Turkish private sector reduces debt to USD155.3B in August
Date
10/17/2023 3:40:12 AM
(MENAFN) As of August, the Turkish private sector's outstanding foreign debt stood at USD155.3 billion, marking a decrease of USD2.5 billion compared to the end of 2022. Within this debt, long-term loans amounted to USD146.5 billion, while short-term loans accounted for USD8.7 billion, as reported by the country's Central bank on Monday.
The composition of long-term loans revealed that 59 percent was denominated in US dollars, 36.1 percent in euros, 2.1 percent in Turkish liras, and 2.8 percent in other currencies. On the other hand, the majority of short-term loans, constituting 38.6 percent, were in US dollars, followed by 36.1 percent in euros, 18.6 percent in Turkish liras, and 6.7 percent in other currencies.
When delving into the analysis of the composition of long-term loans, it becomes apparent that 35.1 percent of these loans were ascribed to financial institutions, leaving the remaining 64.9 percent to be categorized as the liabilities of non-financial institutions. This distinction underscores the significant role played by both financial and non-financial entities in acquiring and managing these long-term debt obligations.
In the realm of short-term loans, a different pattern emerges, with a substantial 74.3 percent of these loans being associated with financial institutions, while the remaining 25.7 percent can be attributed to non-financial institutions. This division reflects the nuanced nature of short-term financial arrangements, where financial institutions tend to be more heavily engaged compared to their non-financial counterparts.
"Private sector’s total outstanding loans received from abroad based on a remaining maturity basis; point out to principal repayments in the amount of USD 44.5 billion for the next 12 months by the end of August," the Central Bank declared.
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