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In February, the deficit stood at $1.154bn, while for 2019 Turkey posted a current account surplus of $1.674bn.
On the capital account, March showed a significant U$7.7bn of outflows. With the c/a deficit and large negative net errors & omissions reading at $4bn, official reserves plunged by $16.6bn.
5.2.3 Capital flight dynamics
On May 11, Turkish daily Sozcu reported how foreign investors have exited Turkey at an unprecedented breakneck speed.
BloombergHT reported on May 11 that $4bn said adios to emerging market exchange-traded funds (ETFs) last week.
32 TURKEY Country Report June 2020 www.intellinews.com
