Turkiye's current account deficit widens to over $7.93 bn in May

The country’s current account deficit was around $48.77 billion last year.

The trade deficit, a key component of the current account, was $10.5 billion in the month, Turkish media outlets reported.

Between January and May, the current account balance registered a $37.7 billion deficit.

Since President Recep Tayyip Erdogan named former deputy prime minister Mehmet Simsek as finance minister, CBRT has hiked its policy rate to 15 per cent from 8.5 per cent and pledged further tightening to fight inflation.

The government has, meanwhile, hiked taxes and fees to raise budget income.

Fibre2Fashion News Desk (DS)