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TURKEY: Current Account Moves to Surplus for First Time Since Sep 23

TURKEY
  • Turkey’s current account moved to a surplus of $407m (Est: +$250m) in June from a revised deficit of $1.017bn in May, according to the Central Bank of Turkey. That marks the first surplus for the series since September 2023. The central bank noted in their previous policy statement that an improvement in the current account balance is expected in the summer period when travel revenues are high.
  • Ekonomi run a piece noting that the “cash crunch” has reached its peak due to the high costs of obtaining bank loans. They add that combined with a decrease in business activity during the summer months, some companies are struggling to manage operational costs.
  • Looking ahead, there are no other major data releases scheduled for the remainder of the week.
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