Minister Şimşek: Highest Current Account Surplus in Our History in August

Important Statements from Minister Şimşek

Minister of Treasury and Finance Mehmet Şimşek pointed to striking figures regarding macroeconomic stability. The Minister emphasized that the decreasing need for foreign currency, increased access to external financing, and high reserves have strengthened the macro-financial resilience of our country.

Historic Success in August

Minister Şimşek shared on the X social media platform, "In August, we achieved the highest monthly current account surplus in our history with $5.5 billion." This record current account surplus has drawn attention by reducing the nation’s annual current account deficit to $18.3 billion. Additionally, the improvement in the current account deficit compared to May 2023 was recorded at $37.6 billion.

Improvement in External Financing Needs

This positive situation is also observed to have effects on reducing the country's external financing needs. Minister Şimşek projected that the gross external financing need, which was 23% of the national income in June 2023, will decrease to approximately 17% by 2025. This prediction is seen as a sign that Turkey's economy will become even stronger in the coming years.

Increasing Macro Financial Resilience

With the Ministry's efforts and measures taken, the decreasing need for foreign currency, increased external financing, and high reserve levels are gradually strengthening Turkey's macro-financial resilience. This process is critical for maintaining the economic stability of our country and minimizing the impacts of cyclical fluctuations.