Turkey reports $783 million current accounts deficit in January

Turkey reports $783 million current accounts deficit in January

Turkey's balance of payments on current accounts showed a deficit of $783 million in January. Consequently, balance of payments on current accounts has reached total $7.2 billion during the past twelve months. The balance of payments on current accounts is expected to continue indicating deficit over the next months and total current accounts deficit is likely to amount $11.5 billion at the end of this year. In normal conditions, Turkish economy can easily meet the current accounts deficit which reached 4% of GNP (Gross National Product). However, in the long run, EU process and rationalist economic policies have to be implemented in a decided tone to get the external equilibriums on track. The increase in current account deficit is mainly derived from the decrease in foreign exchange entry.