In the broadest terms, Balance of Payments is a statistical report prepared to show the systematic records of economic transactions between residents of a country with residents of another country (non-residents) over a certain period of time. The international standards regarding the compilation of the balance of payments statistics are defined in the Balance of Payments and International Investment Position Manual prepared by the International Monetary Fund (IMF) to provide guidance to member countries. These standards ensure comparability of the balance of payments statistics among countries.
Turkish Balance of Payments statistics are issued on a monthly basis and compiled based on the 6th edition of the IMF's Balance of Payments and International Investment Position Manual released in 2009.
Balance of Payments Developments - March 2018
- The current account deficit recorded USD 4,812 million indicating an increase of USD 1,695 million compared to March of the previous year, bringing the 12-month rolling deficit to USD 55,380 million.
- This development in the current account is mainly attributable to USD 1,692 million increase in the goods deficit recording net outflow of USD 4,608 million and USD 240 million increase in primary income deficit to USD 1,313 million. In addition to that, secondary income recorded net outflow of USD 6 million in March of this year, in contrast to USD 240 million net inflow observed in March 2017.
- Travel item under services recorded a net inflow of USD 988 million, increasing by USD 239 million compared to the same month of the previous year.
- Investment income under primary income item indicated a net outflow of USD 1,238 million increasing by USD 218 million in comparison to the same period the previous year.
- Direct investment recorded a net inflow USD 1,029 million decreasing by USD 269 million compared to the same month of the previous year.
- Portfolio investment recorded a net outflow of USD 2,381 million. As regards to sub-items through liabilities, non-residents’ equity securities transactions and government domestic debt securities transactions recorded net sales of USD 361 million and USD 123 million, respectively.
- Regarding the bond issues in international capital markets, banks and General Government realized net repayments of USD 243 and USD 1,500 million, respectively.
- Other investment recorded a net outflow of USD 1,585 million.
- Under other investment, banks’ currency and deposits within their foreign correspondent banks decreased by USD 1,376 million, while nonresident banks’ deposits held within domestic banks increased by USD 137 million on net basis.
- Regarding the loans provided from abroad, banks realized net repayments of USD 2,108 million,while General Government and other sectors realized net borrowings of USD 26 million and USD 47 million, respectively.
- Official reserves recorded net outflow of USD 4,836 million.