Turkish current account data shows superficial recovery
In Daily BriefJuly 13, 2020William O'Neil
REUTERS/Umit Bektas
The Central Bank of Turkey is expected to announce today that the country ran a $4 billion current account (CA) deficit in May, a decrease from a $5.1 billion deficit in April.
Reduced domestic consumption due to the COVID-19 pandemic coupled with the falling value of the lira is responsible for May’s reduced CA deficit, making Turkish exports relatively cheaper for foreigners and imports from the EU, collectively Turkey’s largest trading partner, significantly more expensive.
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