Turkish economy's financial assets amount $2.5T in Q2

By Muhammed Ali Gurtas

ANKARA (AA) - Turkish economy’s financial assets amounted to 11.6 trillion liras (around $2.5 trillion) as of the second quarter of 2018, the Turkish Central Bank announced on Tuesday.

At the end of June, Turkey's liabilities totaled 13.4 trillion liras (approximately $2.9 trillion), the Central Bank of Republic of Turkey (CBRT) said in Financial Accounts Report.

Including all financial corporations, households, general government, and non-financial corporations in the Turkish economy, the country created a net liability of 1.83 trillion Turkish liras (some $396 billion) to the rest of the world as of the April-June period.

One U.S. dollar traded for 4.62 Turkish liras at the end of June, 2018.

Official figures showed that the rest of the world and the household sectors were the largest contributors to the financing of the domestic economy in Turkey.

The ratio of resident sectors' financial accounts-defined total debt -- the sum of the loans they use and the debt securities they issue -- to GDP was 149 percent in the second quarter of 2018, while the figure was 147 percent in the same period last year.

Pointing a cross-country analysis of indebtedness ratios by financial instruments, the CBRT said Turkey saw low levels of loan/GDP and debt securities/GDP ratios in the April-June period.