Current Account Deficit Figures Announced

Current account deficit figures were announced. According to the data, the current account deficit was 1.87 billion dollars in January.

Central Bank of the Republic of Turkey (CBRT) announced the balance of payments statistics for January. In January, the Turkish economy deficit was 1.87 billion dollars. Some economists expected this ratio to be 1.55 billion dollars. According to the Central Bank of the Republic of Turkey (CBRT) data, the 12-month current account deficit was recorded as 36.6 billion dollars. According to the assessment made by the Central Bank, in the current account balance figures for January, although the inflows from the services balance decreased by 1.2 billion dollars compared to the same month of the previous year to 455 million dollars, the foreign trade deficit in the balance of payments table contracted by 1.4 billion dollars. The decline to $ 9 billion was effective. When the core current account balance figures are analyzed, the current account, excluding gold and energy, gave a surplus of $ 1.2 billion. In January of the previous year, this figure was 3.02 billion dollars. When the annualized core current balance is analyzed, the surplus was 8 billion dollars in January. Accordingly, the annualized current account surplus was the lowest since September 2018. Economist Haluk Bürümcekçi stated in his analysis of current account balance data that the annual current account deficit decreased for the first time after a long period, but this did not seem permanent yet. Bürümcekçi noted the following: "While the leading foreign trade data of February pointed out the foreign deficit above last year, we think that the annual current account deficit will rise again, considering the ongoing weakness in tourism and transportation revenues."   Official Reserve Assets Increased Official reserve assets have increased. According to CBRT data, official reserve assets increased by $ 3.6 billion in January. Net inflows from direct investments were 194 million dollars in January, while portfolio investments recorded a net inflow of 4.8 billion dollars. When analyzed in terms of sub-items, it was observed that non-residents made net sales of $ 293 million in the stock market and $ 924 million in net purchases in the government domestic debt securities market. Net errors and omissions item recorded a surplus of 3.8 billion dollars in January.