Turkish Treasury sees $2.8B cash deficit in January

Tuba Sahin

ANKARA (AA) – The Turkish Treasury's cash balance posted a deficit of 37.8 billion Turkish liras ($2.8 billion) in January, the Treasury and Finance Ministry said on Monday.

Cash revenues of the Treasury totaled 148.2 billion Turkish liras ($11 billion) last month, up 62% on lira basis from a year ago.

Its expenditures, including interest payments of 13 billion Turkish liras ($964 million), hit some 186 billion Turkish liras ($13.8 billion), an annual surge of 37%.

Non-interest expenditures amounted to nearly 173 billion Turkish liras ($12.8 billion), driving a deficit of 37.8 billion Turkish liras ($2.8-billion) in the primary balance.

The Treasury had no privatization or fund income – including transfers by the Turkish Privatization Administration, 4.5G license payments, and land sale revenues – in January.

The average US dollar/Turkish lira exchange rate was 13.51 last month.