Minister Şimşek stated that they expect the current account deficit to fall below 2.5 percent in the second quarter and said, “We will achieve a sustainable current account deficit by realizing economic transformation through structural reforms. Thus, we will permanently reduce our country’s external financing needs.”
Making evaluations regarding the current account figures announced today, Şimşek said:
“Stability, confidence and resilience are increasing, the current account deficit is no longer a significant problem. The ratio of foreign debt to national income is decreasing and reserve accumulation is accelerating.
The annual current account deficit fell to $25.2 billion in May, its lowest level since June 2022.
In addition to the decline in the current account deficit, the positive external financing outlook continues. In the first five months of the year, portfolio inflows reached $19.1 billion.
The long-term external debt rollover ratios of the banking and real sectors increased from 97 percent and 73 percent in the January-May period of last year to 160 percent and 123 percent, respectively, in the same period this year.
“We expect the current account deficit to fall below 2.5 percent in the second quarter. We will achieve a sustainable current account deficit by implementing economic transformation through structural reforms. Thus, we will permanently reduce our country’s external financing needs.”
