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Turkey: Budget deficit reaches 263 billion lira

News About Turkey - NAT
News About Turkey - NAT
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Wads of Turkish lira banknotes are seen organised at a bank in the town of Sarmada in Syria's northwestern Idlib province, on June 14, 2020. - Authorities in northwest Syria are taking steps to substitute the plummeting Syrian pound with the Turkish lira to shield their opposition-held region from an economic crisis ahead of new US sanctions, an official said. The Salvation Government -- a civilian body affiliated to the Hayat Tahrir al-Sham jihadist group which dominates the Idlib region -- had already started paying wages and salaries in Turkish lira last month. (Photo by AAREF WATAD / AFP)

In May, the Turkish budget experienced a significant turnaround, transitioning from a deficit of 132.5 billion lira in April to a surplus of 118.9 billion lira. This brought the budget deficit down to 263.59 billion Turkish lira by the end of May. The surplus was primarily driven by the collection of deferred taxes related to earthquakes, which saw tax revenues increase by 75.1 percent.

The Ministry of Treasury and Finance announced the budget implementation results for the month of May. Accordingly, after a deficit of 132.5 billion lira in April, the budget had a surplus of 118.9 billion lira in May. As a result, the budget deficit decreased to 263.59 billion Turkish lira by the end of May.

On the other hand, the budget also had a surplus in May 2022, but additional budgetary measures were taken later due to price effects.

The primary reason for the surplus in May was the collection of deferred taxes related to earthquakes. Tax revenues reached 507.4 billion lira, increasing by 75.1 percent.

Source: Gerçek News

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