Turkey's current account data released yesterday showed surplus for first time since 2009. The current account data benefitted the lira, the TRY basket gained 0.6% during the session.
The current-account balance posted a surplus of $95mn in September against $163mn deficit in the previous month. Therefore, the CA balance shown a narrow deficit if the figure for both the months read together.
In September, imports of the economy recorded a sharp fall of 24% yoy, and thereby improved trade balance.
The current-account deficit is expected to remain 4.5% of GDP for 2015, and USD/TRY will be at 2.90 by end of 2015, says Commerzbank.
