Current Account Surplus of $1.88 Billion in October

In October, the current account recorded a surplus of 1.880 billion US dollars. According to the Foreks news survey, a surplus of 1.3 billion US dollars was expected. Economists' median expectation for the current account in 2024 is a deficit of 10 billion dollars, while the estimate for 2025 is a deficit of 17 billion dollars.

According to a statement by the Central Bank of the Republic of Turkey (CBRT), the current account, excluding gold and energy, recorded a surplus of 7.163 billion US dollars. The statement noted: "The trade balance as defined in the balance of payments has realized a deficit of 3.542 billion US dollars. Net inflows from the services balance stood at 6.450 billion US dollars, with net earnings from travel contributing 5.116 billion US dollars. The primary income balance and the secondary income balance recorded net outflows of 1.048 billion US dollars and net inflows of 20 million US dollars, respectively.

Financial Account Net outflows from direct investments amounted to 204 million US dollars. Portfolio investments registered a net inflow of 587 million US dollars. When examined by sub-items, it is observed that non-residents had net sales of 642 million US dollars in the stock market and net purchases of 978 million US dollars in the government domestic borrowing securities market. Regarding bond issuances abroad, banks, the General Government, and other sectors had net borrowings of 1.807 billion US dollars, 1.658 billion US dollars, and 1.622 billion US dollars, respectively.

Under other investments, domestic banks’ effective and deposit assets in foreign correspondents recorded a net decrease of 97 million US dollars. Foreign banks' deposits in the domestic market saw a net decrease of 295 million US dollars in foreign currency and a net increase of 1.403 billion US dollars in Turkish lira, resulting in a total net increase of 1.108 billion US dollars.

Regarding loans obtained from abroad, banks, the General Government, and other sectors recorded net usages of 3.877 billion US dollars, 45 million US dollars, and 312 million US dollars, respectively.

Official reserves saw a net increase of 4.861 billion US dollars this month.