The budget expenditures increased significantly by 57 per cent to 1.06 trillion liras ($55.7 billion) during the same period compared to January-March 2022, said local media reports quoting the ministry.
Turkiye’s budget deficit reached 257.83 billion Turkish liras in the first quarter of 2023, with expenditures rising 57 per cent year-on-year to 1.06 trillion liras.
The country’s primary balance amounted to a negative 172.68 billion liras.
The USD/TRY exchange rate averaged at 18.9 in the first quarter, and was at 19 specifically in March.
The treasury and finance ministry also reported that the budget earned 3.2 billion liras ($169 million) from privatisation activities during the first quarter. During the three-month period, the primary balance, which does not take into account interest payments, amounted to a negative 172.68 billion liras ($9.1 billion).
In March alone, Turkiye’s budget deficit stood at 32 billion liras ($1.68 billion), adding to the country’s ongoing economic challenges. The USD/TRY exchange rate averaged at 18.9 in the first quarter, and was at 19 specifically in March, as per central bank data.
Fibre2Fashion News Desk (NB)