Turkey's current account posts surplus for 4th straight month in November

Turkey's current account balance showed a $986 million surplus in November, improving from last year's deficit of $4.2 billion, the Central Bank of the Republic of Turkey (CBRT) announced Friday.

The figures fell slightly below expectations, as economists had forecast a surplus of $1.05 billion on average.

The bank also said that the 12-month rolling deficit fell to $33.93 billion in November from $39.4 billion in October.

November marks the fourth straight month the current account has been showing a surplus. In August, the balance posted a surplus for the first time in three years with $2.59 billion, then showed a $1.83-billion surplus in September and a $2.77-billion surplus in October.

The current account surplus in November is mainly attributable to the goods item indicating a $523 million surplus in contrast to a $4.78 billion deficit observed in the same month of the previous year, as well as a $386 million increase in net inflows in the services item realizing $1.48 billion, the CBRT said in a statement.