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Turkey's external assets fall to $246.3B in January

by Anadolu Agency

ANKARA Mar 18, 2021 - 2:34 pm GMT+3
The illustration shows Turkish lira and U.S. dollar banknotes, in Istanbul, Turkey, April 5, 2019. (Photo by Getty Images)
The illustration shows Turkish lira and U.S. dollar banknotes, in Istanbul, Turkey, April 5, 2019. (Photo by Getty Images)
by Anadolu Agency Mar 18, 2021 2:34 pm
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A view of the headquarters of the Central Bank of the Republic of Türkiye, in Ankara, Türkiye, Oct. 28, 2021. (AA Photo)

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Turkey's assets abroad reached $246.3 billion (TL 18.13 trillion) as of this January, with a decline of 2.3% from the end of last year, Central Bank of the Republic of Turkey (CBRT) data showed Thursday.

Its liabilities against nonresidents fell 0.9% to $638.7 billion during the same period.

The net international investment position (NIIP) – the gap between Turkey's external assets and liabilities – narrowed in the month, reaching minus $392.4 billion in June. The NIIP was minus $404.1 billion at the end of 2020.

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 country's government, the private sector and its citizens.

Reserve assets, a subitem under assets, climbed 2.6% to $95.7 billion in the same period.

Other investments, another subitem under assets, recorded $97.5 billion in January, indicating an increase of 6.6% compared to the end of 2020.

On the liabilities side, direct investment-equity capital plus other capital as of the end of January fell 5.5% to $201.4 billion "with the contribution of the changes in the market value and foreign exchange rates."

In 2020, the average U.S. dollar-Turkish lira rate was around 7.02, while $1 was exchanged for TL 7.39 on average in January.

"FX (foreign exchange) deposits of nonresidents held within the resident banks recorded $34.4 billion at the end of January 2021, reflecting an increase of 3.3% compared to the end of 2020," the bank said.

"Turkish lira deposits increased by 9.4%, recording $17.2 billion," it added.

The central bank said the total external loan stock of the banks amounted to $63.7 billion, a slight decrease of 0.7%, and the total external loan stock of the other sectors was $96.3 billion, declining 0.5% in the same period.

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