Dünya Executive - - OVERVIEW -

The Turkish Treasury’s cash balance recorded a deficit of TRY 1.46 billion ($248 million) in October, the Ministry of Treasury and Finance announced on November 7.

Last month, the Treasury’s cash revenues totaled TRY 67.23 billion ($11.45 billion), up 26.7 percent year-on-year, while expenditur­es - including interest payments of TRY 4.1 billion ($698 million) - rose 19.1 percent to TRY 68.7 billion ($11.7 billion).

In October, the Treasury’s non-interest expenditur­es amounted to TRY 64.6 billion ($11 billion), a TRY 2.6-billion ($442 million) surplus in the primary balance.

The cash balance of $1.46 billion represents the Treasury’s cash revenues plus privatizat­ion and fund income minus expenditur­es, including interest payments, in October.

The average USD/TRY exchange rate was 5.87 last month.

Cumulative figures

Official figures showed that the Treasury received TRY 627.3 billion ($132.6 billion) in cash revenues while expenditur­es totaled TRY 683.3 billion ($144.5 billion) from January to October.

In the ten-month period, the Treasury’s noninteres­t expenditur­es were nearly TRY 622 billion ($131.5 billion), a TRY 5.35 billion ($1.13 billion) surplus in the primary balance.

Interest payments totaled TRY 61.3 billion ($12.95 billion) - the top contributo­r to the deficit - while privatizat­ion/fund income amounted to TRY 5 billion ($1.05 billion) over the same period.

As a result, the ten-month cash balance posted a deficit of some TRY 50.9 billion ($10.8 billion) between January and October.

Last year, the Treasury’s cash balance ran a deficit of TRY 60.4 billion ($16.5 billion). The 12-month revenue plus privatizat­ion or fund income amounted to TRY 636.6 billion ($174.5 billion) while expenditur­es in

2017 - including interest payments - surpassed TRY 697 billion ($191 billion).

The ten-month average USD/TRY exchange rate was 4.73 while one dollar traded for 3.65 liras on average in 2017.

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