12-month rolling current account deficit fell to USD 29.5 billion in March 2016

12-month rolling current account deficit fell to USD 29.5 billion in March 2016

Central Bank of Turkey released the balance of payment figures for March 2016.
 
The details are as follows:
 
"The current account deficit recorded USD 3,677 million indicating a decrease of USD 1,092 million compared to March of the previous year, bringing the 12-month rolling deficit to USD 29,491 million.
 
This development in the current account is mainly attributable to USD 1,307 million decrease in the deficit in goods item recording USD 3,566 million and USD 482 million decrease in primary income deficit recording USD 723 million. Besides, services item indicated a net surplus of 575 USD million decreasing by USD 597 million.
 
Under nonmonetary gold item, net gold export recorded USD 775 million decreasing by USD 46 million compared to the same month of the previous year.
 
Travel item, one of the main items under services, recorded a net inflow of USD 721 million decreasing by USD 381 million compared to the same month of the previous year.
 
Investment income under primary income item indicated a net outflow of USD 673 million decreasing by USD 505 million in comparison to March 2015.
 
FINANCIAL ACCOUNT
 
Direct investment recorded a net inflow of USD 650 million (increase in net liabilities) decreasing by USD 144 million compared to the same month of the previous year.
 
Portfolio investment recorded a net inflow (increase in net liabilities) of USD 2,693 million. As regards to subitems through liabilities, non-residents' equity security and government domestic debt securities transactions indicated net purchases of USD 999 million and USD 512 million, respectively.  
 
Regarding the bond issues in international capital markets, banks realized a net repayment of USD 61 million, as general government and other sectors realized a net borrowing of USD 682 million and USD 784 million respectively.
 
Other investment recorded a net inflow of USD 718 million (increase in net liabilities).
 
Under other investment, banks' currency and deposits within their foreign correspondent banks and nonresident banks' deposits held within domestic banks increased by USD 1,154 million and USD 664 million on a net basis, respectively.
 
Regarding the loans provided from abroad, banks and general government realized a net repayment of USD 1,537 million and USD 493 million respectively, while other sectors became a net borrower of USD 1,760 million in this month.
 
Official reserves recorded a net increase of USD 1,498 million."

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