Speeches   Macro Indicators

5/10/2016

Deputy Prime Minister Mehmet Şimşek Commented on the Current Account Deficit

The current acounts deficit has been disclosed as $ 3.6 billion as of March 2016 compared to the same period last year

Deputy Prime Minister Mehmet Şimşek responsible for the economy: “Savings rates are at very low levels in Turkey. There is a considerable need for investment. Structural reforms are necessary to overcome the problem.”

Central Bank of the Turkish Republic disclosed the balance of payments for the month of March 2016.

According to given data, the current account deficit realized as $ 3,677 million decreasing by $ 1,092 million compared to March last year. The 12-month current account deficit has accordingly realized as $ 29,491 million.

Deputy Prime Minister Şimşek, “Turkey’s current account deficit continues to be a major problem despite being narrowed”

Deputy Prime Minister Mehmet Şimşek responsible for the economy commented on Turkey’s current account deficit during the speech he delivered in the 2016 Asian Regional Public Debt Management Forum.

Şimşek noting that Turkey has a major current account deficit issue, said that the problem is still at considerably high levels despite being narrowed. Şimşek underlining that savings rates are at very low levels in Turkey, stated that there is a considerable need for investment and that structural reforms are necessary to overcome the problem.

As will be recalled, Deputy Prime Minister Şimşek emphasized the effects of the fall in tourism revenues on the current account deficit during a disclosure he made most recently and said “We aim to reduce current account deficit to below 4 percent this year but developments in the tourism business may curb our efforts” TEBA:1764/ May 6, 2016.