Turkey reported a current account surplus of $3.16 billion for October after the lira’s declines against the dollar made exports cheaper and imports more expensive to purchase.
The surplus compared with a deficit of $93 million in October last year, the central bank said in a statement on Monday. The rolling 12-month deficit narrowed to $15.4 billion, it said.
The current account, excluding gold and energy, registered a surplus of $7.72 billion, more than double the $3.1 billion registered 12 months earlier.
Portfolio investment recorded a net outflow of $2.22 billion, the central bank said.
The Turkish lira has lost more than 45 percent of its value this year after the central bank cut interest rates even as inflation accelerated, leading many foreign investors to pull money out of the country.
Turkey has historically posted current account deficits except in times of financial turmoil or recession as its economy relies heavily on imported goods for production and consumption.