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Türkiye’s current account posted a surplus of $1.77 billion in July, the Central Bank of the Republic of Türkiye (CBRT) said Friday, reversing a $2 billion deficit recorded in June. Markets had expected a $1.6 billion deficit for the month.
The current account balance excluding gold and energy showed a net surplus of $6 billion. The bank said goods registered a $4.6 billion deficit, while services posted a $62 billion net surplus over the 12-month period ending in July.
Overall, the 12-month rolling current account balance showed a deficit of $18.8 billion, with a goods deficit of $62.7 billion. Primary income recorded a $17.7 billion net deficit, while secondary income was at $380 million.
In July alone, services generated $8 billion in net inflows, including $6.2 billion from travel revenues and $2.4 billion from transportation.
The central bank said its reserves climbed to a record $180.1 billion in the week ending Sept. 5, driven by surging global gold prices. Total reserves rose $1.75 billion from the previous week.
Foreign exchange holdings fell by $1.85 billion to $89.2 billion, while the value of gold reserves rose by $3.6 billion to $90.9 billion. The sharp increase came as global bullion prices broke above $3,600 per ounce for the first time in early September.
Foreign investors sold $523.2 million in Turkish equities last week, reversing part of a $1.5 billion net inflow accumulated between June and Aug. 22. The outflows came after political tensions rose when a court annulled the opposition Republican People’s Party’s (CHP) Istanbul Congress in 2023.
Non-resident holdings of government domestic debt securities also fell by $1.02 billion, to $14.5 billion. Investments in other sectors outside the general government edged down to $835.4 million.
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