Turkey: Private Sector Foreign Debt Down In April

By Gokhan Ergocun

ISTANBUL - Outstanding short- and long-term debts of Turkey's private sector totaled $171.5 billion in April, down by $2.2 billion versus the end of 2020, the Turkish Central Bank said on Thursday.

The private sector's short-term overseas loans – excluding trade credits – totaled $9.6 billion in April, down $161 million compared to the end of last year.

Some 83.7% of short-term loans consisted of the liabilities of financial institutions, the bank said.

Broken down by currency, the majority of Turkey's short-term credit, 37.6%, was in US dollars, while 37.4% was in euros, 21.6% in Turkish liras, and 3.4% in other currencies.

On the other side, the private sector's long-term debt fell by $2.1 billion to $161.9 billion over the same period.

The Central Bank said 42.6% of the total long-term foreign loans were owed by financial institutions and 57.4% by non-financial institutions.

On their currency composition, long-term loans totaled $161.9 billion, with 62.5% consisting of US dollars, 33.5% in euros, 2.2% in Turkish liras, and 1.8% in other currencies, it added.

Based on a remaining maturity basis, the private sector's total outstanding foreign loans indicate principal repayments of $42.8 billion over the next 12 months by the end of April. -