Turkey's C/a Deficit To Create Problem If Fed Hikes Rates

- Turkey's high current account deficit would create problem, if US Federal Reserve (Fed) increases interest rates in September, as expected, Gökhan Uskuay, Strategy Manager at Global Securuties, on Thursday.

Turkey's current account deficit fell by 1.52 billion dollars to 3.41 billion dollars in April, exceeding the expectations at 3.0 billion dollars, according to the balance of payments data released by the Central Bank. The 12-month rolling deficit fell to 44.26 billion dollars at the end of April, down from 45.78 billion dollars at the same period of last year.

"This level of current account deficit will bring trouble to Turkey, if Fed starts increasing interes rates in September" Uskuay told DHA. "It is certain that Fed will start to increase the interest rates in September. We see no problem in the outcome of Fed's committee meeting to be held next week. But we, as Turkey, have to be prepared for September."

Turkey's current account deficit was not comfortable and the foreign exchange rates were uncertain, Uskuay said. "Current account deficit bad, but its financing is also bad. The increase in the imports feeds the domestic consumption and we support the growth by domestic demand and we give current account deficit. Turkish economy will be fragile, if the global economy is going to be fragile."

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