Turkey`s current account deficit hits nearly $9.85 Billion in January
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Turkey's central bank has said the country's current account deficit reached nearly $9.85 billion in January, following a rapid increase in gold imports and soaring energy import bills.
The central bank's statistics on Monday showed that excluding gold and energy, the current account has a net surplus of $2.6 billion in January.
Among items constituting the current account balance, foreign trade in goods recorded a deficit of $12.43 billion, while the services registered a net surplus of $3.16 billion, Xinhua news agency reported.
Under trade in services, travel item showed a surplus of $2.45 billion.
The current account deficit in January beats the record $9. 41 billion deficit in March 2011, according to official statistics.
Meanwhile, Turkey's 12-month rolling deficit widened to $51.7 billion in January, the highest level since February 2014.
The Turkish government practices an economic model that pursues a current account surplus through higher exports and low-interest rates, despite rising inflation and a depreciation in the local currency.
