Investments abroad more than at home

Stocks of Palestinian assets invested abroad in 2011 were about $5,233 million, while stocks of foreign liabilities on the Palestinian economy were about $4,512 million, a Palestinian Central Bureau of Statistics (PCBS) report said on Wednesday. PCBS and the Palestine Monetary Authority (PMA) said in a joint press release on International Investment Position (IIP) and External Debt statistics that primary results of IIP for the Palestinian Territory by the end of 2011 revealed that the net IIP had amounted to about $721.0 million, which means that the Palestinian economy of its various sectors had invested outside Palestinian Territory by more than the investment amount in the Palestinian Territory from abroad. The cash deposits of local banks in foreign banks and foreign exchange in the Palestinian economy had contributed majorly in the external assets, representing 63.6% of their total value, said the release. The total stocks of external assets for the Palestinian Territory (stocks of residents in the Palestinian Territory invested abroad) had amounted to $5,233 million; foreign direct investment abroad contributed to 3.7%, portfolio investments abroad reached 21.9%, while other foreign investments abroad reached 64.9%, and reserve assets amounted to 9.5%.