(MENAFN) Turkey is setting ambitious goals to address its current account deficit, aiming to surpass even its medium-term program target of USD34.7 billion in 2024, as announced by Mehmet Şimşek, the country's treasury and finance minister, on Friday.
Şimşek highlighted significant progress in narrowing the current account deficit, revealing a reduction of USD14.3 billion during the initial quarter of 2024. Building upon this momentum, Turkey intends to bolster its reserves by lowering the current account deficit to GDP ratio to below 2.5 percent.
These measures underscore Turkey's commitment to enhancing economic stability and bolstering its financial position. By strategically managing its current account deficit and pursuing prudent fiscal policies, the country aims to fortify its economic resilience and foster sustainable growth in the coming years.
"With the contribution of the rebalancing in growth, the declining current account deficit and our need for foreign exchange and the increasing inflow of external resources strengthen our macro financial stability," he further mentioned.
In March, Turkey's exports experienced a notable increase, rising by 4.1 percent to reach USD22.58 billion. This uptick contributed to the total exports for the year, which amounted to USD63.7 billion.
Furthermore, the export-import coverage ratio for March stood at 75 percent, showcasing an improvement of 1.3 percent compared to the corresponding month of the previous year. This indicates a strengthening of Turkey's export performance relative to its imports, underlining the country's efforts to bolster its trade balance and promote economic stability.
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