Page 28 - TURKRptOct20
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3.3.1.
Net acquisition of financial assets
28
-180
-113
-1,323
-4,360
-2,691
254
1,613
-6,800
3.3.1.1.
Credits extended
71,008
10,082
10,048
9,087
5,927
6,617
9,208
10,232
61,201
3.3.1.2.
Repayments
70,980
10,262
10,161
10,410
10,287
9,308
8,954
8,619
68,001
Roll-over
100%
98%
99%
87%
58%
71%
103%
119%
90%
3.3.2.
Net incurrence of liabilities
8,314
-96
-1,282
-695
-3,893
-3,016
212
2,085
-6,685
3.3.2.1.
Short-term
8,265
-113
-1,293
-693
-3,889
-3,011
232
2,092
-6,675
3.3.2.1.1.
Drawings
102,549
15,532
14,133
15,161
10,663
10,267
12,076
12,834
90,666
3.3.2.1.2.
Repayments
94,284
15,645
15,426
15,854
14,552
13,278
11,844
10,742
97,341
Roll-over
109%
99%
92%
96%
73%
77%
102%
119%
93%
IV -
NET ERRORS AND OMISSIONS
-155
1,024
1,288
-4,615
-748
-817
1,939
-3,181
-5,110
GENERAL BALANCE
3,966
-2,934
3,000
-16,589
-8,605
2,717
-7,707
-1,283
-31,401
4
Reserve assets
3,966
-2,934
3,000
-16,589
-8,605
2,717
-7,707
-1,283
-31,401
4.2.1.
Currency and deposits
4,081
-7,588
1,550
-13,748
3,594
9,061
-6,357
1,103
-12,385
4.2.2.
Securities
-115
4,654
1,450
-2,841
-12,199
-6,344
-1,350
-2,386
-19,016
5.1.3 Capital flight dynamics
Non-residents' holdings of equity and government domestic debt securities ($ mn) (Market Value)
STOCK
Sep 18
21,098 5,392 141 256
414 -5,609 -3,121 -7,816
174 -226 -207 -150
2017
2018 2019
Equity
GDDS
Repo
Private
NET TRANSACTIONS (Adjusted for Foreign Exchange and Market Price Effects)
Equity GDDS
Private bond
source: tcmb
Repo
3,324 -1,039 7,383 -906
268 -1,391 40 -343
5.1.4 Gross intl reserves
51,984 30,942 2,403 959
29,350 32,422 18,325 15,448 314 513 612 406
On September 3, FX Street cited data from the World Gold Council suggesting that the Turkish central bank was the top gold buyer in the world, purchasing 19.4 tonnes in July.
According to the latest available data, the Turkish central bank’s gross gold reserves rose to 22.3mn ounces (632 tonnes) at end-July from 22.1mn ounces (626 tonnes) at end-June.
It should be noted that Turkey transported its gold reserves to Ankara following the Pastor Andrew Brunson row with the US in 2018 while Hasan Yucel, head of the Turkish Gold Miners’ Association, told Bloomberg last month that the central bank has been the only buyer of gold produced in the country since 2017.
Some questions remain open on how much of the Turkish central bank’s gold reserves are internationally recognised and whether the authority could quickly turn them into FX cash if needed.
5.2 FDI
28 TURKEY Country Report October 2020 www.intellinews.com
Abdi Ibrahim, one of Turkey’s largest drug makers, acquired a 28.5% stake in Switzerland-based OM Pharma for a consideration of Turkish lira (TRY) 4.2bn (around $530mn).
