Türkiye aims to reduce current account gap

ISTANBUL

Türkiye aims to reduce the current account deficit, even below its medium-term-program target of $34.7 billion, in 2024, the country's treasury and finance minister said on Friday.

Mehmet Simsek said on X that the gap narrowed by $14.3 billion during the first quarter of 2024, and Türkiye will accumulate its reserves by decreasing the current account deficit to GDP ratio to below 2.5%.

"With the contribution of the rebalancing in growth, the declining current account deficit and our need for foreign exchange and the increasing inflow of external resources strengthen our macro financial stability," he added.

Türkiye's exports rose by 4.1% to $22.58 billion in March, and amounted to $63.7 billion.

The export-import coverage ratio was 75% in March, improving by 1.3% versus the same month last year.