In the broadest terms, Balance of Payments is a statistical report prepared to show the systematic records of economic transactions between residents of a country with residents of another country (non-residents) over a certain period of time. The international standards regarding the compilation of the balance of payments statistics are defined in the Balance of Payments and International Investment Position Manual prepared by the International Monetary Fund (IMF) to provide guidance to member countries. These standards ensure comparability of the balance of payments statistics among countries.
Turkey's Balance of Payments statistics are issued on a monthly basis and compiled based on the 6th edition of the IMF's Balance of Payments and International Investment Position Manual released in 2009.
Data are available as time series in EVDS. Click here for access.
Balance of Payments Developments - August 2021
- The current account recorded a surplus of USD 528 million, against a deficit of USD 4,068 million observed in the same month of 2020, bringing the 12-month rolling deficit to USD 23,033 million.
- This development is mainly driven by the net outflow of USD 2,757 million in the goods item decreasing by USD 2,618 million compared to August of the previous year and the net inflow of USD 4,076 million in services* item increasing by USD 2,281 million.
- Gold and energy excluded current account indicated USD 4,433 million surplus which was recorded USD 1,537 million surplus in the same month of the previous year.
- Under services, travel item recorded a net inflow of USD 3,397 million.
- Primary income outflow increased by USD 220 million on net basis compared to the same month of the previous year, realizing USD 850 million.
- Secondary income item recorded USD 59 million net inflow, decreasing by USD 83 million compared to the same month of the previous year.
- Direct investment recorded net outflow of USD 319 million.
- Portfolio investment recorded a net inflow of USD 1,339 million. As regards to sub-items through liabilities, non-residents’ transactions on equity securities and government domestic debt securities recorded net purchases of USD 523 million and USD 336 million, respectively.
- Regarding the bond issues in international capital markets, other sectors realized net borrowing of USD 750 million.
- Under other investment, Turkish banks’ currency and deposits within their foreign correspondent banks decreased by USD 318 million.
- Non-resident banks’ deposit accounts held within domestic banks increased by USD 1,500 million, with an increase of USD 798 million in foreign currency and USD 702 million in Turkish lira accounts.
- Regarding the loans provided from abroad, banks and General Government realized net repayments of USD 838 million and USD 57 million respectively, while other sectors realized net borrowing of USD 759 million.
- International Monetary Fund (IMF) made a general Special Drawing Rights (SDR) allocation to all IMF members in proportion to their existing quotas in the Fund. Accordingly, SDR 4,465 million equivalent to USD 6,338 million that was allocated to Turkey has been recorded under Financial Account.
- Official reserves recorded net inflow of USD 13,247 million.
(*) The Balance of Payments Statistics have been revised in line with the “International Trade in Services Statistics, 2020” bulletin published by Turkish Statistical Institute (TURKSTAT) on September 28, 2021.