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Mehmet Şimşek comments on current account deficit data: We will reduce it permanently

Minister of Treasury and Finance Mehmet Şimşek stated that the ratio of external debt to national income is falling, adding, "We will achieve a sustainable current account deficit by realizing economic transformation through structural reforms. Thus, we will permanently reduce our country's need for external financing."

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Minister of Treasury and Finance Mehmet Şimşek made an assessment regarding current account deficit data on his social media account.

Stating that "the ratio of external debt to national income is falling," Şimşek said, "In addition to the decline in the current account deficit, the positive external financing outlook continues. Portfolio inflows reached 19.1 billion dollars in the first five months of the year." Minister Şimşek included the following statements in his post:

"Stability, confidence, and resilience are increasing, and the current account deficit is ceasing to be a significant problem. The ratio of external debt to national income is falling, and reserve accumulation is accelerating.

The annual current account deficit fell to 25.2 billion dollars in May, the lowest level since June 2022.

In addition to the decline in the current account deficit, the positive external financing outlook continues. Portfolio inflows reached 19.1 billion dollars in the first five months of the year.

The long-term external debt rollover ratios of the banking and real sectors rose from 97 percent and 73 percent in the January-May period of last year to 160 percent and 123 percent, respectively, in the same period this year.

We expect the ratio of the current account deficit to national income to fall below 2.5 percent in the second quarter. We will achieve a sustainable current account deficit by realizing economic transformation through structural reforms. Thus, we will permanently reduce our country's need for external financing."