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Turkey Current Account Deficit Widens

Turkey Current Account Deficit WidensTurkey Current Account Deficit Widens

Turkey’s current account deficit reached over $4.5 billion in September 2017, up by almost $3 million year-on-year, according to the central bank. September’s deficit means the 12-month rolling deficit stands at $39.3 billion, the bank stated.

The increase in the current account deficit is mainly attributable to an increase of $3.406 billion in the goods deficit that recorded a net inflow of $6.666 billion in the month, it said. Another factor is a rise in primary income deficit, which increased by $171 million hitting $1.073 billion, it added, Anadolu Agency reported.

Travel items, which constitute a major part of the services account, recorded a net inflow of nearly $2.7 billion in September, rising by $661 million year-on-year.

Meanwhile, Turkey’s benchmark stock index, BIST 100, rose 688.71 points or 0.63% to open at 109,638.06 points on Monday. The banking and holding indices went up 0.63 and 0.50%, respectively.

Among all sectors, the mining sector index saw the biggest rise—up 1.64%—whereas the insurance index had the highest decline, going down 0.06%.

At close on Friday, the BIST 100 was down 1,297.11 points--1.18%—to 108,949.35 points. The day’s trading volume was 6.3 billion liras ($1.63 billion).

The US dollar/Turkish lira exchange rate increased to 3.856 on Monday, compared with Friday’s close at 3.864. The lira gained value against euro with the EUR/TRY rate decreasing to 4.495 on Monday morning, down from 4.503 at the close on Friday.

 

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