(Bloomberg) -- Turkey’s current account swung back to a wider deficit than forecast in July after a rare surplus the previous month, as surging gold imports added to a deteriorating trade gap.Most Read from BloombergTrudeau Is Stuck in India With Faulty Aircraft After Hearing Criticism From ModiIndia’s G-20 Win Shows US Learning How to Counter China RiseMeloni Tells China That Italy Plans to Exit Belt and RoadBiden Doubts China Able to Invade Taiwan Amid Economic WoesThe Mighty American Consumer
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.
A chronic imbalance in trade is a key vulnerability for the $900 billion economy that authorities want to overcome by reducing Turkey’s dependence on imports. Fresh economic targets unveiled by the government last week project the current-account deficit narrowing from about 4% of gross domestic product this year to 3.1% in 2024.
The central bank has almost tripled its key interest rate to 25% since June, while the government announced a more realistic macroeconomic program that committed to reducing inflation and building back reserves.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.
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