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.
