Türkiye's Central Bank reports $2.55B current account deficit for January

Türkiye's current account balance recorded a deficit of $2.55 billion in January, Türkiye's Central Bank announced Tuesday.

Meanwhile, the bank underlined the gold- and energy-excluded current account balance, which saw a net surplus of $3.59 billion in the month.

In January, the gold deficit was $4.45 billion, while the services saw a net surplus of $2.79 billion.

The travel item under services posted a net inflow of $2.19 billion in January.

"Primary and secondary income recorded a net outflow of $856 million and $44 million, respectively," the bank said.

The bank added that the direct investments saw a net inflow of $661 million in January.

Treasury and Finance Minister Mehmet Simsek said the annual current account deficit improved to $22.6 billion in January from May.

With the continued decline in the foreign trade deficit in February, the current account deficit to Gross Domestic Product (GDP) ratio will fall below 3% by the end of the first quarter, he noted on X.

He said the country expects to end the year with a current account deficit ratio lower than its 3.1% target and close to the sustainable current account deficit level.

He added that this performance will strengthen macro-financial stability and contribute further to the disinflation process.

Source: AA