ANKARA:The Turkish economy’s total financial assets amounted to 11.85 trillion Turkish liras (around $3.1 trillion) as of the first quarter of this year, the Central Bank of Republic of Turkey (CBRT) announced on Tuesday.
According to the bank’s Financial Accounts Report, the economy’s liabilities totaled 13.57 trillion Turkish liras (some $3.55 trillion) in the January-March period.
As a result, the Turkish economy, including financial corporations, households, general government, and non-financial corporations, created a net liability of 1.72 trillion Turkish liras (around $450 billion) to the rest of the world in the first three months of this year.
The US dollar/Turkish lira exchange rate was 3.82 on average during the January-March period this year.
“Thus, the rest of the world and the household sectors emerged as the largest contributors to the financing of the domestic economy,” the bank said.
“An analysis of the domestic economy’s financial balance sheets by sectors from 2010 to 2018Q1 suggests that households and the rest of the world generated a financial surplus and assumed a creditor role, whereas non-financial corporations and the general government ran a financial deficit and assumed a debtor role,” it said.
