External assets of Türkiye grow to USD354.8 billion by end of September
Date
11/20/2024 6:51:13 AM
(MENAFN) Türkiye's external assets grew to USD354.8 billion by the end of September, marking a 6.7 percent increase compared to the previous year, according to data from the country's Central Bank. This growth highlights the country’s strengthening financial position in the international markets. Meanwhile, the country’s liabilities to non-residents rose by 3.3 percent, reaching USD672.9 billion during the same period.
The net international investment position (IIP), which reflects the difference between assets and liabilities, stood at minus USD318.1 billion at the end of September, showing a slight improvement from minus USD318.6 billion at the end of last year. This indicates a marginal reduction in Türkiye’s overall net external debt. The country’s reserve assets also saw an increase of 7.9 percent, totaling USD152.1 billion, while other investments grew by 4.5 percent, reaching USD129.8 billion.
Additionally, currency deposits in banks rose by 7.4 percent to USD50 billion, further indicating a solid increase in the country’s financial reserves. However, direct investment liabilities saw a decline of 1.8 percent to USD190.9 billion, a reduction attributed to changes in market values and foreign exchange rates. In contrast, portfolio investments surged by 23.6 percent, climbing to USD119.1 billion, reflecting increased foreign interest in Turkish assets.
Turkish banks’ external loan stock increased by 12.6 percent to USD70.5 billion, while loans in other sectors grew by 1.3 percent to USD102.4 billion. These figures underline the rising reliance on external borrowing, particularly within the banking sector, as Türkiye continues to manage its external economic dynamics.
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