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Turkey posts biggest annual current account surplus since 2002

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Turkey posts biggest annual current account surplus since 2002

Turkey posted a monthly current account surplus of $1.16 billion in July, up from a deficit of $2.18 billion in the same month in 2018, according to Türkiye Cumhuriyet Merkez Bankası AS, the country's central bank.

The latest monthly surplus increased Turkey's 12-month rolling surplus to $4.45 billion, the highest level since early 2002, according to a research note from Muhammet Mercan, chief economist at ING Turkey.

Mercan attributed the widening surplus to a rise in Turkish exports and weak demand for imports following the country's financial market volatility in 2018.

Excluding gold and energy, Turkey's current account surplus stood at $4.59 billion in July, an increase of $2.43 billion from a year earlier, the central bank said.