Turkey's assets abroad total $246.3 bln in January

Turkey's external assets reached $246.3 billion as of this January, a decline of 2.3% from the end of last year, the Turkish Central Bank data showed on March 18. 

Its liabilities against non-residents fell 0.9% to $638.7 billion during the same period.

The net international investment position (NIIP) - the gap between Turkey's external assets and liabilities - narrowed in the month, reaching minus $392.4 billion in June. The NIIP was minus $404.1 billion at the end of 2020.

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.

Reserve assets, a sub-item under assets, climbed 2.6% to $95.7 billion in the same period.

Other investments, another sub-item under assets, recorded $97.5 billion in January indicating an increase of 6.6% compared to the end of 2020.

On the liabilities side, direct investment - equity capital plus other capital - as of end-January fell 5.5% to $201.4 billion "with the contribution of the changes in the market value and foreign exchange rates."

In 2020, the average US dollar/Turkish lira rate was around 7.02, while one dollar was exchanged for 7.39 liras on average in January.

"FX [foreign exchange] deposits of non-residents held within the resident banks recorded $34.4 billion at the end of January 2021, reflecting an increase of 3.3% compared to the end of 2020," the bank said.

"Turkish lira deposits increased by 9.4% recording $17.2 billion," it added.

The Central Bank said the total external loan stock of the banks amounted...