CBRT – Balance of Payments Developments – March 2020
Current Account
- The current account posted USD 4,923 million deficit in March 2020 in comparison to USD 120 million deficit observed in the same month of 2019, decreasing the 12-month rolling surplus to USD 1,463 million.
- This development is mainly driven by USD 3,551 million increase in the goods deficit recording net outflow of USD 4,289 million and USD 918 million decrease in the services inflow recording net inflow of USD 735 million, as well as USD 197 million net outflow in secondary income compared to USD 131 million net inflow observed in the same month of the previous year.
- Gold and energy excluded current account indicated USD 1,160 million deficit, in comparison to USD 3,930 million surplus observed in the same month of the previous year.
- Travel item under services recorded a net inflow of USD 514 million, decreasing by USD 529 million compared to the same month of the previous year.
- Investment income under primary income item indicated a net outflow of USD 1,049 million, decreasing by USD 9 million compared to the same month of the previous year.
Financial Account
- Direct investment recorded a net inflow of USD 796 million, decreasing by USD 14 million compared to the same month of the previous year.
- Portfolio investment recorded a net outflow of USD 5,498 million. As regards to sub-items through liabilities, both non-residents’ equity securities and government domestic debt securities transactions recorded USD 1,063 million and USD 2,118 million of net sales, respectively.
- Regarding the bond issues in international capital markets, other sectors realized net repayments of USD 81 million.
- Under other investment, banks’ currency and deposits within their foreign correspondent banks and nonresident banks’ deposits held within domestic banks decreased by USD 644 million and USD 2,565 million on net basis, respectively.
- Regarding the loans provided from abroad, banks, General Government and other sectors realized net repayments of USD 460 million, USD 109 million and USD 3 million, respectively.
- Official reserves recorded net outflow of USD 16,589 million.
Source: Central Bank of Republic of Turkey 13.05.2020
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