Turkey’s current account posts $1.2 billion year-on-year surplus in July

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Turkey’s current account balance posted a $1.2 billion surplus in July, improving from a $2.2 billion deficit in same period of last year, the country’s central bank announced on Friday, according to the state-run Anadolu news agency.

The country’s 12-month rolling surplus totaled $4.4 billion, according to the data.

“This development in the current account is mainly attributable to a $2.4 billion decrease in the goods item recording net outflow of $2.5 billion, as well as a $959 million increase in services inflow to $4.3 billion,” the bank said.

The bank data showed the gold and energy-excluded current account surplus stood at $4.6 billion, up $2.4 billion from the same month last year.

Net inflows from travel items under services surged $637 million to nearly $4 billion during the same period.

Direct investment recorded a net inflow of $657 million decreasing by $660 million compared to the same month of the previous year, the bank said, adding that portfolio investment recorded a net inflow of $97 million during the month.

Data also showed that official reserves recorded a net inflow of $3.2 billion.

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