Arab Today, arab today turkey’s current account deficit soars again
Last Updated : GMT 19:37:58
Arab Today, arab today
Arab Today, arab today

Turkey’s current account deficit soars again

Arab Today, arab today

Arab Today, arab today Turkey’s current account deficit soars again

Istanbul - Arabstoday

Turkey’s current account deficit more than doubled year-on-year in June to $7.55 billion but the Central Bank governor said the deteriorating trend would stop and July’s shortfall could improve to $5 billion, sending bond yields to 6-month lows.The deficit, which has caused increasing alarm this year and weighed heavily on the country’s assets, widened to $45 billion in the first six months of the year from $20.2 billion a year earlier. Central bank governor Erdem Basci told Bloomberg News agency it could narrow to $27 billion in the second half of the year and Deputy Prime Minister Ali Babacan gave further reassurances in a television interview that it would stay under 10 per cent of GDP.  The IMF has forecast the shortfall at 10.5 per cent of economic growth.The yield on Turkeys’ benchmark May 15, 2013 bond fell to a six-month low of 7.99 per cent in reaction to the comments, its lowest level since the beginning of February, from a close of 8.08 per cent on Wednesday. The June deficit data, which matched the consensus forecast in a Reuters poll, still made grim reading however. “The deterioration in the current account deficit is at full speed and the financing quality continues to worsen,” said Ozgur Altug, an economist at brokers BGC Partners.“The 12-month rolling current account deficit reached $72.5 billion, which is equal to 9.7 per cent of estimated GDP.” Analysts have raised their annual deficit forecasts each month this year as Turkey’s economy continues to post strong growth and as unorthodox policies introduced late last year by the central bank fail to rein in the shortfall. Imports have been accelerating at more than twice the rate of exports amid a domestic demand boom fuelled by cheap loans and double-digit economic growth. The monthly gap was slightly down from May’s $7.75 billion, and the rise in the deficit year-on-year was 121 per cent in June compared to 164 per cent in May. Last December Turkey’s central bank introduced a policy mix of lower interest rates to curb inflows and higher reserve ratios for banks to limit rampant loan growth. From / Gulf Today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today turkey’s current account deficit soars again Arab Today, arab today turkey’s current account deficit soars again

 



Arab Today, arab today
Arab Today, arab today Nohan Seyam designs beautiful accessories

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Top Yemen commander killed

GMT 09:55 2017 Wednesday ,22 February

Top Yemen commander killed
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Janat pleased for issuing 'Good Morning'

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 05:15 2017 Tuesday ,21 February

Omega 3 can reduce asthma cases

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday