Turkish economy’s financial assets reach nearly $3 trillion

Turkish economy’s financial assets reach nearly $3 trillion

ANKARA – Anadolu Agency
Turkish economy’s financial assets reach nearly $3 trillion

The Turkish economy’s total financial assets were 11.29 trillion Turkish Liras ($2.97 trillion) as of the fourth quarter of 2017, its central bank announced on June 14.

The Central Bank’s “Financial Accounts Report” showed the economy’s liabilities were 12.97 trillion liras ($3.41 trillion).

This figure created a net liability of 1.68 trillion liras ($441.8 billion) to the rest of the world, according to the report.

“The largest contribution to the financing of the domestic economy came from the rest of the world and household sectors,” the report said.

Turkey’s net debt position continued as of the quarter, while the most indebted sector was the non-financial corporations’ sector, followed by the general government, the report highlighted.

In the report, the bank said an analysis of the ratio of sectors’ net financial transactions to the country’s GDP reveals that the domestic economy, even though decreasing in the last two quarters, had been a net debtor during last year.

“A comparison of households’ and non-financial corporations’ indebtedness ratios with those of several countries demonstrates that Turkey was among the countries with low indebtedness of households and non-financial corporations,” the report said.

It underlined that, in terms of liabilities and assets sides, the non-financial corporations sector was the biggest sector, and it followed by financial corporations.

“As for the distribution of financial instruments, loans, and other accounts receivable had the largest weight in assets as of the fourth quarter, while loans and shares and other equity items had the largest weight in liabilities, respectively,” the report said.

The U.S. dollar/lira exchange rate averaged 3.8 during the fourth quarter of 2017.