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The net international reserves (which exclude the foreign assets of commercial banks, short-term foreign liabilities and transactions with the International Monetary Fund) increased by $48.7 million in 2005, a reversal from the $312.9 million contraction registered in the previous year. The modest rise reflected primarily the proceeds of an international bond issue ($245.2 million) during the fourth quarter of 2005. In addition, a turnaround in net foreign direct investment flows into Barbados, led to a robust surplus on the capital and financial account. In contrast, the current account balance declined by $69.8 million, as gains from long-stay tourist expenditure and merchandise exports were eroded by the expansion in merchandise imports and insurance payments.