Current account deficit at $2.97 billion

ANKARA

The current account posted a deficit of $2.97 billion in September against a surplus of $2.72 billion in the same month of last year, the Central Bank said on Nov. 11.

On the back of the September data, Türkiye’s 12-month rolling current account deficit reached $39.16 billion.

“This development stems from the rising of good’s deficit to $8.1 million, increasing by $6.97 billion compared to the same month of the previous year,” the bank said.

Gold and energy excluded in the current account indicated a surplus of $6.8 billion, up from the $6.66 billion surplus in September 2021, according to the bank’s statement.

Direct investment recorded a net inflow of $488 million, while portfolio investments saw a net inflow of $3.37 billion.

“As regards to sub-items in liabilities, non-residents’ transactions on equity securities and government domestic debt securities recorded net sales of $522 million and $115 million, respectively,” the bank said.
Official reserves recorded a net outflow of $1.66 billion.

In January-September, the current account deficit amounted to $37.98 billion, up from a deficit of $6.1 billion in the same period of 2021.

The bank also said that as part of the revision work carried out by the Turkish Statistical Institute (TÜİK) in cooperation with the ministries of trade and tourism, the Council of Higher Education and the Interbank Card Center to improve tourism statistics, new data sources have been integrated into the system.

“Following the revision, the ‘Services/Travel/Credit’ item under the ‘Current Account’ has been revised upwards by a total of $22.4 billion for the period from January 2012 to August 2022,” it explained.