Turkish private sector's foreign debt falls in June

Turkish private sector's foreign debt falls in June

ANKARA-Anadolu Agency
Turkish private sectors foreign debt falls in June

The Turkish private sector's outstanding external loans narrowed in June from the end of December 2019, the Turkish Central Bank said on Aug. 19.

Excluding trade credits, the sector's short-term loans received from abroad hit $8.5 billion as of this June, falling $509 million from end-2019.

The liabilities of financial institutions constituted 79.8% of all short-term loans.

Broken down by currency, a major chunk of Turkey's short-term credit, 41% was in euros, with 35.3% in US dollars, 22.3% in Turkish liras, and 1.4% in other currencies.

The central bank data showed the long-term debts of the sector during the same period also slipped from $17.9 billion to $161.6 billion.

Some 44% of the total long-term foreign loans were owed by financial institutions.

Most of the long-term loans, 63.4%, were in the US dollar, followed by the euro (33.2%) and Turkish lira (2.7%).