Current account deficit widened to $7.93 billion in May
The Central Bank (CBRT) announced the Balance of Payments Statistics for May 2023.
Thus, in May, the current account registered a deficit of 7,930 million dollars. The current account deficit was $37.6 billion in January-May 2023. The annualized current account deficit (last 12 months) was $59.96 billion.
In April, the current account had a deficit of 5.4 billion dollars.
Economists expected a current account deficit of $7.4 billion in May.
The foreign trade deficit defined in the balance of payments amounted to 10 thousand 480 million dollars.
Income from the balance of services amounted to 3,858 million dollars. Under this category, the net income derived from the travel category amounted to 3 thousand 50 million dollars.
$7.4 BILLION IN MAY INDEFINITE MONEY
Net errors and omissions in the financing of the current account deficit remain one of the highlights.
Net errors and omissions, which shows money inflows of uncertain origin, was $7.4 billion in May.
As defined by Mahfi Eğilmez, the item showing errors and shortcomings in the compilation of balance of payments data showing a country’s economic relations with the outside world in the balance of payments table is called net errors and omissions.
1.4 BILLION DOLLARS NET OUTFLOW IN INVESTMENT PORTFOLIO
Net direct investment inflows were recorded at $89 million.
There was a net outflow of $1.4 billion in portfolio investment.
Analyzing by sub-items, it can be seen that non-residents made net sales of USD 630 million and USD 90 million in the stock market and in the domestic public debt securities market, respectively.
Regarding bond issues abroad, the banks made a net debt of $52 million, while in other sectors a net repayment of $102 million was made.
NET DECREASE OF $16.5 BILLION IN OFFICIAL RESERVES
In other investments, the effective and deposit assets of national banks in their foreign correspondents increased by USD 4 thousand 14 million.
Domestic deposits from foreign banks registered a net decrease of $4 million, with a net increase of $59 million in foreign currency and a net decrease of $63 million in Turkish lira.
Regarding the loans obtained from abroad, the General Government made net repayments for USD 49 million, while the banking and other sectors made net disbursements for USD 725 million and USD 37 million, respectively.
There was a net decrease of $16.5 billion in official reserves this month.
Source: Sozcu
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