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Türkiye's current account balance posts $186M surplus in October

11 December 2023 [19:25] - TODAY.AZ

Türkiye's current account balance posted a surplus of $186 million in October, the country's Central Bank said on Monday, Azernews reports, citing Anadolu Agency.

Gold and energy excluded current account balance also saw a net surplus of $5.1 billion in the month, the bank said.

Goods deficit in October was at $4.9 billion, while services recorded a net surplus of $6.04 billion – travel item under services indicated a net inflow of $4.75 billion.

"Primary income recorded a net outflow of $1,001 million, whereas secondary income indicated a net inflow of $18 million," the bank added.

Direct investments in October totaled $638 million.

Mehmet Simsek, the Turkish treasury and finance minister, said on the X platform that with policies aimed at rebalancing growth, the current account balance posted a surplus in October as well, and the annual deficit decreased by $9.6 billion compared to May.

Türkiye's reserves hit a historical high of $140 billion thanks to the developments in the current account balance and interest of international investors, the minister said.

According to him, the policies being pursued decrease fragilities and facilitate sustainable growth based on investment, employment, production, and export.

The largest disadvantage has been weak demand from trade partners, which limits export increase, he said, adding that the outlook of industrial production reflected this situation.

The unemployment rate in October declined to 8.5%, the lowest in 11 years, he said, noting: "We see the results of the policies we implement day by day, and our program goals will continue to be realized one by one."


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