Türkiye’s current account deficit falls to lowest level since June 2022
Turkish Treasury and Finance Minister Mehmet Şimşek announced that the country's annual current account deficit fell to its lowest level in a year, reaching $25.2 billion in May 2024.
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In a statement on X, Şimşek attributed the positive development to increased stability, confidence, and resilience in the Turkish economy. He added that the external debt to national income ratio is declining, while reserve accumulation is accelerating.
The minister also highlighted the favorable external financing outlook, with portfolio inflows reaching $19.1 billion in the first five months of 2024. He pointed out that long-term external debt rollover ratios for both the banking and real sectors have improved significantly compared to the same period last year.
Şimşek expressed confidence that the current account deficit to national income ratio will fall below 2.5% in the second quarter. He emphasized the government's commitment to achieving a sustainable current account deficit through economic transformation and structural reforms, ultimately reducing Turkey's external financing needs. (ILKHA)
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