The current account deficit is estimated to have widened to around 4.4 percent of GDP in 2012/13, up from 2.4 percent in 2011/12, but gross international reserves continued to accumulate. The widening of the current account deficit is mainly due to a surge in imports following a relaxation of some import and foreign exchange restrictions. These include the abolition of the export first policy where previously, only those importers who had earned foreign exchange through exports could be allowed to buy foreign exchange for imports, and more recently, the removal of import (and export) licensing requirements. Gross international reserves are estimated to have reached US$4.6 billion in 2012/13, (equivalent to 3.7 months of imports), up from US$4.0 billion in 2011/12. The growing reserves indicate that the current account deficit is more than covered through capital account inflows.