Short-term external debt stock down in May

Short-term external debt stock down in May

ANKARA- Anadolu Agency
Short-term external debt stock down in May

Turkey's short-term external debt stock amounted to $123.5 billion as of the end of May, official data showed on July 15. 

The country's external debt stock - maturing within one year or less - dropped by 0.1% in May versus the end of 2019, according to the Turkish Central Bank.

Official data revealed that the currency breakdown of the debt stock was composed of 41.8% US dollars, 28% euros, 14.1% Turkish liras and 16.1% other currencies.

Banks' short-term external debt stock posted a decrease of 2.1% to $55 billion and other sectors' short-term external debt dropped by 16.8% to $49.1 billion during the same period.

The rest of the amount - some $19.4 billion - belonged to the central bank, up from $8.4 billion at the end of the last year, according to the bank's data.

"From the borrowers side, the short-term debt of public sector, which consists of public banks, increased by 2.6% to $25.7 billion.”

"And the short-term debt of private sector decreased by 13% to $78.4 billion compared to the end of 2019," the bank said.

Short-term foreign exchange (FX) loans the banks received from foreign countries fell by 5.8% to $7.3 billion, the data showed.

Foreign exchange deposits of non-residents - except in the banking sector - in resident banks down by 0.2% in May versus the end of 2019, recording $21 billion.

"And FX deposits of non-resident banks recorded $11.2 billion decreasing by 18.2%," it added.

The central bank also noted that non-residents' Turkish lira deposits increased by 13.2% and was recorded as $15.4 billion in the same period.