Turkey’s CDS fall to pre-2018 crisis levels
1 hour ago
Turkey's current account deficit declined by 12% y/y to $1.24bn in August following the 111% annual increase posted for July, central bank data showed on October 11.
Market analysts had expected a current account shortfall of $1.4bn in August, according to a Reuters poll. The market forecast for 2017 as a whole is a deficit of $38.6bn .
The Turkish lira (TRY) gained 0.92% d/d against the USD to trade at 3.6717 on October 11 while the benchmark BIST-100 was up 0.55% to 103,963. Both rose on news that the US embassy in Istanbul had said talks were taking place with Turkey to end the mutual visa bans that were sparked by the arrest of a worker of the American mission.
The shortfall on trade in goods widened by 19% y/y to $4.28bn in August, while the balance on goods and services expanded by 7% y/y to a deficit of $768mn. A surplus of $5mn was recorded for the August capital account balance while the financial account posted a surplus of $374mn.
Across January-August, the current account deficit rose by 19% y/y to $27.2bn.
Turkey’s foreign trade deficit widened by 85% y/y to reach $4.4bn in September, preliminary data from the customs and trade ministry showed on October 2.
The Turkish government forecasting that the country’s current account deficit will stand at 4.6% of national income or $39.2bn this year, but will decline to 4.3% of GDP in 2018 and further to 3.9% in 2020.
Turkey posted a current account deficit of $32.6bn for the entirety of 2016.
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