World Economy

Turkey’s Shadow Economy

Turkey’s Shadow EconomyTurkey’s Shadow Economy

Turkey’s Central Bank reports that $8.9 billion of shadow money have entered the country in the first five months of 2015, closing down half the account deficit which stood at $18 billion in the same period, BGN News reported. On the other hand, money legitimately entering Turkey has decreased by 53.7% to $5.9 million in the first five months of 2015 which has drawn attention from opposition parties who are demanding more transparency from the Central Bank. The Turkish economy is still struggling with its account deficit issue.