Türkiye’s external financial assets rose strongly in July 2026, helped by a sharp increase in central bank reserve assets. External assets reached $419.6 billion, while liabilities to non-residents climbed more slowly to $818.3 billion. The result was a net international investment position of minus $398.7 billion.
The figures show an improvement in Türkiye’s net external position from June, although the country still had substantially more financial liabilities to the rest of the world than external financial assets.
Key Overview
- External assets increased 4.2% month-on-month to $419.6 billion.
- Liabilities to non-residents rose 1% to $818.3 billion.
- The net international investment position stood at minus $398.7 billion.
- Reserve assets increased by $17 billion to $164.4 billion.
- Portfolio investment liabilities rose 3.5% to $160.2 billion.
- Other investment liabilities increased 1.6% to $421.6 billion.
- Financial derivative liabilities fell sharply by 43% to $4 billion.
Reserve Growth Drives the Rise in External Assets
Türkiye’s overseas financial position strengthened in July as external assets increased 4.2% from the previous month to $419.6 billion.
The biggest movement came from reserve assets, which increased by $17 billion to $164.4 billion. That means reserves accounted for a substantial share of the month-on-month increase in Türkiye’s external asset position.
Direct investment assets also rose 0.8% to $81.8 billion, while financial derivative assets increased 0.7% to $2.5 billion. Other investment assets moved in the opposite direction, declining 0.5% to $161.7 billion.
Resident banks’ foreign-currency deposits abroad also fell 6.9% to $44.7 billion, partially offsetting the gains recorded in reserves and direct investment assets.
Net External Position Remains Deeply Negative
Türkiye’s liabilities to non-residents rose 1% during July to $818.3 billion. Because external assets grew at a faster pace, the country’s net international investment position improved to minus $398.7 billion from about minus $407.2 billion in June.
The international investment position measures the stock of financial assets residents hold against non-residents and the financial liabilities residents owe to non-residents at a particular point in time.
A negative net position therefore means Türkiye’s external liabilities exceed its external assets. It should not be read as the same thing as government external debt or an amount immediately due for repayment, because it includes a broader range of direct investment, portfolio investment, derivatives and other financial claims.
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Portfolio Liabilities Continue to Grow
The composition of Türkiye’s external liabilities also shifted during July. Portfolio investment liabilities rose 3.5% to $160.2 billion, reflecting higher non-resident exposure to Turkish securities.
Within that category, equities and investment-fund shares held by non-residents increased 1% to $50.2 billion.
Direct investment liabilities, by contrast, edged down 0.3% to $232.5 billion. Financial derivative liabilities dropped much more sharply, falling 43% to $4 billion.
Other investment liabilities remained the largest single liability category and increased 1.6% to $421.6 billion. This category generally includes instruments such as loans, deposits, trade credits and other cross-border financial claims that are not classified as direct or portfolio investment.
What the July Data Shows
July’s data point to an improvement in Türkiye’s external balance sheet, but not a reversal of its net debtor position. The $17 billion rise in reserve assets helped external assets grow much faster than liabilities and reduced the size of the negative net investment position.
At the same time, the increase in portfolio and other investment liabilities shows that Türkiye continues to rely heavily on foreign capital and cross-border financing. The structure of those liabilities matters because direct investment, securities holdings, bank financing and other external claims carry different maturity, market and refinancing characteristics.
For investors, the most important takeaway is therefore not simply the $398.7 billion negative net position. The underlying mix of rising reserves, growing portfolio exposure and substantial other-investment liabilities provides a more complete picture of how Türkiye’s external financial position is evolving.
Sources: Central Bank of the Republic of Türkiye / Anadolu Agency / Emirates News Agency / Hürriyet Daily News
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