Turkey’s central government budget swung to a deficit in September on the back of increased spending and lower corporate tax revenues, Bloomberg reported.
The government ran a monthly fiscal deficit of 78.6 billion lira ($4.2 billion) last month, its biggest shortfall this year, data from the Treasury and Finance Ministry showed on Monday. In August, the budget was in a surplus of 3.6 billion lira thanks to a surge in tax revenue.
Budget payments for a scheme that makes up for lira depositors’ losses against hard currencies (KKM), introduced in December to stem the lira’s decline, stood at 9.3 billion lira in September.
In the first nine months of the year, the budget had a deficit of 45.5 billion lira and a primary surplus of 161.6 billion lira. KKM payments stood at 84.9 billion lira in that period.