Turkey's central bank recalculates $57.8 billion in net errors and omissions
This digest was compiled by AI from multiple sources — links to the originals are below.
Turkey’s central bank recalculated $57.8 billion in balance-of-payments entries after three financial account revisions, accounting for a large part of the recent negative net errors and omissions. The changes reclassify overseas deposits and derivatives profit and loss into their proper financial account items, rather than signalling new capital outflows.
Financial Account Revisions
The analysis, published on TCMB’s Merkezin Güncesi blog, was prepared by Murat Topkaya, Barış Babaoğlu, Kerem Önde and Özgecan Çatalçam from the Data Governance and Statistics General Directorate. It identifies three financial account revisions in the June 2026 balance-of-payments release as an important driver of the recent negative shift in net errors and omissions. The central bank said the recalculation covers $57.8 billion in previously uncategorized entries. Some transactions previously reflected as net errors and omissions were moved to the financial account items that match their economic nature.
Overseas Deposit Recalculation
The first revision replaced BIS data with SWIFT records for foreign deposits held by Turkish residents. TCMB said BIS data had country coverage limits and sometimes misidentified residency, causing measurement errors. The cumulative effect on net errors and omissions from January 2023 through May 2026 was minus $13.3 billion. The bank stressed that this figure reflects reclassification of previously recorded flows, not a new source of outflows.
Derivatives Profit and Loss
The second revision created a contract-based calculation for profits and losses on swaps, forwards and options, using data from the Central Securities Depository and the Banking Regulation and Supervision Agency. The new infrastructure recalculated these derivatives flows back to January 2014. The cumulative effect on net errors and omissions was a $6.5 billion net loss through May 2026. Under the change, derivatives gains and losses are now recorded in the financial derivatives category of the financial account.
What's Next
The revised series is set to feed into upcoming balance-of-payments releases. It remains unclear whether further recalculations will follow or how the new data will alter the current account deficit picture.
1 source
Turkey's central bank recalculates $57.8 billion in net errors and omissions
