First statement from Şimşek following CBRT data: 'Reserve accumulation has restarted'

Treasury and Finance Minister Mehmet Şimşek evaluated the March balance of payments data released by the Central Bank of the Republic of Turkey (CBRT) in a post on his social media account.

The highlights from Minister Şimşek's statements are as follows:

"CURRENT ACCOUNT BALANCE POSTED A SURPLUS OF 1.6 BILLION DOLLARS ANNUALLY"

"We expect the current account deficit, which stood at 12.6 billion dollars annually in March, to remain below 1 percent of the national income in the first quarter.

Gold imports remain high due to the impact of rising prices caused by global uncertainties. Excluding gold, the current account balance posted a surplus of 1.6 billion dollars annually.

"WE FORECAST IT WILL BE WELL BELOW OUR ESTIMATE"

With the resilient structure of our exports, the positive trend in energy prices, and the contribution of tourism revenues, we anticipate that the current account deficit will be well below our MTP forecast at the end of the year.

The fact that the current account deficit remains at sustainable levels points to a continued downward trend in the ratio of gross external financing needs to national income.

"OUR ECONOMY'S RESILIENCE IS INCREASING"

The decreasing need for external financing and the restarted reserve accumulation are strengthening macro-financial stability while increasing the resilience of our economy."

News Source: 12punto