The central budget posted a deficit of TL 219.6 billion in June

The Ministry of Finance announced the results of the June budget execution. Turkey’s central government budget revenue was TL 268.225 billion and its expenditure was TL 487.862 billion in June.

Consequently, in June, budget revenue increased by 48.2% compared to the same month of the previous year to TL 268.225 million, and budget expenditure increased by 130% to TL 487.862 million.

BIG INCREASE IN EXPENSES

In the January-June period, budget revenue increased by 48.6 percent compared to the same period of the previous year, reaching TL 1.880 billion 349 million. Budget expenditures increased by 101.7 percent in the same period and reached TL 2 trillion 363 billion 577 million.

Thus, the central government budget recorded a deficit of TL 219.637 billion in June and TL 483.228 billion in the January-June period. Thus, the budget had its largest monthly deficit in June 2023.

KKM’S COST EXCEEDED 20 BILLION

Due to the post-election increase in the exchange rate, the cost of the Protected Deposit of Currency (KKM) for the Treasury also increased. The exchange rate difference payment given to KKM owners was TL 20.56 billion in June.

The total cost of KKM for the budget in the first six months was 25 billion TL. With the decision taken at the beginning of July, it was decided to transfer the support applied by the Treasury to the Central Bank for TL-denominated transactions in KKM.