13 billion dollars deficit in the Turkish budget

13 billion dollars deficit in the Turkish budget

13 billion dollars deficit in the Turkish budget

Turkish Finance Minister Berat Albirek said on Tuesday that the 2018 budget showed a deficit of 72.6 billion lira ($ 13.35 billion).

The ministry said in a statement that the budget of 2018 achieved an initial surplus, not including interest payments debt, amounted to 1.3 billion pounds, according to Reuters.

In December 2018, the budget recorded a deficit of LL 18.1 billion and an initial deficit of LL16 billion.

Turkey's inflation rate jumped to a 15-year high of 17.9 percent at the end of August.

The Turkish lira suffered a significant drop last year as investors withdrew from the Turkish government debt market and headed for the US interest rate market, against President Recep Tayyip Erdoğan's opposition to interest rate hikes as well as the negative impact of tariffs imposedby Turkey. US administration on Turkish imports.
Turkey's banking interest rate is currently 24 percent, after the central bank raised it by 6.25 percent in September in a bid to counter inflation in the country.