Posted 11/13/2023, 7:25:00 AM
Turkey Records Rare Current Account Surplus as Tighter Monetary Policy Narrows Trade Gap
- Turkey recorded a rare current account surplus of $1.9 billion in September, exceeding all forecasts
- Narrowing trade deficit is helping steady Turkey's external finances
- Slowdown in gold imports helped by rising lira deposit rates in September
- Tight monetary policy driving down demand for imports by pushing up borrowing costs
- Restoring confidence in lira key to reducing gold purchases that weigh on current account