Turkey’s external assets stood at $232.1 billion at the end of July, falling 8.4% from the end of 2019, the Turkish Central Bank announced on Friday.
The country’s liabilities against non-residents increased 2.2% to hit $611 billion during the same period.
TOTAL EXTERNAL LOAN STOCK OF THE BANKS AMOUNTED TO $63.6 BILLION
“The NIIP [net international investment position], defined as the difference between Turkey’s external assets and liabilities, posted minus $378.9 billion at the end of July 2020, in comparison to minus $344.5 billion at the end of 2019,” the bank said.
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.
Other investments, another sub-item under assets, totaled $88.1 billion, a decrease of 7.3% in the same period.
“Currency and deposits of banks, one of the sub-items of other investment, recorded $46.7 billion, indicating a decrease of 1.7% compared to the end of 2019,” the bank noted.
On the liabilities side, direct investment – equity capital plus other capital – as of the end of July was $201.8 billion. The Central Bank said that total external loan stock of the banks amounted to $63.6 billion – down 6.3% – and total external loan stock of the other sectors was $93.3 billion, declining 3% in the same period.