Turkey's net international investment position (NIIP) continued to improve in November 2018, down 22 percent compared to the end of 2017, according to data released by the Central Bank of the Republic of Turkey (CBRT) on Friday.
"The NIIP, the difference between Turkey's external assets and liabilities, posted minus $357.5 billion at the end of November 2018, in comparison to minus $462 billion at the end of 2017," the bank said.
The country's assets abroad rose by 0.4 percent to reach $233.8 billion while liabilities against non-residents hit $591.2 billion, indicating a decrease of 14.9 percent during the same period.
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 shrunk 15.5 percent to reach to $91 billion, while other investment totaled $90.9 billion, up 18.9 percent. "Currency and deposits of banks, one of the sub-items of other investment, were $47 billion, indicating an increase of 34.4 percent compared to the end of 2017," the bank noted.
Direct investment - equity capital plus other capital - at the end of November 2018 fell to $129.5 billion, falling 33.9 percent from the end of 2017.
Lenders' total external loan stock slipped to $83.1 billion last November, down 12.4 percent compared to the end of 2017. The total external loan stock of the other sectors recorded $110.1 billion, increasing 1.6 percent.
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