Turkey's external assets hit $251.4 bln in February

Turkey's external assets hit $251.4 billion as of this February, inching down 0.2 percent from the end of 2019, the Central Bank announced April 20.

The country's liabilities against non-residents also fell 3.3 percent to hit $584.2 billion during the same period.

"The NIIP [net international investment position], defined as the difference between Turkey's external assets and liabilities, posted minus $332.8 billion at the end of February 2020, in comparison to minus $352.1 billion observed at the end of 2019," the bank said.

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, a sub-item under assets, were $107.7 billion at the end of February, up 2.1 percent from the end of last year.

Other investments, another sub-item under assets, totaled $92.7 billion, down 3.3 percent in the same period.

"Currency and deposits of banks, one of the sub-items of other investments, were recorded at $44.8 billion, indicating a decrease of 5.7 percent compared to the end of 2019," the bank noted.

On the liabilities side, direct investment - equity capital plus other capital - as of the end of February was $155.6 billion.

The figure was down 6.4 percent compared to the end of last year "with the contribution of the changes in the market value and foreign exchange rates."

In 2019, the average U.S. dollar/Turkish lira rate was around 5.68, as one dollar was exchanged for 5.35 liras on average this February.

"Foreign exchange deposits of non-residents held...