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Turkiye’s current account deficit figures have been announced

While Turkiye’s current account had a deficit of $5 billion 910 million in December 2022, a surplus of $3 billion 525 million was formed in the current account excluding gold and energy.

According to the balance of payments data announced by the Central Bank of the Republic of Turkey (CBRT), the current account deficit was $5 billion 910 million in December 2022. As a result, the current account deficit in 2022 was $48 billion 769 million.

Current account, excluding gold and energy, gave a surplus of $3 billion 525 million in December and $50 billion 793 million in the January-December period.

Foreign trade deficit defined in the balance of payments was $8 billion 89 million in December. In this period, inflows from services balance amounted to $2 billion 498 million, and net income from travel item was $1 billion 468 million.

The primary income balance item recorded a net outflow of $533 million in December, while the secondary income balance item recorded a net inflow of $214 million.

Economists participating in AA Finans’ survey expected the current account to have a deficit of $5 billion in December 2022. The total current account deficit expectation of economists for 2022 was realized at the level of $46 billion 650 million.

In December, net inflow of $374 million resulted from direct investments.

Accordingly, there was a net inflow of $374 million from direct investments and $828 million in portfolio investments in December.

When analyzed by sub-items, non-residents realized net purchases of $16 million in the government domestic debt securities market and net sales of $580 million in the stock market in December.

Regarding bond issuances abroad, the General Government made a net use of $2 billion and the banks a net repayment of $694 million.

The effective and deposit assets of domestic banks in their foreign correspondents decreased by $4 billion 109 million in December. Domestic deposits of foreign banks decreased by a total of $320 million, with a net decrease of $351 million in foreign currency and a net increase of $31 million in Turkish lira.

In this period, banks and other sectors related to the loans obtained from abroad realized a net repayment of $250 million and $301 million, respectively, while the general government realized a net use of $745 million.

There was a net increase of $2 billion 434 million in official reserves in December.

Source: AA / Prepared by Irem Yildiz

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