Turkey Current Account Swings to Surplus on Tourism Boost

(Bloomberg) -- Turkey posted a current-account surplus after running a deficit for nine straight months, thanks to a jump in tourism income.

The surplus was $528 million in August, compared with a revised deficit of $923 million in July and $4.07 billion a year earlier, the central bank said on its website on Monday.

The median estimate in a Bloomberg survey was for a shortfall of $0.1 billion. The 12-month rolling shortfall narrowed to $23 billion. 

Key Insights

• Official reserves rose by $13.2 billion in August from a month earlier as the IMF allocated $6.34 billion in Special Drawing Rights, or SDR, to Turkey. Net portfolio inflows reached $1.34 billion
• Net errors and omission inflows, capital movements categorized as coming from an unknown origin, stood at $4.45 billion, taking the inflows so far this year to $13.5 billion
• Balance of trade in services posted a $4.08 billion surplus, from $1.8 billion last year, highlighting the role of recovery in tourism and other services in the improvement in Turkey’s foreign imbalances

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• Foreign tourist arrivals rose to 3.98 million in August, compared with 1.81 million in the same month a year earlier, according to data published by Culture & Tourism Ministry
   

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