Minister Şimşek: We expect a current account deficit well below what we predicted in the MTP – Last Minute Economic News
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Minister of Treasury and Finance Mehmet Şimşek made an evaluation about the temporary foreign trade statistics of the Ministry of Commerce for March.
Stating that the improvement in the annual foreign trade deficit reached 14.3 billion dollars in the first quarter of 2024, Şimşek noted that they expect the annual current account deficit to be lower than predicted in the Medium Term Program (MTP).
Şimşek claimed, “We will ensure reserve accumulation by reducing the current account deficit to below 2.5 percent as a ratio of national income.”
Şimşek’s statement is as follows:
“The improvement in the annual foreign trade deficit reached 14.3 billion dollars in the first quarter of 2024. This year, we expect a current account deficit well below the 34.7 billion dollars we envisaged in the MTP. Reserve accumulation will be achieved by reducing the current account deficit to below 2.5 percent as a ratio of national income. “With the contribution of the stabilization in growth, the decreasing current account deficit and foreign exchange need and the increasing foreign resource inflow strengthen our macro-financial stability.”
The improvement in the annual foreign trade deficit reached 14.3 billion dollars in the first quarter of 2024.
This year, we expect a current account deficit well below the 34.7 billion dollars we predicted in the MTP. We will ensure reserve accumulation by reducing the current account deficit to below 2.5 percent as a ratio of national income. https://t.co/VG5xKBLRID
— Mehmet Simsek (@memetsimsek) April 5, 2024
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