Minister Şimşek Announces Significant Progress in Reducing Turkey’s Current Account Deficit
Turkey’s Finance Minister Mehmet Şimşek has reported noteworthy advancements in reducing the country’s high current account deficit. In July, the annual foreign trade deficit decreased by $38.7 billion compared to the same period last year. Consequently, as of July, the annual current account deficit has fallen below the $20 billion mark.
Minister Şimşek emphasized that the reduced current account deficit and the diminished need for external financing have made substantial contributions to the disinflation process. He stated that their overarching goal is to achieve price stability, ensuring equitable income distribution and sustained prosperity within society. These statements highlight the positive impacts of fiscal policies and the steps being taken toward economic stability.