Financial health indicators dip with widening current account deficit

Financial health indicators dip with widening current account deficit”

Trade deficit widened to USD 11.64 billion in the month under review from USD 7.7 billion in August 2016, due to increase in gold imports that rose by about 69 per cent to USD 1.88 billion last month.

Turkey's current account deficit reached $5.1 billion in July 2017, up nearly $2.7 billion year-on-year, official data revealed on Friday.

The bank said this increase in the current account was mainly due to the rise in the deficit in goods items by almost $3.8 billion to $7.3 billion in the month. It is now at its highest level since the June quarter of 2013.

The widening of the CAD on a year-on-year basis was primarily on account of a higher trade deficit, said the RBI. "Exporters have stopped taking orders with least or no working capital at their disposal due to blockage of funds under GST (Goods and Services Tax) and uncertainties looming large on refunds for the months of July to October 2017", he added. He said he expected the full year current account deficit to be 1.5 percent of GDP.

The RBI further said that in the June quarter this fiscal, there was an accretion of United States dollars 11.4 billion to the foreign exchange reserves compared to USD 7 billion in the corresponding three months of the previous fiscal.

During the first quarter there was a significant inflow of net portfolio investment at $12.5 billion, primarily in the debt segment, as compared to $2.1 billion in the same quarter a year ago.

In April-June quarter, there was an accretion of $11.4 billion to foreign exchange reserves as compared to $7 billion in the year-ago quarter and $7.3 billion in the fourth quarter of fiscal 2017.

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