By Muhammed Ali Gurtas
ANKARA (AA) – Turkey's external assets totaled $240.1 billion as of January this year, the country's central bank (CBRT) announced Monday.
From the end of 2018, external assets went up 2.5 percent while liabilities against non-residents also surged 3.1 percent.
According to the official figures, the country's liabilities against non-residents amounted to $607.6 billion.
“The NIIP [net international investment position], defined as the difference between Turkey’s external assets and liabilities, posted minus $367.5 billion at the end of January 2019, in comparison to minus $355.3 billion observed at the end of 2018, ” the CBRT said.
The NIIP was minus $367.5 billion in January versus minus $355.3 billion at the end of last year.
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 nation’s government, the private sector, and its citizens.
Reserve assets, a sub-item under assets, were $96.8 billion at the end of January, going up four percent from the end of 2018.
Other investments, another sub-item under assets, totaled $91.1 billion with a 2.3 percent hike in the same period.
“Currency and deposits of banks, one of the sub-items of other investment, recorded $47.7 billion, indicating an increase of 6.7 percent compared to the end of 2018, ” the CBRT said.
On the liabilities side, direct investment — equity capital plus other capital — as of the end of January was $143.3 billion.
The figure climbed 5.4 percent compared to the end of last year “with the contribution of the changes in the market value and foreign exchange rates. “
In 2018, the average USD/Turkish lira rate was around 4.82, as one dollar was exchanged for 5.38 liras on average this January.
“Foreign exchange deposits of non-residents held within the resident banks recorded $32.4 billion at the end of January 2019, reflecting an increase of 1.9 percent compared to the end of 2018.
“And Turkish lira deposits increased by 11.8 percent — recording $15.7 billion, ” the bank said.
The CBRT said that total external loan stock of the banks amounted to $79.1 billion — down 2.7 percent — and total external loan stock of the other sectors was $106.5 billion with a 0.3 percent decline in the same period.
