Turkey’s External Assets Increase, While Net Position Falls
(MENAFN) Turkey’s external assets reached $378.2 billion by the end of February, marking a 3% increase from the previous year, according to official data released by the Central Bank on Monday.
Meanwhile, the country’s liabilities to non-residents stood at $657.2 billion, a 1.5% decrease compared to February of the previous year.
Turkey's net international investment position (NIIP), which reflects the difference between assets and liabilities, was recorded at minus $279 billion, showing a drop of $9.7 billion.
Reserve assets totaled $165.4 billion, representing a 6.6% rise from the prior year.
Breaking down the asset components, direct investments amounted to $72.6 billion, increasing by 2%, while other investments decreased slightly by 0.5%, totaling $136.2 billion.
Foreign exchange deposits held by resident banks abroad stood at $39 billion, reflecting a 4.4% increase.
"Among the sub-items under liabilities, Turkish lira deposits of resident banks held abroad recorded USD 23.1 billion by decreasing %7.1," the bank remarked.
As for liabilities, direct investments under this category dropped 6.7% to $169.6 billion by the end of February, while portfolio investments grew 3.2%, reaching $128.3 billion. Other investments in liabilities also saw a rise of 1.1%, totaling $359.3 billion.
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