By Ed Frankl
Turkey posted a current-account surplus in October for the second month in a row, helped again by the return of tourists.
Turkey booked a current account surplus of $186 million, compared with a surplus of $1.91 billion a month before, according to figures released Monday by the Turkish central bank. It marks only the third month of surplus in two years.
The country’s services industry recorded a net surplus of $6.04 billion, with the travel sector reporting a net inflow of $4.75 billion, helped by a resurgent tourism sector. However, the country still booked a goods deficit of $4.87 billion.
A weak Turkish lira has steadily pushed up import prices in recent years, fuelling rampant inflation and weighing on the trade balance, although efforts by the central bank in recent months through interest-rate rises have slowed the deprecation of the currency.
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