Turkish Treasury and Finance Minister Mehmet Şimşek announced that Turkey’s annual foreign trade deficit decreased by $38.7 billion in July compared to the same period last year.

This reduction reflects a current account deficit of less than $20 billion for the month of July.

In a statement on X, Minister Şimşek highlighted the progress in addressing Turkey’s high current account deficit, describing it as a significant step in managing macroeconomic imbalances.

He noted that the decline in the current account deficit and reduced need for external financing are crucial for the disinflation process.

Minister Şimşek emphasized that achieving price stability is a key goal, aiming to improve income distribution and boost overall welfare in the country. (ILKHA)