Türkiye's budget balance posts deficit in January-September

By Gokhan Ergocun

DUBAI, United Arab Emirates (AA) - Türkiye's budget balance posted a deficit of 512.6 billion Turkish liras ($23.5 billion) in the first nine months of the year, the Treasury and Finance Ministry said on Monday.

The deficit was up around tenfold from 45.44 billion ($2.86 billion) liras last year, ministry data showed.

Budget revenues totaled 3.43 trillion liras ($154.99 billion) this January to September, while expenditures amounted to 3.95 trillion liras ($178.49 billion).

The budget balance excluding interest payments was at minus 41.7 billion liras ($1.88 billion).

In September alone, revenues totaled 441.2 billion liras ($16.3 billion) while spending was at 575.4 billion liras ($21.3 billion), making for a budget deficit of 129.7 billion liras ($4.8 billion).

The US dollar/Turkish lira exchange rate was at 15.9 in January-September 2022, 22.13 in January-September 2023, and 26.99 in September 2023, on average.