Minister Şimşek: 'The ratio of the current account deficit to GDP will fall below 3 percent'

The Central Bank of the Republic of Turkey (CBRT) has announced the current account balance data for January. According to the data, the current account balance recorded a deficit of 2.56 billion dollars in January. Minister of Treasury and Finance Mehmet Şimşek evaluated the current account deficit via his X account.

Evaluating the January current account balance data, Minister of Treasury and Finance Şimşek stated that the decline in the current account deficit would contribute to the disinflation process.

Şimşek evaluated the current account balance data via his X account as follows:

"The improvement in the annual current account deficit in January reached 22.6 billion dollars compared to May.

With the decline in the foreign trade deficit, which also continued in February, the ratio of the current account deficit to GDP will fall below 3 percent by the end of the first quarter.

We expect to complete this year with a ratio lower than our 3.1 percent forecast in the Medium-Term Program (MTP) and close to a sustainable current account deficit level.

This performance will strengthen macro-financial stability and provide additional contribution to the disinflation process."

The improvement in the annual current account deficit in January reached 22.6 billion dollars compared to May.

With the decline in the foreign trade deficit, which also continued in February, the ratio of the current account deficit to GDP will fall below 3 percent by the end of the first quarter.

We expect to complete this year with a ratio lower than our 3.1 percent forecast in the Medium-Term Program (MTP)… pic.twitter.com/iXifjxdD9n

— Mehmet Simsek (@memetsimsek) March 12, 2024