Turkish treasury reports first cash surplus in May after 6 months
Date
6/10/2024 3:52:40 AM
(MENAFN) Official data released by the Turkish Treasury and Finance Ministry revealed a significant milestone as the Treasury's cash balance recorded a surplus in May for the first time since November 2023. The Treasury's cash surplus amounted to 234.8 billion Turkish liras (USD7.3 billion) last month, signaling a positive turn in its financial position.
According to the Treasury and Finance Ministry data, cash revenues for the Treasury reached 1 trillion liras (USD31.7 billion) in May, while expenditures totaled 787.5 billion liras (USD24.4 billion). Notably, interest payments accounted for 102.8 billion liras (USD3.2 billion) of the total expenditures during the month.
Excluding interest payments, the cash balance demonstrated a surplus of 337.5 billion liras (USD10.5 billion), indicating robust fiscal management and improved financial health for the Treasury.
The Turkish lira traded at an average of 32.2269 per US dollar in May, reflecting currency dynamics during the period. In the first five months of the year, the Treasury reported a cash deficit of 572.8 billion liras (USD18.2 billion), with revenues reaching 3.4 trillion liras (USD150.5 billion) and expenditures totaling 3.9 trillion liras (USD124.8 billion).
Despite the challenges posed by economic fluctuations and global uncertainties, the Turkish Treasury's ability to achieve a cash surplus in May underscores its commitment to fiscal stability and prudent financial management. As the Treasury continues its efforts to navigate evolving economic conditions, the positive indicators in May offer a ray of hope for sustained recovery and resilience in Turkey's financial landscape.
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