Current Account Surplus in October

* Photograph: Murat Bayram / bianet

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The Central Bank of the Republic of Turkey (TCMB) has announced the current account balance data of October 2018. 

Accordingly, the current account balance of the country had a surplus of 2 billion and 770 million US dollars* (~15 billion Turkish Lira) in October.

Current deficit in the 12-month also dropped to 39 billion and 403 million US dollars. In the same period last year, the current account deficit was announced as 3 billion and 837 million US dollars.

When gold and energy are excluded from the current account, current surplus amounted to 6 billion and 167 million US dollars. Last year, there was a deficit of 466 million US dollars.

Impact of foreign trade balance

Two factors, namely the balance of the foreign trade, which also has a surplus of 799 millions US dollars in October 2018, and the cash inflow from the balance of services, which has recently increased to 3 billion and 28 million US dollars, are behind the current surplus.

In the statement of the Central Bank, it has been stated that the net income from travel expenditures also rose to 2 billion and 648 million US dollars. (HA/VK)

* 1 US dollar = 5.40 Turkish liras