Haberler      English      العربية      Pусский         Kurdî      Türkçe Delivering News and Insights Around the World Keltis
  En.Haberler.Com - Latest News
SEARCH IN NEWS:
  HOME PAGE 27/05/2018 22:14 
11.08.2017 16:28 News >> Update - Turkish Current Account Gap Narrows İn Year To June

Update - Turkish Current Account Gap Narrows İn Year To June

12 month rolling deficit stands at $34.3 billion.

Turkey's annual current account deficit shrunk to $3.7 billion in June, a fall of $1.2 billion year-on-year, the Central Bank said Friday.

June's deficit means the 12-month rolling deficit stands at $34.3 billion, the bank said.

The import-export balance of goods was reduced by $670 million in Turkey's favor to $4.57 billion while the country's income from services rose by $491 million to $1.68 billion.

"The annual current account deficit has taken a break from its tendency to increase after slightly falling to the $34.3-billion level," economist Haluk Burumcekci said.

"The recovery in the current account deficit in June is backed by lower foreign trade deficit and higher net services income."

According to the Turkish Statistical Institute, foreign trade deficit in June was $6 billion with a 9.1 percent decrease compared with the same month in 2016.

"I think the current account deficit will reach $38 billion at the end of this year, due to increasing energy/gold imports and momentum in the economic growth," he added.

Turkey's economy grew by 5 percent in the first quarter of 2017 compared with the same period last year.

The growth target for 2017 is 4.4 percent, according to the government's medium-term program.

Timothy Ash, senior economist with London-based BlueBay Asset Management, highlighted $12 billion-bond purchase offers made under the balance of payments in the period after the country's April 16 constitutional referendum.

Ash said the growth showed that foreign investors were responding to the drive "by buying Turkish risk".

"Second, the Turkish Central Bank has been buying foreign exchange in size in past two months, building foreign exchange reserves and capping appreciation," he said.

"So, the Central Bank is managing the U.S. dollar/Turkish lira exchange rate around the 3.5 level."

The U.S. dollar/Turkish lira exchange rate hovered around 3.55 as of 3 p.m. (1200GMT) on Friday while one dollar was traded for 3.5370 Turkish liras at last Friday's close.

The exchange rate saw its historic high in mid-January this year climbing to around 3.94 Turkish liras while it was 3.02 on average last year and 2.71 in 2015. -



        Latest News
Update - Turkish President Slams Opposition's Election Promises -41 minutes ago...
'We will never allow demolition alliance to sabotage our projects,' says President Recep Tayyip Erdogan.
Ypg/Pkk Continues Human Rights Violations İn Syria -26 minutes ago...
Terrorist group kidnapped, killed Syrian activist who was protesting against group’s forced recruitment of locals.
Germany Accused Of Taking Side İn Turkey's Early Polls 4 minutes ago...
Turkish deputy PM Bekir Bozdag criticizes Germany for allowing pro PKK rally in Cologne city.
Formula 1: Ricciardo Wins Monaco Grand Prix -27 minutes ago...
Red Bull TAG Heuer driver Ricciardo victorious in sixth race of this season's Formula 1 World Championship.
Assad Regime Airdrops Leaflets To Threaten Syrians 4 minutes ago...
Leaflets bearing title 'Choose your destiny' demand Syrians to put down their guns down or die.

 
      Top News
Formula 1: Ricciardo Wins Monaco Grand Prix Formula 1: Ricciardo Wins Monaco Grand Prix
Turkey, Qatar To Donate $1 Million To Yemen Turkey, Qatar To Donate $1 Million To Yemen
7 Terrorists Neutralized İn Southeast Turkey 7 Terrorists Neutralized İn Southeast Turkey
2 Russian Military Advisers Killed İn Syria Clash 2 Russian Military Advisers Killed İn Syria Clash
Pakistan To Hold General Election On July 25 Pakistan To Hold General Election On July 25
Turkish Minister Slams Germany Over Pro-Pkk Rally Turkish Minister Slams Germany Over Pro-Pkk Rally
Israeli Army Opens Fire On 4 Gazans Near Border Fence Israeli Army Opens Fire On 4 Gazans Near Border Fence
Airstrike Kills 5 Daesh Militants İn Iraq's Kirkuk Airstrike Kills 5 Daesh Militants İn Iraq's Kirkuk
Democratic Republic Of Congo Clashes Leave 30 Dead Democratic Republic Of Congo Clashes Leave 30 Dead
Turkish Artists Open Exhibition At Louvre Museum Turkish Artists Open Exhibition At Louvre Museum