In a statement, the bank said the deficit slowed to $3.68 billion in the month, bringing the 12-month rolling deficit to $29.5 billion.

“Once again the improvement observed in the foreign trade deficit compared to the same month of last year is the main factor in the decline of the current account deficit in March,” economist Haluk Burumcekci said.

“Also the continuation of low cost energy imports is positive for the course of current account deficit next month.”

Burumcekci said he expects Turkey to see a current account deficit of $38 billion in 2016. “Risks on our current account deficit forecast are significantly on the downside,” he said.

Anadolu Agency