Net capital inflows between 1990 and 1996 averaged 10% of GDP each year; much higher then the average current account deficit of about 7% of GDP for the same period. As a result, the outstanding external debt rose rapidly from $US29 billion in 1990 (34% of GDP) to $US108.7 billion in 1996 (59% of GDP). Even more dangerous was the face that short term foreign debt (with a maturity of less than 1 year) increased very rapidly. By the end of 1996, the total short-term foreign debt was about $US47.7 billion, which was larger than the amount of official foreign reserves at the time that was about $US38.7 billion. Even after taking into account the foreign assets of the banking system, the total foreign assets (official and private) were less then the amount of short-term foreign debt of the country. If these short-term foreign debts were not rolled over, there would not be enough foreign assets in the country to service these debts.