Turkey’s current account swung back to a deficit in July on the back of surging gold imports and a wider trade gap, after posting a rare surplus the previous month.
The shortfall was $5.5 billion, compared with a revised surplus of $651 million in June and a deficit of $3.5 billion in July 2022, according to central bank data published on Monday. The median estimate in a Bloomberg survey of analysts was for a gap of $4.5 billion in July.
Since President Recep Tayyip Erdogan installed a new team to manage the economy after reelection in May, the goal has been to stabilize Turkey’s external finances by cooling off domestic demand with more orthodox measures such as higher interest rates and restrictions on gold imports. Erdogan has said monetary tightening would be used to rein in high inflation, which the government sees finishing the year at 65%. The president’s comments mark a break with his earlier advocacy of cheap money at the expense of price stability.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ethereum dips after founder Vitalik Buterin’s Twitter account gets hackedVitalik Buterin's Twitter gets hacked. Ethereum price dips following the breach, while non-zero ETH addresses reach a record high.
Read more »
Evaluating Ethereum’s network and ETH’s current demand levelsThere are some areas in ETH’s journey this year that inspire confidence. Ethereum’s total value locked in ETH deposit contracts just achieved a new historic peak at over 28.7 million ETH.
Read more »
Poilievre takes centre stage at first convention as leader | The Current with Matt Galloway | Live RadioThe Conservative Party’s policy convention is underway in Quebec City. Matt Galloway asks Sen. Denise Batters how her party intends to tackle the big issues facing Canadians; and our national affairs panel weighs up what’s at stake for Pierre Poilievre in his first convention as Conservative leader.
Read more »
Survivors of sexual assaults at Université Sainte-Anne asked to contact RCMPWebsite by former and current students says more than 50 sexual assaults happened between 2015-2019
Read more »
Few crypto exchanges dominate the market: Why this is concerningLiquidity in the crypto market has become more concentrated as only eight trading platforms account for 90% of global market depth and volumes.
Read more »
Sports betting companies battle for customers as NFL season kicks offNew entrants into the gambling market will challenge current industry dominance by FanDuel and DraftKings during the 2023 NFL season.
Read more »