Turkey records current account surplus of USD407M in June
Date
8/14/2024 8:48:43 AM
(MENAFN) In June, Turkey experienced a turnaround in its current account balance, achieving a surplus of USD407 million, as reported by the central bank on Tuesday. This figure surpassed forecast of a USD400 million surplus, highlighting a significant improvement from the previous month's deficit. In May, the current account had recorded a deficit of USD1.017 billion, reflecting a notable shift in the country’s trade and financial dynamics over the past month.
The June surplus marks a positive development for Turkey's economic indicators, following a year in which the country faced a substantial current account deficit of USD45.15 billion in 2023. This transition to a surplus suggests that Turkey's external accounts are adjusting favorably, potentially driven by changes in trade balances, foreign investment flows, or other economic factors contributing to improved financial stability.
The recent surplus underscores a successful reversal of Turkey’s current account trends, providing a boost to the country's economic outlook. The central bank’s report reflects a strengthened position in external trade and finance, offering a more optimistic view on Turkey's economic performance and its ability to manage its international financial obligations effectively.
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