“The Central Bank’s gross reserves reached a record high of $156 billion”
Speaking at the 51st General Assembly of Turkish Employers’ Association of Metal Industries, President Erdoğan said: “Compared to May 2023, the annual current account deficit declined by more than $44 billion. Our reserves continue to increase. The Central Bank’s gross reserves reached a record high of $156 billion.”
President Recep Tayyip Erdoğan delivered a speech at the 51st General Assembly of Turkish Employers’ Association of Metal Industries in Istanbul.
Stating that they have started to see the positive effects of the economic program they implemented with the aim of permanently increasing the welfare of citizens despite the additional $104 billion cost caused by the February 6 earthquakes, President Erdoğan said: “We have made great progress in the last one and a half years in fixing macro imbalances. Praise be to Allah, we have been successful.”
“In August, we recorded the highest monthly current account surplus in five years at $4.3 billion and our annual current account deficit narrowed to $11 billion. Thus, the annual current account deficit declined by more than $44 billion, compared to May 2023. Our reserves continue to increase. The Central Bank’s gross reserves reached a record high of $156 billion. As of September, our annual export volume exceeded $260 billion. The labor market is doing well with your support. In the first eight months of this year, employment increased by 654 thousand people and the unemployment rate was 8.5 percent,” President Erdoğan said.
