Current Account Surplus Recorded for the Fourth Consecutive Month After Three Years

In the fourth consecutive month, the current account recorded a surplus for the first time in three years. Previously, the current account had recorded surpluses for four consecutive months from July to October 2021. According to data released by the Central Bank of the Republic of Turkey (CBRT), the current account registered a surplus of $2.988 billion in September. Analysts participating in a survey conducted by Foreks had expected a surplus of $2.85 billion.

Excluding gold and energy, the current account registered a surplus of $7.734 billion. The announcement included the following information: "The defined foreign trade deficit amounted to $3.113 billion. Net inflows from the services balance occurred at $7.390 billion, with net revenues from the travel item contributing $5.970 billion. The primary income balance and the secondary income balance recorded net outflows of $1.230 billion and $59 million, respectively.

Financial Account Net inflows from direct investments were recorded at $649 million. Portfolio investments recorded net inflows amounting to $370 million. When examined by sub-items, it was observed that non-residents net sold $83 million in the stock market and net purchased $1.725 billion in the domestic government debt securities market. Regarding bond issuances abroad, banks and other sectors realized net borrowing of $1.854 billion and $176 million, respectively, while the general government made a net repayment of $701 million.

Under other investments, net effective and deposit assets of domestic banks in foreign correspondent banks recorded a net increase of $560 million. Deposits of foreign banks in the domestic market recorded a net decrease of $182 million in foreign currency and a net increase of $545 million in Turkish lira, leading to a total net increase of $363 million.

Regarding loans obtained from abroad, banks, the General Government, and other sectors made net utilizations of $3.348 billion, $170 million, and $1.256 billion, respectively.

Official reserves decreased by a net amount of $719 million this month.