Turkey's external debt down in March

Turkey's external debt decreased 7.5 percent to $612 billion in March compared to the end of last year, according to data announced by the Central Bank of the Republic of Turkey (CBRT) regarding Turkey's international investment position (IIP) as of the end of March 2015. According to the IIP data, Turkey's foreign assets decreased 0.6 percent in March to $230 billion, compared to the end of 2014, while foreign liabilities decreased 7.5 percent to $612 billion in the same term. While net IIP, which is defined as the difference between foreign assets and liabilities, was negative $431 billion at the end of 2014, it was around negative $382 billion as of the end of March 2015. In terms of sub-items on the list, reserve assets decreased 6.6 percent to $121 billion while other investment items increased 4.2 percent reaching $66 billion, compared to the end of 2014. Further, the cash and deposits held in foreign currencies and Turkish lira by banks increased 23 percent to $27 billion in the same period. In terms of the sub-items of liabilities, as of the end of March 2015, the in market value of direct investments - capital and other capital investments - there was a 14 percent decrease compared to the end of last year to $145 billion due to fluctuations in foreign exchange rates.

Portfolio investments also decreased by $17.2 billion and the value of total stock certificates of Turkish citizens abroad decreased 16 percent to $52 billion compared to the end of 2014. While the stock of public, fixed-income securities listed under liabilities belonging to residents abroad decreased 14 percent to $45 million, the Treasury's bond stock, excluding the bonds purchased by residents of Turkey, decreased 3 percent to $37.5 billion.