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Turkey records short-term debt of USD180.5B at second quarter’s end
(MENAFN) As of the end of June, Türkiye's short-term external debt stock reached USD180.5 billion, reflecting a 2.5 percent increase from the end of 2023, according to data released by the Central bank of Türkiye on Monday. This rise indicates a notable shift in the country's external debt profile over the first half of the year.
The data reveals a significant increase in the short-term external debt of banks, which rose by 10.2 percent to USD75.4 billion. This growth contrasts with the debt held by other sectors, which decreased slightly by 1.6 percent to USD60.4 billion. A notable factor contributing to this trend is the substantial increase in short-term foreign exchange (FX) loans received by banks from abroad, which surged by 38.7 percent to USD17.5 billion. In comparison, the FX deposits held by non-residents in Turkish banks saw a decrease of 5.8 percent, amounting to USD18.8 billion, and FX deposits held by non-resident banks also declined by 4.9 percent, reaching USD19.7 billion.
Trade credits related to imports, categorized under other sectors, totaled USD53.2 billion, representing a decrease of 1.9 percent from the end of 2023. The breakdown of the short-term external debt stock by currency shows a diverse composition: 49.5 percent is denominated in US dollars, 21.5 percent in euros, 13.4 percent in Turkish lira, and 15.6 percent in other currencies.
When considering the remaining maturity basis, which includes all external debt due within one year regardless of its original term, the short-term external debt stock amounted to USD236.6 billion. This total includes USD20.9 billion owed by resident banks and private sectors to the banks' branches and affiliates abroad. This comprehensive overview of Türkiye's external debt provides insight into the dynamics of its short-term financial obligations and the shifting patterns in international finance.
The data reveals a significant increase in the short-term external debt of banks, which rose by 10.2 percent to USD75.4 billion. This growth contrasts with the debt held by other sectors, which decreased slightly by 1.6 percent to USD60.4 billion. A notable factor contributing to this trend is the substantial increase in short-term foreign exchange (FX) loans received by banks from abroad, which surged by 38.7 percent to USD17.5 billion. In comparison, the FX deposits held by non-residents in Turkish banks saw a decrease of 5.8 percent, amounting to USD18.8 billion, and FX deposits held by non-resident banks also declined by 4.9 percent, reaching USD19.7 billion.
Trade credits related to imports, categorized under other sectors, totaled USD53.2 billion, representing a decrease of 1.9 percent from the end of 2023. The breakdown of the short-term external debt stock by currency shows a diverse composition: 49.5 percent is denominated in US dollars, 21.5 percent in euros, 13.4 percent in Turkish lira, and 15.6 percent in other currencies.
When considering the remaining maturity basis, which includes all external debt due within one year regardless of its original term, the short-term external debt stock amounted to USD236.6 billion. This total includes USD20.9 billion owed by resident banks and private sectors to the banks' branches and affiliates abroad. This comprehensive overview of Türkiye's external debt provides insight into the dynamics of its short-term financial obligations and the shifting patterns in international finance.
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