Current account deficit comes in above expectations
The current account deficit posted a 68.4% increase in May compared to year-on-year figures and was realized as $5.2 billion. This development was led by the rise in nonmonetary gold imports. On the other hand, tourism revenue limited the deterioration in the current account deficit in May, as was the case in April, thanks to a low base. According to 12-month cumulative figures, the current account deficit rose by $2.1 billion month-on-month to $35.3 billion in May. Portfolio inflows maintained their positive performance in May. The highest portfolio inflow since the middle of 2014 was registered in this month. The debt securities issued abroad by both banks and the Treasury have considerable weight in portfolio inflows. The net portfolio inflow was realized as $5.5 billion in May, $4.5 billion of which belonged to debt securities issued abroad. In this period, foreign investor interest in the stock market was comparatively weak.