Page 38 - TURKRptSept19

added. “Then, it sold public sector FX deposits held at the central bank from mid-April to mid-May. And, in the latest turn of events, it started selling the swap money it raised from local lenders starting from the week ending on May 17.”
A major gold-buying spree by central banks is likely to persist in the coming years, Australia & New Zealand Banking Group (ANZ) said in a note to investors on August 27. “In the current environment, where uncertainty in emerging-market currencies is high, we see good reason for countries like Russia, Turkey, Kazakhstan and China to continue to diversify their portfolios,” ANZ said. Net buying by the sector was likely to stay above 650 tonnes, it added. Central-bank accumulation of bullion has emerged as an increasingly important trend in the global market, offering additional support for prices that have rallied to the highest level since 2013 on rising demand, Bloomberg wrote. Authorities have been adding to reserves as growth slows, trade and geopolitical tensions rise, and some nations seek to diversify away from the dollar. Official purchases now account for about 10% of worldwide consumption, according to ANZ.
Spot gold traded at $1,531.45 an ounce on August 27 after touching $1,555.07 the previous day, the highest in more than six years. The metal has surged 19% this year, Bloomberg added, as the trade war flared up, bond markets signalled that a US recession may be on the horizon, and the Federal Reserve cut rates.
Central banks added 374.1 tonnes in the first six months. That helped to drive total bullion demand to a three-year high, the World Gold Council said. The trend is expected to continue. A recent survey of central banks showed 54% of respondents expected global holdings to climb in the next 12 months.
5.3 FDI
TURKEY -FDI
2013
2014
2015
2016
2017
2018
H1
FDI Net (BoP)
9,927
6,287
14,178
10,812
8,845
9,407
3,112
FDI net inflows (BoP)
13,563
13,337
19,274
13,950
11,546
13,044
4,598
FDI net inflows (% of GDP)
1.43
1.43
2.24
1.62
1.36
1.69
-
FDI net outflows (% of GDP)
0.38
0.75
0.59
0.36
0.32
0.48
-
38 TURKEY Country Report September 2019 www.intellinews.com