Turkey's assets abroad stood at $297.4 billion by the end of August, up 16.4% from the end of 2020, according to data released by the Central Bank of the Republic of Turkey (CBRT) Monday.

Liabilities against nonresidents fell 9.1% to $589.7 billion during the same period.

The net international investment position (NIIP) – the gap between Turkey’s external assets and liabilities – shrank to minus $292.3 billion in August.

The NIIP was minus $393.1 billion at the end of 2020.

Showing a snapshot in time, the NIIP – which can be either positive or negative – is the value of overseas assets owned by a nation, less the value of domestic assets owned by foreigners, including overseas assets and liabilities held by a country’s government, the private sector and its citizens.

Reserve assets, a sub-item under assets, jumped 26.2% to $117.8 billion, the data showed.

Other investments, another sub-item under assets, stood at $121.1 billion in August, an 11.8% increase from the end of last year.