September 17, 2022

Balance of Payments Developments in Türkiye- July 2022

Current Account

  • The current account recorded a deficit of USD 4,010 million, increasing by USD 3,700 million compared to the same month of the previous year, hence bringing the 12-month cumulative deficit to USD 36,585 million.
  • This development stems from the rising of good’s deficit to USD 9,308 million, increasing by USD 6,162 million compared to the same month of the previous year. On the other hand, during the same period, the inflows from the services item rose to USD 5,778 million increasing by USD 2,268 million, as the outflows from the primary income fell down to USD 559 million decreasing by USD 181 million.
  • Gold and energy excluded current account indicated USD 3,737 million surplus, in contrast to USD 3,124 million surplus observed in the same month of the previous year.
  • Under services, travel item recorded a net inflow of USD 4,090 million, increasing by USD 1,578 million compared to the same month of the previous year.
  • Secondary income indicated a net inflow of USD 79 million, increasing from USD 66 million inflow observed in the same month of the previous year.

Financial Account

  • Direct investment recorded net inflow of USD 252 million.
  • Portfolio investment recorded a net outflow of USD 631 million. As regards to sub-items in liabilities, non-residents’ transactions on equity securities and government domestic debt securities recorded net sales of USD 222 million and USD 173 million, respectively.
  • Regarding the bond issues in international capital markets, banks realized net repayments of USD 13 million.
  • Under other investment, Turkish banks’ currency and deposits within their foreign correspondent bank accounts increased by USD 983 million.
  • Non-resident banks’ deposit accounts held within domestic banks increased by USD 698 million, with an increase of USD 411 million in foreign currency and an increase of USD 287 million in Turkish lira accounts.
  • Regarding the loans provided from abroad, banks realized net repayments of USD 801 million, while other sectors realized net borrowing of USD 3,525 million.
  • Official reserves recorded net inflow of USD 4,423 million.

Source: Central Bank of the Republic of Türkiye
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