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Turkish Treasury ends 6-month cash drought with May surplus

Turkish Treasury ends 6-month cash drought with May surplus Treasury's cash balance registers surplus of $7.3B in May, following 5 consecutive months of deficits (AA Photo)
By Newsroom
Jun 8, 2024 8:26 AM

Official data released on Friday by the Turkish Treasury and Finance Ministry revealed a notable milestone: a surplus in the Treasury’s cash balance for the first time since November 2023.

According to the data, the Treasury’s cash surplus soared to ₺234.8 billion ($7.3 billion) last month. Cash revenues for the Treasury stood impressively at ₺1 trillion ($31.7 billion), while expenditures totaled ₺787.5 billion ($24.4 billion).

Interest payments, however, amounted to ₺102.8 billion ($3.2 billion) for the same period, casting a shadow on an otherwise positive balance sheet.

Excluding interest payments, the cash balance reflected an even more robust surplus, reaching ₺337.5 billion ($10.5 billion).

In May, the Turkish lira maintained an average exchange rate of 32.2269 per US dollar.

Zooming out to the broader picture, from January to May, the Treasury faced a cash deficit of ₺572.8 billion ($18.2 billion), with revenues hitting ₺3.4 trillion ($150.5 billion) and expenditures reaching ₺3.9 trillion ($124.8 billion).

The average USD/TRY exchange rate over the initial five months of the year hovered around 31.4584.

Last Updated:  Jun 13, 2024 9:28 AM
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