Turkey's budget deficit in January narrowed to $5 billion, down from $28.9 billion in the previous month, according to official data released by the Treasury and Finance Ministry on Thursday.

This improvement comes as the deficit shifted from a surplus of $2.2 billion in January 2023. Budget revenues for the month totaled $20.5 billion, while expenditures amounted to $25.5 billion.

Non-interest expenditures stood at $21.5 billion, with interest payments reaching $4 billion in January. The average exchange rate for one US dollar was 30.0805 Turkish liras during the month.