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Aug 15 2018

'Turkey budget surplus grows in July' - Turkish Finance Ministry

Turkey’s budget posted a surplus of 1.13 billion liras ($184 million) in July, the Treasury and Finance Ministry reported on Wednesday.

The surplus expanded from 925.6 million liras in July 2017, the ministry said on its website, as revenue increased 18 percent to 61.8 billion liras. Expenditure rose 17.8 percent to 60.7 billion liras, it said.  

The budget saw a surplus of 9.27 billion liras last month excluding interest payments, up from 6.69 billion liras a year earlier.

Investors in Turkey are calling on the government to pare spending and increase revenue as part of measures to arrest a decline in the lira currency that has reached about 40 percent this year. Expenditure surged ahead of presidential and parliamentary elections on June 24, which President Recep Tayyip Erdoğan won. His son-in-law, Berat Albayrak, is now minister in charge of the treasury and the finance minister.

The budget posted a deficit of 45 billion liras for the first seven months, more than double the 24.2 liras reported for the same period of last year, the ministry said.