Exactly 5.5 billion dollars to Turkey! look where it came from

The latest balance of payments table revealed that the entry of under the pillow currencies into the system continues. In July, 5 billion 473 million dollars, and in the January-July period, 24 billion 347 million dollars were registered. This figure was 10 billion 208 million dollars in the first 7 months of last year.

The amount of foreign currency that came out of the pillow in Turkey reached 5.5 billion dollars in July and 24.5 billion dollars in the first seven months of this year. The figures revealed in the balance of payments table for July, announced by the Central Bank, showed that the entry of foreign currencies under the pillow into the system continued strongly. This item, which has become one of the strongest items in the balance of payments and is called ‘net errors and omissions’, makes a significant contribution to the financing needed by the economy.

The main element of this resource, also called under the pillow, is the unregistered foreign currency held by individuals or companies. It is stated that the foreign currency that expatriates spend by bringing them from abroad also has an effect on this item.

It is known that a significant amount of foreign currency was recorded due to the intensive luggage trade in regions such as Laleli, Grand Bazaar, Osmanbey and Merter. The revival of the luggage trade in Turkey after the pandemic provides an important foreign currency inflow.

In the first seven months of this year, covering the January-July period, the amount of money recorded in Turkey increased by 138.7 percent compared to the same period of the previous year and reached 24 billion 347 million dollars. This item was 10 billion 208 million dollars in the January-July period of 2021.