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Net int’l investment position improves in July

September 21, 2021
in Markets & Economy
0
Dollar hits four-month high on euro as markets bet on earlier Fed taper

Turkey‘s net international investment position (NIIP) continued recovering this July, with the overall figure being 26.2 percent lower than at the end of last year, the Turkish Central Bank said on Sept. 20.

The country’s external assets grew 10.3 percent to $282 billion, while its liabilities against non-residents fell 11.8 percent to $572 billion, the latest data showed.

“The NIIP, defined as the difference between Turkey’s external assets and liabilities, posted minus $290 billion at the end of July 2021, in comparison to minus $393.1 billion at the end of 2020,” the bank said in a statement.

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 nation’s government, the private sector, and its citizens.

Reserve assets increased by 13.4 percent to $105.8 billion, while other investments climbed 10 percent to $119.2 billion by the end of July.

Currency and bank deposits, one of the sub-items of other investments, amounted to $52.2 billion, up 24.5 percent from the end of last year.

On the liabilities side, direct investment – equity capital plus other capital – was at $158.2 billion, a decrease of 32.8 percent from the end of 2020 “with the contribution of the changes in the market value and foreign exchange rates,” the bank said.

From January to July this year, the average U.S. dollar/Turkish lira exchange rate was around 8.00, while last year’s average rate was 7.02.

The data also showed that the total external loan stock of banks was $70.7 billion, down 1 percent from the end of last year, while the total for other sectors increased 1.9 percent to $98.7 billion.

Hurriyet Daily News

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