Net international investment position posts USD 224bn deficit in February

The net international investment position (NIIP), defined as the difference between external assets and liabilities, posted a USD 224bn deficit in February, according to the Central Bank.

The figure was USD 229.7bn at the end of 2021.

Turkey’s external assets were worth USD 288.1bn in February, down 1.6% from the end of last year.

Liabilities against non-residents fell 2% to USD 512.1bn during the same period.

As for sub-items under assets, reserve assets slipped 0.6% to USD 110.5bn, while other investments stood at USD 118.2bn, falling 2.3% from the end of 2021.

“Currency and deposits of banks, one of the sub-items of other investment, recorded USD 52.4bn indicating an increase of 1.7% compared to the end of 2021,” the bank said.

On the liabilities side, direct investments – equity capital plus other capital – at the end of February amounted to USD 105.5bn.

The figure was 13.4% lower than the end of last year, with “changes in the market value and foreign exchange rates” being contributing factors, the bank said.

The USD/TRY was 12.24 at the end of 2021 and had risen to around 14.06 by the end of February.

Non-residents’ foreign exchange deposits were up 0.7% to USD 35.1bn, while TRY deposits increased by 26% to USD 12.2bn.​​​​​​​

“Other investment indicated an increase of 2.8% to USD 313.1 billion compared to the end of 2021,” the bank said.

The total external loan stock of banks was at $65.8 billion, down 1.2% from the end of 2021, while total external loan stock of other sectors dropped 0.3% to $96.4 billion.

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