By Yeliz Candemir
ISTANBUL--Turkey's current-account deficit widened to $2.26 billion in November from $2.24 billion in the same month of 2015, Turkish central bank data showed Wednesday.
The deficit was slightly lower than the $2.5 billion market consensus estimate, according to economists, and widened from $1.7 billion in October.
The country's annualized current-account gap widened to $33.65 billion in November from $33.62 billion in October.
Turkey's deficit in the January-November period increased to $28.6 billion from $27.2 billion in the same period of 2015, the balance of payments data showed.
Following the data, the Turkish lira was trading 1.6% lower at 3.8598 per dollar compared with 3.8389 before the data. Turkish currency slumped to a new record low of 3.8960 against the greenback early Wednesday. The yield on Turkey's benchmark two-year government bonds was steady at 11.02% while the main BIST-100 Stock Index was down 0.9%.
Turkey's central bank said Tuesday that it would take action as necessary to prevent disorderly movements in the country's exchange rate after reducing foreign-currency reserve requirements for local banks.
Policymakers in Ankara cut all foreign currency reserve requirements by half a percentage point, saying the measure would inject about $1.5 billion of liquidity into financial markets.
Write to Yeliz Candemir at email@example.com
(END) Dow Jones Newswires
January 11, 2017 04:26 ET (09:26 GMT)
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