Turkey decreases its current account deficit to USD 39,2 billion
It was reported by CBT on Thursday that Turkey had managed to pull its CAD down to USD39,2 thanks to the positive developments in composition of foreign trade and net services income.
The bank announced that “under services account, travel revenues had decreased by $477 million recording $17.3 billion, and travel expenditures had dropped by $762 million recording $2.8 billion compared to the same period of the previous year.
The Central Bank has shown its determination to keep strict discipline over the economy and although it has been much criticized due to its interest rate corridor application it has not taken a sstep backwards.
The economy as it stands today shows the bank has been quite successful with its policies.
18.11.2012
BTT