Balance of payments data released

According to the balance of payments data announced by the Central Bank of the Republic of Turkey (CBRT), the current account deficit increased by 2 billion 269 million dollars in June compared to the same period of the previous year and amounted to 3 billion 458 million dollars. As a result, the 12-month current account deficit increased to 32 billion 667 million dollars.

In this development, although the inflows from the services balance increased by 2 billion 508 million dollars to 4 billion 24 million dollars in June compared to the same month of the previous year, and the outflows from the primary income balance decreased by 105 million dollars to 946 million dollars, the foreign trade deficit defined in the balance of payments was 4 billion dollars. It was effective to increase by 794 million dollars to 6 billion 426 million dollars.

While the current account surplus excluding gold and energy was 1 billion 931 million dollars in June last year, it increased to 4 billion 294 million dollars in the same period of this year. In this period, net revenues arising from the travel item, under the services balance, increased by 1 billion 702 million dollars to 2 billion 728 million dollars.

Secondary income balance item recorded a net outflow of 110 million dollars in June of this year. The output in the mentioned item was at the level of 22 million dollars in June of last year.

On the other hand, the current account deficit for May was revised from 6 billion 468 million dollars to 2 billion 568 million dollars.

Economists participating in AA Finans’ survey expected the current account to have a deficit of 3 billion 500 million dollars in June. The current account deficit expectation of economists for the end of 2022 was realized at the level of 43 billion 540 million dollars.

Net inflows from direct investments were $950 million in June. In this period, portfolio investments recorded a net outflow of 1 billion 578 million dollars.

When analyzed by sub-items, non-residents realized net sales of 509 million dollars in the stock market and 218 million dollars in the government domestic debt securities market in June. Banks, on the other hand, had a net debt of $16 million related to bond issuances abroad.

The effective and deposit assets of domestic banks in their foreign correspondents increased by 416 million dollars in June. Domestic deposits of foreign banks increased by 643 million dollars in total, 638 million dollars in foreign currency and 5 million dollars in Turkish lira.

During this period, banks made a net repayment of 1 billion 39 million dollars, the general government 67 million dollars, and other sectors 264 million dollars, regarding the loans obtained from abroad.

There was a net decrease of 1 billion 960 million dollars in official reserves in June.

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