Turkey's C/a Deficit Exceeds Expectations At $3.41 Billion In April (2)

Istanbul, June 11 (DHA) - Turkey's current account deficit fell by 1.52 billion dollars to 3.41 billion dollars in April, exceeding the expectations at 3.0 billion dollars, according to the balance of payments data released by the Central Bank on Tuesday.

The unaccredited inflow of foreign currency rose to 2.89 billion dollars in April, more than 10 times of 258 million dollars the month before, rising to 6.98 billion dollars in the first four months of the year.

Other important reason that limited the rise in the current account deficit in April was gold exports of 1.82 billion dollars, which was at 307 millon dollars of net imports in the same month of last year.

The 12-month rolling deficit fell to 44.26 billion dollars at the end of April, down from 45.78 billion dollars at the same period of last year. Current account stood at 2.0 billion dollars in January, at 3.2 billion dollars in February and 4.96 billion dollars in March.

Another reason was direct investment outflows involving distributed profits under primary income item increased by 595 million dollars to 892 million dollars in April.

Portfolio investment recorded a net inflow of 755 million dollars as an increase in net liabilities. As regards to subitems through liabilities, non-residents’ equity security transactions recorded net purchases of 652 million dollars, as government domestic debt securities recorded net sales of 1.02 billion dollars.

Markets

The market rected slightly to the current account deficit data, exceeding the expectations. The main index in Borsa Istanbul fell below 80 thousand points, which recovered from the 77 thousand points lows, after falling by 5.05 percent after the general election result finished the 13-year sengle party government.