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Turkish Treasury posts $9.4 billion cash deficit for 2014

Staff writer |
The Turkish Treasury has posted a cash balance deficit of 21.7 billion Turkish lira ($9.4 billion) for the previous year.

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According to provisional cash balance figures, the Treasury's cash revenues were 413.23 billion Turkish lira ($178 billion), while its expenditures, including interest payments were 445 billion lira ($191.8 billion).

billion the Treasury received from a privatization and funds income.
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 Turkish Treasury to borrow money to raise cash needed to keep the county's government operating.

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

There was a high level of interest expense of 48.2 billion Turkish lira ($21 billion) that pushed up the deficit, the Treasury said. The Treasury received 10 billion lira ($4.3 billion) from a privatization and funds income during the last year.

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