CBRT announced: $2.72 billion current account deficit in November

The CBRT has announced the current account deficit figures for November. The current account balance exceeded expectations with a deficit of $2.72 billion in November.

The statement made by the CBRT is as follows:

In November, the current account recorded a deficit of 2,722 million US dollars. The current account, excluding gold and energy, recorded a surplus of 2,153 million US dollars.

The foreign trade deficit, defined by the balance of payments, stood at 4,412 million US dollars.

Net inflows from the services balance were at the level of 3,002 million US dollars. Under this item, net revenues originating from the travel item were 2,347 million US dollars.

The primary income balance item recorded a net outflow of 1,325 million US dollars, while the secondary income balance item recorded a net inflow of 13 million US dollars.

"INCREASE IN OFFICIAL RESERVES IS 6.7 MILLION DOLLARS"

Net inflows originating from direct investments were recorded as 921 million US dollars.

Portfolio investments recorded a net inflow of 5,367 million US dollars. When examined by sub-items, it is observed that non-residents made net purchases of 753 million US dollars in the stock market and 353 million US dollars in the government domestic debt securities market.

Regarding bond issuances abroad; banks realized net borrowing of 1,423 million US dollars, the General Government 2,500 million US dollars, and other sectors 1,219 million US dollars.

Under other investments, the effective and deposit assets of domestic banks with foreign correspondents recorded a net decrease of 182 million US dollars.

Deposits of foreign banks in the country recorded a total net increase of 591 million US dollars, consisting of a net increase of 429 million US dollars in foreign currency and 162 million US dollars in Turkish Lira.

Regarding loans obtained from abroad, while other sectors realized a net repayment of 51 million US dollars, banks and the General Government realized net utilization of 3,957 million US dollars and 79 million US dollars, respectively.

There was a net increase of 6,706 million US dollars in official reserves this month."