Unspecified cash inflows reach record high

Unspecified cash inflows reach record highCash inflows from unspecified sources in the past 12 months have reached $12.7 billion, a national record, according to the 92nd Economic Outlook Report, prepared by the opposition Republican People’s Party (CHP) and released on Sunday.“These figures amount to a national record. In a period when cash inflows from official financial accounts came to a halt, unspecified cash flows reached record highs, which is very significant,” said the report.Meanwhile, the current account deficit (CAD) stood at $11.5 billion for the first quarter of 2014, a 30.8 percent decline year-on-year. According to the report, for every $100 that the CAD recovered in the first quarter, $58 came from the gold trade. It also indicated that Turkey’s gold exports had largely shifted from Iran to Switzerland. In March, Turkey exported $1.275 billion in gold to Switzerland out of a total $1.36 billion in exports to the country.The report also noted that foreign portfolio investments experienced a sharp drop in the first quarter of this year. In the first quarter of 2013, there was a $7.3 billion inflow of foreign portfolio investments, while the same period saw a $2.2 billion outflow, indicating a major problem for CAD financing. The month of March alone witnessed an outflow of just over half a billion dollars.

SOURCE: Today’s Zaman

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