ANKARA - Following are the highlights from today`s Turkish daily SABAH. The Anadolu Agency is not responsible of opinions expressed or the context of the editorials and does not vouch for their accuracy:
"Foreign investors, who flew in Turkey after 2001 (economic) crisis, have brought in 158.6 billion USD in the last five years, while they transferred abroad 47.3 billion USD as profit and interest revenues," wrote Turkish daily Sabah in its economy pages on Wednesday.
"Thus, one-third of the foreign investments was taken out of Turkey (in the last five years)," the daily noted.
The daily stated, "according to data of the Central Bank, 2.4 billion USD of foreign capital left Turkey after 2001 economic crisis. However, foreign capital inflow in Turkey grew gradually after that crisis. 58.4 billion USD of foreign capital flew in Turkey last year, while this amount was 15.7 billion in the first quarter of this year. 44.8 billion USD of 158.6 billion USD of foreign capital (in the last five years) were direct investments. Foreigners mostly preferred buying telecommunication companies and banks such as Telekom, Denizbank, and Disbank."
According to Sabah, the amount of foreign capital, that entered Turkey as portfolio investments, was 46.1 billion USD. These investments were mostly in the form of purchase of bonds and notes, and reached their peak in 2005 with 14.7 billion USD .
However, they dropped last May due to economic fluctuations and the amount of portfolio investments was 11.4 billion USD at the end of 2006. On the other hand, 5.3 billion USD of portfolio investment was recorded in the first quarter of 2007.
"The highest foreign capital inflow in Turkey last year stemmed from `other investments`, which are the loans obtained by Turkish companies from foreign sources. Foreign finance institutions granted 26.9 billion USD of loan to Turkish companies and banks in 2006. A total of 67.6 billion USD of loan was granted to Turkey in the last five years," the Sabah wrote.
The daily also writes, "in summary, 158.6 billion USD of foreign capital that entered Turkey through direct and portfolio investments and loans, financed the current (accounts) deficit that reached 88.6 billion USD in the last five years. However, foreigners transferred abroad 47.3 billion USD as profit and interest revenues, which is equal to one-third of the total foreign investments brought in Turkey."
"Foreigners transferred abroad 96 million USD in 2005, 107 million USD in 2006 due to the wages and salaries of the foreigners working in Turkey. This figure reached 30 m USD in the first quarter of this year," the daily added.