P.A. Turkey

Macro Snapshot: Net FX Position of Non-Financial Companies

In March, net FX position of the non-financials was USD-157.5bn (2020: USD -157.6bn). FX assets decreased by USD1.5bn to USD141.1bn compared to year end whereas FX liabilities decreased by USD1.6bn to USD298.7bn in the same period.

Short term net FX of the non-financials continued stay at the positive side but decreased by USD4.6bn to USD20.6bn with respect to 2020-end. Short term net FX position-to-GDP ratio decreased from 3.5% in 2020 to 2.8% in 1Q21.

The share of the short term FX assets in the total assets decreased by 0.7pps MoM to 84.4%. The share of the short term FX liabilities in the total assets increased by 1pps MoM to 33%.

Non-financials’ FX deposits in the domestic banks decreased by USD4.6bn to USD75.7bn but FX deposits abroad increased by USD0.9bn to USD18.6bn compared to end of 2020. Their Securities decreased by USD0.2bn to USD18.6bn whereas export receivables increased by USD1.7bn to USD23.6bn. On the other hand, USD0.7bn of increase on direct investments abroad (USD22bn) deserved attention.

Domestic loans decreased by USD1.4bn to USD144.6bn and external loans decreased by USD1.5bn to USD98.7bn. However, import payables increased by USD1.4bn to USD55.3bn at the end of March.

 

Source: Y.F. Securities Research