Turkey’s external assets up in January

By Dilara Zengin

ANKARA (AA) - Turkey’s external assets rose 1.1 percent in January to reach $217.2 billion, compared to the end of last year, the Central Bank said Friday.

However, the country's liabilities against non-residents also climbed 0.9 percent to reach $575.9 billion.

Turkey's Net International Investment Position (NIIP) stood at -$358.7 billion in January, compared to -$356 billion at the end of 2016.

The NIIP is a nation’s stock of foreign assets minus its foreign liabilities as well as the value of overseas assets owned by a country minus the value of foreign-owned domestic assets.

"As regards to sub-items under assets, at the end of January 2017, reserve assets recorded $106.4 billion, indicating an increase of 0.3 percent, and other investment recorded $70.9 billion, indicating an increase of 2.7 percent compared to the end of 2016," the bank said.

As for sub-items under liabilities, direct investment rose by 1.8 percent to $135.6 billion in January compared to the end of last year due to changes in the market value and foreign exchange rates.

Turkish non-residents’ equity holdings totaled $37 billion, indicating an increase of 4.1 percent in the same period.

"Total external loan stock of the banks recorded $89.7 billion at the end of January 2017, increasing 0.7 percent compared to the end of 2016, and total external loan stock of the other sectors recorded $100.2 billion, increasing 0.5 percent," the bank said.