According to the balance of payments data released by the Central Bank of the Republic of Turkey, Turkey’s current account deficit stood at $3.265 billion in February 2024.
The balance of payments recorded a trade deficit of $4.751 billion in February. In this period, inflows from the services balance amounted to $2.381 billion, while net income from the travel item reached $1.957 billion.
A net outflow of $849 million was recorded in the primary income balance item, while a net outflow of $46 million was recorded in the secondary income balance item.
There was a net inflow of $4.415 billion in portfolio investments in February. While there was a net outflow of $142 million from direct investments, there was a net inflow of $4.415 billion in portfolio investments.
Upon examination of sub-items, foreign residents made net sales of $136 million in the stock markets, while there was a net purchase of $98 million in government bonds.
Regarding foreign bond issuances, banks, the General Government, and other sectors borrowed a net amount of $2.659 billion, $3 billion, and $500 million, respectively.
Under other investments, domestic banks’ cash and deposit assets in foreign correspondents increased by a net amount of $1.696 billion.
Foreign banks’ deposits in domestic banks decreased by a net amount of $54 million, including a net increase of $220 million in foreign currency-denominated deposits and a net decrease of $274 million in Turkish lira-denominated deposits.
In terms of loans obtained from abroad during this period, banks and other sectors made net withdrawals of $115 million and $265 million, respectively, while the General Government made a net repayment of $138 million.
Official reserves saw a net decrease of $6.230 billion in February.
source: aa.com.tr/ prepared by Melisa Beğiç