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Wednesday, February 11, 2015

Turkey’s current account deficit drops to 4-year low - Daily Sabah

Turkey’s current account deficit drops to 4-year low
DAILY SABAH WITH ANADOLU AGENCY
ISTANBUL
Published 22 hours ago

Turkey's 2014 current account deficit has been announced as $45.84 billion, the lowest in four years. The current account deficit decreased by $18.82 billion compared to 2013, as declining oil prices cut the value of imports sharply. Turkey's Central Bank announced current account deficit statistics for December 2014 yesterday. The bank said the 30 percent drop in the current account deficit last year contributed to a $16.3 billion drop to $63.6 billion for the foreign trade deficit, and to more than $2.5 billion surplus in the services sector last year. December's current account deficit was $6.7 billion. The downward trend began in January 2014 and gained momentum after the Turkish Central Bank hiked interest rates in response to the U.S. dollar's rise against the Turkish lira.

More:Turkey’s current account deficit drops to 4-year low - Daily Sabah