Turkey’s current account balance posted a deficit of $2.7 billion (TL 46.58 billion) in April, up $1.22 billion on a yearly basis, but remained below market expectations, according to official figures released Monday.

The Central Bank of the Republic of Turkey (CBRT) announced that the 12-month rolling deficit totaled $25.7 billion.

This marks the highest annual deficit since July 2021.

The expectation of economists participating in a Bloomberg survey was that the current account deficit would be $3.2 billion in April.

Excluding gold and the energy trade, the current account balance saw a surplus of $4 billion, increasing from $1.13 billion.

The goods item saw a net deficit of $4.43 billion, while services indicated a net surplus of $2.7 billion.

"Under services, travel item recorded a net inflow of $1.59 billion," added the bank.

Direct investments saw net inflows of $323 million.

Portfolio investments recorded a net outflow of $606 million.

Regarding bond issuances abroad, banks and other sectors made net repayments of $606 million and $26 million, respectively, while the government issued new bonds of $305 million.

Under other investments, effective and deposit assets of domestic banks in foreign correspondents decreased by $1.46 million.

Regarding the loans obtained from abroad, banks, the general government and other sectors realized net use of $280 million, $34 million and $248 million, respectively.

A net increase of $3.22 billion was observed in official reserves in April.

Net errors and omissions, on the other hand, amounted to $4.5 billion.