Turkiye: Current account had a deficit of $619 million in August

While Turkiye’s current account had a deficit of $619 million in August, there was a surplus of $6 billion 149 million in the current account excluding gold and energy.

According to the balance of payments data announced by the Central Bank of the Republic of Turkiye (CBRT), the current account had a deficit of $619 million in August 2023.

Balance of payments defined foreign trade deficit was $7 billion 104 million in August. In this period, inflows from the services balance amounted to $7 billion 266 million, and net revenues from the travel item amounted to $5 billion 749 million.

It recorded a net outflow of $922 million in the primary income balance item and a net inflow of $141 million in the secondary income balance item.

In August, there was a net inflow of $106 million from direct investments and $880 million in portfolio investments.

When analyzed by sub-items, there was a net sale of $131 million in the stock markets of non-residents and a net purchase of $382 million in government domestic debt securities, respectively.

Regarding bond issues abroad, banks realized a net borrowing of $152 million, while under other investments, the effective and deposit assets of domestic banks in their foreign correspondents recorded a net increase of $83 million.

Domestic deposits of foreign banks recorded a net increase of $20 million in total, including a net increase of $141 million in foreign currency and a net decrease of $121 million in Turkish lira.

During this period, banks made a net use of $1 billion 294 million regarding loans provided from abroad, while the general government and other sectors made net repayments of $122 million and $679 million, respectively.

There was a net increase of $5 billion 134 million in official reserves in August.

Source: AA / Prepared by Irem Yildiz

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