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Turkey's Int’l Investment Position Improves

Turkey's Int’l Investment Position Improves

Saturday, 19 January, 2019 - 07:00
File picture shows tourists counting their money after changing foreign currency to Turkish lira at a currency exchange office in Istanbul, Turkey, August 19, 2015. — Reuters pic
Ankara - Saeed Abdelrazek
Turkey’s net international investment position (NIIP) continued to improve in November last year, down 22% compared to the end of 2017, according to the Central Bank.

“The NIIP, the difference between Turkey’s external assets and liabilities, posted minus $357.5 billion at the end of November 2018, in comparison to minus $462 billion at the end of 2017,” the bank said in data released on Friday.

The country’s assets abroad rose by 0.4 percent to reach $233.8 billion while liabilities against non-residents hit $591.2 billion, indicating a decline of 14.9% during the same period.

Meanwhile, Turkish Foreign Minister Mevlut Cavusoglu said Friday that trade with the African continent has increased threefold since 2003.

Cavusoglu said in a tweet that he held a meeting with African ambassadors in Ankara to discuss development of Turkish-African relations.

Trade between the two sides reached 20 billion dollars in 2017. Turkey has also carried out 10 billion dollars worth of investments in Africa.

In 2003, Turkey launched its Opening Policy to Africa. It now has 41 embassies in African states.

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