Turkey's net int'l investment position improves in Oct.

By Tuba Sahin

ANKARA (AA) - Turkey's net international investment position (NIIP) performed better in October, up 7.9% versus the end of 2018, the country's Central Bank said on Wednesday.

The NIIP -- the difference between a country's external assets and liabilities -- was minus $341 billion as of the end of October, while it was minus $370.4 billion at the end of last year, according to the bank.

Turkey's foreign assets totaled $247.7 billion, rising 8.1, while its liabilities against non-residents amounted to $588.7 billion, down 1.8% during the same period.

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.

The bank data showed that Turkey's reserve assets widened 12.4% to hit $104.6 billion, and other investments in the same period rose 4.8% to $93 billion in October compared to the end of 2018.

The sub-item other investments, currency, and bank deposits amounted to $46.5 billion, indicating a 3.9% rise in the same period.

On the liabilities side, direct investment at the end of October hit $156.6 billion, going up 5.3% in comparison to the end last year "with the contribution of the changes in the market value and foreign exchange rates."

In 2018, the average USD/Turkish lira rate was around 4.82, while one dollar was exchanged for 5.79 Turkish lira on average this October.

"Total external loan stock of the banks recorded $69.1 billion decreasing by 15.3% compared to the end of 2018, and total external loan stock of the other sectors recorded $101.7 billion decreasing by 4.6%," the bank said.