Finans
Türkiye's September 2026 Balance of Payments: Current Account Surplus, Lower Annual Deficit
According to CBRT data for September 2026, the current account posted a surplus and the annualized deficit narrowed. Tourism income supported the balance, while portfolio outflows and a fall in reserves stood out.
Editör Hesapyap.NET
~6 min read
Not investment advice.
On 13 November 2026 the Central Bank of the Republic of Türkiye (CBRT) published its balance of payments statistics for September 2026. The data show that in September the economy earned more foreign currency from the goods and services it sold abroad than it spent on what it bought, and the current account posted a surplus. This article summarises the September details, the annual picture and the movements in the financial account in plain language.
Key figures for September
- Current account: surplus of USD 2,720 million
- Current account excluding gold and energy: surplus of USD 7,342 million
- Balance-of-payments-defined trade deficit: USD 3,642 million
- Net inflow from services: USD 9,014 million
- Annualized current account deficit: about USD 39.2 billion
- Official reserves: net decrease of USD 10,013 million
Why was there a surplus?
The current account consists of trade in goods, trade in services, interest and dividend payments with the rest of the world (primary income) and unrequited transfers such as workers' remittances (secondary income). In September goods trade showed a deficit of USD 3,642 million, meaning imports exceeded exports. However, the net inflow of USD 9,014 million from services more than covered this gap.
Two main sources of services income stand out. Travel, which mainly reflects tourism, brought in net income of USD 6,573 million. Net income from transport services was USD 3,088 million. Because September is still part of the tourism season, the contribution of travel income is seasonally strong in this period. A single month's surplus should therefore not be read as a trend for the whole year.
The picture excluding gold and energy
Gold and energy imports are among the decisive items in Türkiye's current account. Excluding these two items, the current account posted a surplus of USD 7,342 million in September. The size of the gap shows how much the energy bill and gold imports pull the overall balance down. This indicator, also called the core balance, helps track the external position of the rest of the economy more clearly.
A lower annualized deficit
Monthly figures are strongly affected by seasonality, so twelve-month totals give a clearer picture. According to CBRT data, the annualized current account deficit was about USD 39.2 billion as of September. In the Presidency of Strategy and Budget statement on the August data this amount was announced as USD 42,103 million, so the annual deficit narrowed within one month.
Over the same twelve-month period:
- The balance-of-payments-defined trade balance posted a deficit of USD 76.8 billion.
- The services balance posted a surplus of USD 66.1 billion.
- The primary income balance posted a deficit of USD 26.3 billion.
- The secondary income balance posted a deficit of USD 2.1 billion.
This breakdown shows that services income offsets a large part of the goods trade deficit in Türkiye's external balance, while interest and dividend payments abroad pull the balance down.
Financial account: where capital came from and went
The counterpart of current transactions is tracked in the financial account. In September net inflows from direct investment were USD 859 million. Direct investment in Türkiye by non-residents rose by USD 1,508 million, while direct investment abroad by residents rose by USD 649 million. In real estate, non-residents made net purchases of USD 290 million in Türkiye, while residents bought USD 183 million of property abroad.
Portfolio investment told a different story: a net outflow of USD 7,733 million was recorded in September. Non-residents made net sales of USD 5,859 million in the equity and investment fund market and USD 495 million in the government domestic debt securities market. In bond issues abroad, foreign investors made net purchases of USD 780 million from banks, USD 662 million from the general government and USD 32 million from other sectors.
In loans from abroad, banks made net repayments of USD 820 million, while the general government and other sectors made net borrowings of USD 4 million and USD 1,861 million respectively. Deposits of foreign banks in Türkiye fell by a total of USD 1,490 million. This consisted of an increase of USD 782 million in Turkish lira deposits and a decrease of USD 2,272 million in foreign currency deposits.
Official reserves recorded a net decrease of USD 10,013 million in September. The fall in reserves despite the current account surplus is a development to be read together with the portfolio outflow in the same month.
Crypto assets added to the statistics
Using data from the Central Registry Agency, the CBRT has included crypto-asset transactions in the balance of payments statistics. In September residents made net sales of USD 21 million of crypto assets with no corresponding liability and bought USD 49 million of stablecoins. Although these amounts are small compared with the overall balance, tracking this item separately allows capital movements to be measured more completely.
Comparison with August
When the August data were first announced, the current account surplus was USD 4,053 million and the balance excluding gold and energy was a surplus of USD 8,205 million. Both indicators stayed in surplus in September, but the amounts were below August. As the tourism season draws to a close, a seasonal decline in travel income in the coming months may shape the monthly balance. It should also be noted that balance of payments data can be revised in later releases.
Why these data matter
The current account is one of the key indicators that directly affects an economy's need for foreign currency. In months with a surplus the economy's external financing need falls, while in deficit periods this need has to be met by capital inflows or reserves. The September data show that despite the favourable current account, portfolio outflows and the use of reserves also need to be watched closely.
You can explore historical data for exchange rates, inflation and foreign trade on our EVDS data page.
Sources
This article is for information only and is not investment advice. It was prepared with AI assistance and checked automatically. Figures belong to the sources and dates cited.
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