The budget posted a deficit of TL 32.2 billion in January

The central government budget posted a deficit of TL 32.2 billion in January. The Ministry of Finance announced the results of the January 2023 budget execution.

Budget expenditures amounted to TL 321 billion with an annual increase of 120 percent in January. Budget revenue, on the other hand, rose 64 percent annually to TL 289.1 billion in January. While the expenditure realization rate based on budget allocations was 5.2% in 2022, it increased to 7.2% in 2023.

INTEREST EXPENSES

Interest expense amounted to TL 21.3 billion, while non-interest expense amounted to TL 299.9 billion. Non-interest budgetary expenses increased 127.7 percent with respect to the same month of the previous year.

The central government’s primary balance, on the other hand, posted a deficit of TL 10.9 billion in January. In addition, TL 16 billion was transferred from the budget to BOTAŞ in January.

KKM BUDGETED COST

The amount paid to holders of foreign exchange protected deposits (KKM) from the central budget was TL 1.5 billion in January. Therefore, the total cost of KKM increased to 94 billion TL.