negative (-USD 2.1bn), related to the small amount of foreign direct investment (FDI) of USD 0.6bn compared to a large outflow of short term borrowed funds, which decreased the cumulative financial account surplus to USD 12.7bn. The outflow of the borrowed funds led to a drop in the NBU's international reserves by 15% to USD 31.9bn.