March 11, 2020 / 7:24 AM / 21 days ago

Turkey revises 2019 current account balance to $8 bln from $1.7 bln

ANKARA, March 11 (Reuters) - Turkey revised its current account balance for 2019 to $8 billion from a previously announced $1.7 billion, the central bank said on Wednesday in a planned broad adjustment to its calculations.

The central bank also reduced the 2018 deficit by $7.5 billion to $20.8 billion, and provided expected revisions for the previous years that totaled $44 billion in upward revisions since 2013.

Turkey’s chronic current account deficits are a worry for the government and investors since it leaves the economy reliant on speculative inflows to finance the shortfall. A 2018 currency crisis sent import prices soaring and resulted in a surplus in 2019, the first in 18 years. (Reporting by Ece Toksabay and Nevzat Devranoglu; Editing by Jonathan Spicer)

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