External assets rise to $248 billion

ANKARA

Turkey’s assets abroad hit $248.2 billion at the end of November 2019, rising 8.3 percent from the end of 2018, the Turkish Central Bank revealed on Jan. 20.

The country’s liabilities against non-residents saw a slight decrease of 0.5 percent, reaching $595.2 billion during the same period.

Thus, Turkey’s net international investment position (NIIP) - the gap between its external assets and liabilities - amounted to minus $347.0 billion as of Nov. 30, down from minus $369.3 billion at the end of the previous year.

NIIP 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.

The Central bank data showed that reserve assets stood at $104.8 billion as of end-November, a 12.7 percent rise, while other investments reached $93.1 billion, rising 4.8 percent in the same period.

“Currency and deposits of banks, one of the sub-items of other investment, recorded $45.5 billion indicating an increase of 1.8 percent compared to the end of 2018,” it said.

On the liabilities side, direct investment -- equity capital plus other capital -- at the end of November 2019 was $163.9 billion, up 10.3 percent from the end of 2018 “with the contribution of the changes in the market value and foreign exchange rates,” the bank reported.

Total external loan stock of lenders hit $67.9 billion in November, falling 16.1 percent from the end of previous year, the bank said, adding: “Total external loan stock of the other sectors recorded $100.9 billion, decreasing 5.3 percent.”