Turkey’s current account balance posted a USD 5.56bn deficit in March, growing USD 2.23bn from a year ago, according to the Central Bank. The bank said the country’s 12-month rolling deficit reached USD 24.22bn in March. Goods trade deficit increased USD 3.36bn year-on-year to reach USD 6.34bn. Services item indicated a net surplus of USD...
Tag: current account deficit
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Current account deficit at USD 5.15bn in February
Turkey’s current account balance registered a USD 5.15bn deficit in February, widening USD 2.71bn year-on-year, according to the Central Bank The bank said the country’s 12-month rolling deficit stood at USD 21.84bn in February. Goods trade deficit rose USD 3.9bn annually to reach USD 6bn. Services item showed a net surplus of USD 1.61bn, increasing...
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What does an interest rate of 8.6% mean?
BY ISMET OZKUL The interest rate for the latest bond issuance by the Treasury to the international markets was 8.625%. This rate quadruples the interest rate in the U.S. market. We’ll pay USD 947m for a USD 2bn borrowing with a maturity of 5.5 years. While we insist on a low-interest policy in Turkey, we...
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In hope for forever current surplus days: OPINION
Exports were increasing and imports were decreasing earlier this year. Thus, the foreign trade deficit was shrinking and Turkey even showed a trade surplus in October, according to the balance of payments. In addition, tourism income was positive. As a result, we thought that our current account deficit problem was over, or nearly over! But...
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Current account balance posts USD 2.68bn deficit in November
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),...