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Turkiye's current account deficit widens to over $7.93 bn in May

13 Jul '23
1 min read
Pic: Adobe Stock
Pic: Adobe Stock

Insights

  • Turkiye's current account deficit was $7.93 billion in May this year.
  • The shortfall widened from $5.4 billion in April and $5.8 billion in May 2022, central bank data showed.
  • The trade deficit, a key component of the current account, was $10.5 billion in the month.
  • Between January and May, the current account balance registered a $37.7 billion deficit.
Turkiye’s current account deficit was $7.93 billion (TL 207.10 billion) in May this year, official data showed. The shortfall widened from $5.4 billion in April and $5.8 billion in May 2022, according to data from the country’s central bank (CBRT).

The country’s current account deficit was around $48.77 billion last year.

The trade deficit, a key component of the current account, was $10.5 billion in the month, Turkish media outlets reported.

Between January and May, the current account balance registered a $37.7 billion deficit.

Since President Recep Tayyip Erdogan named former deputy prime minister Mehmet Simsek as finance minister, CBRT has hiked its policy rate to 15 per cent from 8.5 per cent and pledged further tightening to fight inflation.

The government has, meanwhile, hiked taxes and fees to raise budget income.

Fibre2Fashion News Desk (DS)

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