ANKARA, Jan 12 (NNN-ANADOLU) – Turkey yesterday reported a current account deficit of 2.68 billion U.S. dollars in Nov last year, after three months of surpluses.
The current account decreased by 866 million dollars, compared to Nov of the previous year, according to the statistics released by Turkey’s Central Bank.
The 12-month current account deficit was 14.25 billion dollars in Nov, compared to a deficit of 36.7 billion dollars in 2020, the bank data showed.
According to the bank’s assessment, the narrowed deficit in the balance of payments in Nov was caused by an increase in net inflows from the balance of services, and a drop in the foreign trade deficit, when compared to Nov of the previous year.
The government says its economic plan aims to cut interest rates, in order to boost exports, while maintaining a competitive exchange rate.
Turkey’s foreign trade deficit increased by 6.9 percent year-on-year in Nov, and hit 5.40 billion dollars, the Turkish Statistical Institute announced, last month.
The Turkish central bank has cut rates by 500 basis points since last Sept, to 14 percent.
Turkey has been fighting depreciation of its national currency, lira, as well as, high inflation, which reached more than 36 percent last year.
The Turkish lira has lost more than 40 percent of its value since last year. The sharp depreciation forced the government to impose new measures to support the currency.– NNN-ANADOLU
