ECONOMICS - Turkey's Central bank head says current account gap limiting growth

ECONOMICS - Turkey's Central bank head says current account gap limiting growth:

"Turkey’s central bank chief said on Dec. 11 the country’s huge current account deficit was holding back economic growth, adding that the bank will stay cautious on monetary policy until inflation falls in line with its targets.

Turkey has seen explosive consumption-led growth over the past decade, with per capita wealth almost tripling in nominal terms. But its low savings rate and huge energy deficit have made it heavily dependent on volatile foreign capital flows.

For the first 10 months of the year, the country’s current account deficit widened to $51.901 billion from $39.553 billion a year earlier, central bank data showed on Dec. 11."

'via Blog this'