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Higher Energy Prices See Turkey's CA Deficit Widen in December

TURKEY
  • The deficit widened to $3.84bn in December vs $3.44bn prior (-$4.20bn exp)
  • The gap for 2021 was $14.88bn, compared to the 2020 deficit of $35.5bn.
  • Net goods trade registered a gap of $5 billion as energy prices drove a surge in the cost of imports in December
  • Balance of trade in services posted a $1.7 billion surplus as net income from tourism was $1.3 billion
  • Official reserves declined $13.8 billion amid lira’s historic depreciation against the dollar in December. The central bank sold $7.3 billion in a tumultuous month for the local currency with a series of direct interventions in foreign exchange markets
  • Net errors and omissions, or capital movements of unknown origin, showed a monthly outflow of $8.7 billion, trimming the annual inflows for the year to $10.5 billion
  • Net portfolio outflows reached $2 billion in December
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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