Turkey’s short-term external debt stock falls by 8.8 percent

ANKARA

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Turkey’s short-term external debt stock dropped to $121.1 billion at the end of September, marking a decrease of 8.8 percent compared to the end of 2014, the Central Bank stated in a note on Nov. 16.  

Specifically, banks’ short-term external debt stock decreased by 11.9 percent to $84.4 billion and other sectors’ short-term external debt stock decreased by 0.4 percent to $36.5 billion in the same period, according to the note. 

Banks’ short-term forex loans received from abroad decreased by 38.2 percent, while forex deposits of non-residents within resident banks increased by 15.5 percent compared to the end of 2014, reaching $29.8 billion and $15.2 billion respectively, according to the Central Bank. 

Bank deposits were recorded at $25.2 billion, reflecting an increase of 19.1 percent compared to the end of 2014, while non-residents’ Turkish Lira deposits were recorded at $14.3 billion, indicating a 6.7 percent increase in comparison to the end of 2014.

From the borrowers side, the short-term debt of the public sector, which was wholly composed of public banks, decreased by 14.1 percent to $15.4 billion. The short-term debt of the private sector decreased by 7.9 percent to $105.5 billion compared to the end of the previous year, the note added. 

From the creditors side, short-term debt to monetary institutions, under private creditors items, decreased by 14.9 percent to $70.5 billion.  Short-term debt to non-monetary institutions increased by 3.7 percent to $47.3 billion. 

As the end of September, the currency breakdown of short-term external debt stock is composed of 51.7 percent U.S. dollars, 30.5 percent euros, 14.8 percent liras and 3 percent other currencies.