Current account deficit comes in above expectatio­ns

Dünya Executive - - OVERVIEW -

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.

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