The Turkish Central Bank has released balance of payments data for August 2020, revealing a balance of payments deficit of $4.63 billion.
Economists surveyed by Bloomberg HT had predicted the deficit would rise to $4.40 billion. The current account deficit was $1.82 billion in the previous month.
Below are the details published on the Central Bank’s website:
Balance of Payments – August 2020
- While the current account had a surplus of $3.314 billion in August of the previous year, this month it showed a deficit of $ 4.631 billion. As a result, the twelve-month current account deficit reached just over US $ 23 billion.
- The foreign trade deficit increased from $3.948 billion to $5.347 million compared to the same month of the previous year. Net inflows from service decreased by $4.602 million to $1.179 million compared to the same month of the previous year.
- In August of the previous year and excluding gold and energy, there was a current account surplus of $6.249 billion, but this fell to $973 million in August 2020.
- Net outflows in the primary income balance decreased by $589 million compared to the same month of the previous year, falling to $570 million.
- Net inflows in the secondary income balance increased by $16 million US dollars compared to the same month of the previous year, reaching $107 million.
- Net inflows from direct investments were $374 million.
- Portfolio investments saw a net outflow of $1.973 billion. Non-residents made net sales worth $1.007 billion in the stock market and $502 million in the government domestic debt securities market.
- In terms of foreign bond issues, banks realized net borrowing of $286 million, while other sectors realized net repayment of $17 million.
- Under other investments, domestic banks’ currency and deposit assets in foreign correspondent banks increased by $1.980 billion, while domestic deposits by foreign banks increased by $2.288 million.
- In terms of foreign loans, Banks, General Government and other sectors made net repayments of $100 million, $62 million and $774 million, respectively.