Yılmaz: Current Account Surplus Continues for the Fifth Consecutive Month

Forex - Vice President Cevdet Yılmaz indicated that the current account balance showed a positive level of $1.9 billion in October, continuing to record surpluses for five consecutive months in 2024. "As of October 2024, the annualized current account deficit has decreased to $7.7 billion. The services balance supports the improvement in the foreign trade deficit," he stated.

Following the release of the balance of payments data, Yılmaz made the following comments on his X account: "The positive trend in the current account balance continues. The improvement in the current account balance strengthens economic and financial stability, contributing to the disinflation process. The October data reveals a strong performance. • Despite the weak external demand outlook and the real appreciation of the TL, the improvement in the current account balance continued in October. • The current account balance has maintained a positive level of $1.9 billion in October, remaining in surplus for five consecutive months in 2024. • The annualized current account deficit has decreased to $7.7 billion as of October 2024. The services balance supports the improvement in the foreign trade deficit. • In the first ten months of 2024, the improvement in the foreign trade deficit compared to the same period last year has reached $32.5 billion. • The surplus in the services balance has increased by $3.4 billion during this period, and the annualized service revenues have reached $112.5 billion as of October 2024.

While the strong outlook for external financing is maintained, our reserves are also increasing. • Portfolio inflows amounted to $5.5 billion in October, and our reserves increased by $4.9 billion. We are effectively implementing our economic program. • The positive results obtained from macroeconomic indicators demonstrate the effectiveness of our Economic Program. • The trend of demand components in growth and the reduction in the foreign trade deficit confirm that demand-side pressures on inflation are easing. • With the impact of rebalancing policies and the reforms we will implement under the Medium-Term Program (OVP), we expect the ratio of the current account deficit to national income to be around 1% by the end of 2024."