Current account deficit at 5.5 billion dollars in July

The Central Bank of the Republic of Türkiye has published the balance of payments statistics for July.

Accordingly, the current account recorded a deficit of 5 billion 466 million dollars in July. Market expectations had been for a deficit of 4.45 billion dollars.

The current account excluding gold and energy recorded a surplus of 717 million dollars. The foreign trade deficit defined by the balance of payments stood at 10 billion 477 million dollars.

The net errors and omissions item recorded a surplus of 4 billion 413 million dollars in July, while it recorded a deficit of 711 million dollars in the first 7 months of the year.

The following information was provided in the statement:

"Inflows from the services balance stood at 5,999 million dollars. Under this item, net revenues from travel amounted to 4,795 million dollars.

The primary income balance and secondary income balance items recorded net outflows of 903 million dollars and 85 million dollars, respectively.

Net inflows from direct investments were recorded at 392 million dollars.

Portfolio investments recorded net inflows of 1,160 million dollars. When examined by sub-items, it is observed that non-residents made net purchases of 734 million dollars in the stock market and 18 million dollars in the government domestic debt securities market, respectively.

Regarding bond issuances abroad, banks realized net borrowing of 353 million dollars.

Under other investments, domestic banks' effective and deposit assets with foreign correspondents recorded a net decrease of 942 million dollars.

Deposits of foreign banks in the country recorded a total net increase of 980 million dollars, consisting of a net increase of 1,186 million dollars in foreign currency and a net decrease of 206 million dollars in Turkish lira.

Regarding loans obtained from abroad, the general government, banks, and other sectors realized net repayments of 35 million dollars, 483 million dollars, and 181 million dollars, respectively."

News Source: 12punto