Turkey's assets abroad total $250.2 bln in first quarter

Turkey's assets abroad total $250.2 bln in first quarter

ANKARA-Anadolu Agency
Turkeys assets abroad total $250.2 bln in first quarter

Turkey's external assets reached $250.2 billion in the first three months of 2021, an increase of 3.5 percent from the end of last year, Turkish Central Bank data showed on May 20.

The country’s liabilities against non-residents fell 8.6 percent to $589.5 billion during the January-March period.

The net international investment position (NIIP) – the gap between Turkey’s external assets and liabilities – narrowed in the first quarter, reaching minus $339.3 billion. The NIIP was minus $403.5 billion at the end of 2020.

Showing a snapshot in time, the NIIP – which can be either positive or negative – is the value of overseas assets owned by a nation, minus the value of domestic assets owned by foreigners, including overseas assets and liabilities held by a country’s government, the private sector, and its citizens.

Reserve assets, a sub-item under assets, down 7.1 percent to $86.7 billion in the same period.

Other investments, another sub-item under assets, recorded $106.8 billion, indicating an increase of 15.6 percent in the January-March period compared to the end-2020.

On the liabilities side, direct investment – equity capital plus other capital – fell 23.2 percent to $163.7 billion “with the contribution of the changes in the market value and foreign exchange rates.

FX (foreign exchange), deposits of non-residents held within the resident banks recorded $34.2 billion, reflecting an increase of 2.4 percent compared to the end of 2020,” the bank said.

“Turkish lira deposits decreased by 2.6 percent recording $15.3 billion,” it added.

The Central Bank said the total external loan stock of the banks amounted to $63.6 billion, a slight decrease of 0.9 percent, and the total external loan stock of the other sectors was $95.6 billion, declining 1.3 percent in the same period.