Current account deficit recorded $2,268 mn with a y/y increase of $32 mn in November

Current account deficit recorded $2,268 mn with a y/y increase of $32 mn  in November

Central Bank of Turkey released November 2016 current account balance figures.

CURRENT ACCOUNT

The current account deficit recorded USD 2,268 million indicating an increase of USD 32 million compared to November 2015, bringing the 12-month rolling deficit to USD 33,651 million.

The deficit in goods item decreased by USD 199 million to USD 2,888 million, while the services surplus decreased USD 292 million to USD 1,002 million.

Nonmonetary gold item recorded a net export of USD 141 million, in contrast to net import of USD 131 million recorded in the same month of 2015.

Under services item, travel revenues decreased by USD 209 million in comparison to the same month of 2015 reaching to USD 1,295 million and the travel expenditures decreased by USD 113 million recording USD 340 million.

The primary income deficit decreased USD 176 million to USD 476 million in comparison to November 2015.

Investment income under primary income item indicated a net outflow of USD 407 million decreasing by USD 203 million.

FINANCIAL ACCOUNT

Direct investment recorded a net inflow of USD 444 million (increase in net liabilities) increasing by USD 250 million compared to the same month of 2015.

Portfolio investment recorded a net outflow of USD 2,693 million. As regards to subitems through liabilities, non-residents realized net sales of USD 504 million in equity security transactions and USD 1,814 million in government domestic debt securities transactions.

Regarding the bond issues in international capital markets, banks realized a net repayment of USD 513 million, while other sectors realized a net borrowing of USD 500 million.

Other investment recorded a net inflow of USD 1.004 million (increase in net liabilities).

Under other investment, banks' currency and deposits within their foreign correspondent banks increased by USD 784 million and nonresident banks' deposits held within domestic banks increased by USD 1.224 million, on net basis.

Regarding the loans provided from abroad, banks and other sectors recorded a net borrowing of USD 125 million and USD 669 million, respectively.

Official reserves recorded a net decrease of USD 788 million.

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