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Turkey's current account posts $3.16B surplus in October

by Anadolu Agency

ANKARA Dec 13, 2021 - 11:18 am GMT+3
An illustration of one U.S. dollar banknote, Nov. 23, 2021. (Murad Sezer via Reuters)
An illustration of one U.S. dollar banknote, Nov. 23, 2021. (Murad Sezer via Reuters)
by Anadolu Agency Dec 13, 2021 11:18 am

Turkey’s current account has recorded a $3.16 billion (TL 45.2 billion) surplus for October with a boost in exports and recovery in tourism revenues, the Central Bank of Turkey (CBRT) announced Monday, as the 12-month rolling deficit totaled $15.4 billion.

Turkey's current account balance in October showed a surplus, improving from a $93 million deficit in October 2020, said the central bank.

"This development is mainly driven by the net inflow of $146 million in the goods item, against the deficit of $1.3 billion observed in October of last year and the net inflow of $3.9 billion in services item increasing by $1.8 billion," the bank said.

The main reading was above market expectation of a $2.32 billion surplus for the month.

Gold and energy excluded current account indicated a surplus of some $7.7 billion, more than double from $3.1 billion a year ago, it added.

Travel item, under services, recorded a net inflow of $3 billion, up by $1.3 billion year-over-year, while direct investment recorded a net inflow of $337 million.

An Anadolu Agency (AA) survey last week showed that a group of 12 economists projected the current account balance would post a surplus of $2.32 billion in October.

The end-2021 current account balance was expected to register a deficit of $15.3 billion, with estimates ranging between $10.5 billion and $20 billion.

In September, the country's current account surplus was $1.65 billion.

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