Turkey’s current account deficit narrows to $683 million in July

Turkey's current account deficit for July stood at $683 million, narrowing by $1.3 billion from the same month a year earlier, the Turkish Central Bank (TCMB) announced on Sep. 13.

Monday September 13 2021 03:45 pm

Duvar English

Turkey's current account balance posted a deficit of $683 million in July, down $1.3 billion from the same month last year, the Turkish Central Bank announced on Sept. 13.

The upward trend was a result of the increased revenue from services sectors, the bank noted, adding that the budget item rose by $2.6 million from July 2020 to reach $2.9 billion.

Another factor contributing to the deficit's shrink was $1.03 million in investment, as well as a $1.9 million increase in bonds and stocks.

Turkey's lira managed to hold on to gains on Sep. 13, up 0.2 percent at 8.46 per dollar, even as data showed factory activity disappointed and current account deficit narrowed less than expected.

President Recep Tayyip Erdoğan over the weekend said economic growth, exports and employment are all strong in Turkey.