Turkiye's current account deficit widens to over $7.93 bn in May
13 Jul 23 1 min read
Insights
- Turkiye's current account deficit was $7.93 billion in May this year.
- The shortfall widened from $5.4 billion in April and $5.8 billion in May 2022, central bank data showed.
- The trade deficit, a key component of the current account, was $10.5 billion in the month.
- Between January and May, the current account balance registered a $37.7 billion deficit.
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.
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Between January and May, the current account balance registered a $37.7 billion deficit.
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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)
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