Macro Snapshot: Net FX Position of Non-Financial Companies

In July, net FX position of the non- financials was decreased by USD5.6bn to USD57.6bn with respect to 2020-end. Short term net FX position-to-GDP ratio decreased from 8.8% in 2020 to 7.4% in 7M21.

The share of the short term FX assets in the total assets decreased by 1pps to 87% compared to 2020- end.

The share of the short term FX liabilities in the total assets increased by 1.8pps MoM to 26.4%.

Non-financials’ FX deposits in the domestic banks increased by USD1.6bn to USD81.4bn but FX deposits abroad decreased by USD0.9bn to USD17.7bn compared to end of 2020. Their securities decreased by USD0.4bn to USD0.5bn to USD1.1bn whereas export receivables increased by USD0.7bn to USD30.5bn. On the other hand, USD1.9bn of increase on direct investments abroad (USD19.5bn) deserved attention.

Domestic loans decreased by USD1.6bn to USD144.4bn whereas external loans increased by USD4.2bn to USD104.1bn. Additionally, import payables increased by USD4bn to USD28.5bn at the end of 7M21.



Y. F. Securities Research