Turkish private sector’s overseas loans down in August

ANKARA - Anadolu Agency

The Turkish private sector’s outstanding loans received from abroad fell in August compared to the end of 2017, the Central Bank announced on Oct. 16.

Excluding trade credits, the private sector’s short-term loans totaled $17 billion, marking a $1.6 billion decline from the end of last year, as 77.8 percent consists of liabilities of the financial institutions, according to the Turkish Central Bank.

As of August, long-term loans amounted to $219.4 billion, going down $2.4 billion over the same period, while non-financial institutions’ share was 50.5 percent.

“Regarding the currency composition, of the total long-term loans in the amount of $219.4 billion, 60.2 percent consists of U.S. dollar, 34.9 percent consists of euro, 3.2 percent consists of Turkish lira and 1.7 percent consists of other currencies,” the Bank said.

“And of the total short-term loans in the amount of $17.0 billion, 49.5 percent consists of U.S. dollar, 33.4 percent consists of euro, 17.0 percent consists of Turkish lira and 0.1 percent consists of other currencies,” it added.

The bank also said principal repayments of the private sector’s total outstanding loans received from abroad amounted to $68.7 billion for the next 12 months.