Turkey’s current account balance posted USD 2.68bn deficit in November, down USD 866m year-on-year, according to the Central Bank.
Thus, the current account balance posted a deficit for the first time after three months.
The current account balance was forecasted to post around USD 2.2bn deficit in November.
The 12-month rolling current account deficit (CAD), meanwhile, totaled USD 14.25bn in the same period.
“This development is mainly driven by the net inflow of USD 1.91bn in the services item increasing by USD 794m compared to the same month of the previous year and the net outflow of USD 3.47bn in the goods item decreasing by USD 385m,” the Central Bank said.
Excluding gold and energy, the current account posted USD 1.13bn surplus in November 2020, compared to a USD 2.4bn surplus in November 2021.
The foreign direct investment totaled USD 359m and the portfolio investments recorded a net outflow of USD 1.44bn in November.
Official reserves jumped USD 2.8bn in net terms in the same period.