Turkey's treasury posts $2.12B cash deficit in November

ANKARA

Turkey's Treasury posted a cash balance deficit of 7.2 billion Turkish liras ($2.12 billion) for November 2016 and over 30 billion ($8.9 billion) in the first 11 months of 2016, the Turkish Treasury reported Wednesday.

According to provisional figures released by the Turkish Treasury, its cash revenue for November was 42.8 billion ($12.6 billion), while non-interest expenditures were 46.5 ($13.8 billion).

The deficit came after interest payments of 3.6 billion ($1.06 billion).

The Treasury also reported a cash balance deficit of 30.05 billion Turkish liras ($8.88 billion ) for the January-November period of 2016. The Treasury’s cash revenue for January to November was 476.8 billion Turkish liras (about $141 billion), while its non-interest expenditures were 475.8 billion ($140.6 billion).

The Turkish treasury has booked a deficit after interest payments of 47.2 billion ($14 billion) in the period.

The cash deficit, or cash surplus, is revenue minus expenses, minus net acquisition of nonfinancial assets. It differs in composition from the fiscal deficit, which includes all revenue and expenses. The on-budget deficits require the treasury to borrow money to raise needed to keep the county's government operating.

The treasury borrows money by selling securities like treasury bills, notes, bonds and savings bonds to investors.

The net borrowing stood at 29.5 billion ($8.8 billion) in the first 11 months of the year.

The treasury also received 16.1 billion ($4.8 billion) from privatization and funds income during January-November of the year.