Turkey: Net int'l investment position improves in March

By Tuba Sahin

ANKARA (AA) - Turkey's net international investment position (NIIP) performed better in March, rising 5.4% compared to the end of last year, according to Turkish Central Bank (CBRT) on Monday

The NIIP, the difference between a country's external assets and liabilities, totaled at minus $337.1 billion as of March-end, up from minus $356.2 at the end of 2018, the CBRT reported.

Turkey's assets abroad increased by 4.6% to hit $241.7 billion during the same period.

Country's liabilities against non-residents was around $578.8 billion in March, down 1.5% from the end of last year.

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.

Turkey's reserve assets rose 3.5% to reach $96.3 billion, while other investment stood at $92.3 billion, indicating a rise of 7.4% in the same period of time.

A sub-items of other investment, currency, and deposits of banks amounted to $51.4 billion, increasing 15% compared to the end of 2018.

"As regards to sub-items under liabilities, direct investment at the end of March 2019 recorded $122.4 billion indicating 9.7% decrease in comparison to the end of last year, with the contribution of the changes in the market value and foreign exchange rates," the bank said.

Total external loan stock of lenders went down to $78.1 billion as of March-end, falling 4.2% from the end of last year.

"Total external loan stock of the other sectors recorded $104.4 billion decreasing by 2.4%," the bank added.